Fruits and Vegetable Seeds Market Outlook
Fruits & Vegetable Seeds Market Size was valued at USD 6.17 Billion in 2022. The Fruits & Vegetable Seeds market industry is projected to grow from USD 6.66 Billion in 2023 to USD 12.39 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.06% during the forecast period (2023 – 2032). Shift towards healthy eating, urbanization and limited arable land, climate change and extreme weather events, government policies and incentives, export and import markets, consumer preferences and trends, sustainability and biodiversity, investment in research and development, are the key market drivers enhancing the market growth.
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Surging demand for healthy food items along with adoption of modern agricultural practices are key factors driving the growth of the market. Other factors supporting the growth of the market include an increase in seed replacement rate and surging adoption of GM crops. However, the market growth might be hindered by fluctuating climatic conditions and regulations governing the cultivation of GM crops. Nevertheless, the market is gaining opportunities from the heightened demand for exotic fruits & vegetables across the globe.
Mahindra Group (India), Advanta Limited (India), Groupe Limagrain Holding (France), Bayer AG (Germany), Rijk Zwaan Zaadteelt en Zaadhandel B.V (Netherlands), Western Bio Vegetable Seeds Ltd (India), Syngenta AG (Switzerland), Sakata Seed Group (US), Maharastra Hybrid Seeds Company Private Limited (Mahyco) (India), and TAKII & CO., LTD. (India) are the key players in the global fruits & vegetable seeds market.
Region-wise, the fruits & vegetable seed market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).
The global fruits & vegetables market is being dominated by APAC. Accelerated agricultural activities in countries such as China, Japan, and India are contributing to the growth of the market. Moreover, cultivation of diversified range of crops can also be credited for the market growth.
North America is expected to be the fastest growing fruits & vegetable seeds market. Augmenting demand as well as cultivation of fruits and vegetables in the region is supporting the growth of the market. The established food & beverage industry is also supporting the growth of the market.
The fruits and vegetable seeds market has been segmented based on type, trait, and category.
By type, the fruit and vegetable seeds market has been segmented into brassica, cucurbits, Solanaceae, amaryllidaceous, citrus family, and others. The brassica segment has been further segmented into cauliflower, cabbage, broccoli, and other brassica. The cucurbits segment has been further segmented into cucumber, melons, squash, and others. The Solanaceae segment has been further segmented into tomato, eggplant, potato, and others. The Amaryllidaceous segment has been further segmented into onion, garlic, and others. The Citrus family segment has been further segmented into orange, lime, and others.
The Solanaceae segment is anticipated to capture the largest share of the market over the forecast period. Vegetables of the Solanaceae category are extensively for various applications due to which the segment is witnessing heightened demand. The leafy fruits and vegetables segment is also anticipated to register the highest CAGR over the forecast period. Leafy fruits and vegetables are aligned with numerous health benefits and surging awareness among consumers regarding the same is boosting the growth of the segment.
By trait, the fruit and vegetable seeds market outlook has been segmented into GM and non-GM. The GM segment is likely to gain the higher share of the market. GM seeds have superior characteristics and exhibit faster growth, higher yield, and high disease resistance as compared to non-GM seeds, due to which the segment is expanding. The GM segment is also experiencing heightened demand from the food & beverage industry and is anticipated to capture the higher CAGR over the forecast period.
By category, the fruit and vegetable seeds market has been segmented into organic and conventional. The conventional segment accounts for the larger share of the market, however, the organic segment is likely to witness heightened growth over the forecast period and emerge as the fastest growing segment over the forecast period. The growth of the segment can be attributed to the rising inclination of consumers towards organic products.
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