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Global Soybean Seed Market – SIZE, SHARE, IMPACT OF COVID-19 AND FORECASTS TO 2028

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The global soybean seed market is projected to register a CAGR of 3.75%. Key highlights Largest segment by breeding technology – hybrids: Major companies are developing new hybrids and adoption of hybrids is high due to drought tolerance, disease resistance, high yield and wider adaptability.

New York, Jan. 10, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the “Global Soybean Seed Market – SIZE, SHARE, IMPACT OF COVID-19 & FORECASTS TO 2028” report — https://www. reportlinker.com/p06379269/?utm_source=GNV

Largest segment by country – United States : It is the largest country due to high consumption demand, leading soybean producer, increasing availability of improved seeds and high profit margins.
Fastest growing segment by breeding technology – Open-pollinated varieties and hybrid derivatives: Open-pollinated varieties require fewer inputs, such as fertilizers and pesticides, and are cheaper than hybrid seeds and more accessible to low-income farmers.
Fastest growing segment by country – United Kingdom : The UK is the fastest growing country due to increasing demand for cooking oil by hotels and restaurants and decreasing dependence on imports.

Key market trends

Hybrids are the largest segment by breeding technology.

In 2021, hybrid seeds had a higher share than open-pollinated seed varieties because hybrid seeds are resistant to drought and have a wider adaptability to different regions and weather conditions.
In 2021, the non-transgenic hybrid soybean seed market had a share of about 24% of the hybrid soybean market. Transgenic soybean cultivation is prohibited in Europe. Growing awareness among people about the benefits of consuming non-GMO foods is driving the growth of the non-transgenic seed segment.
In 2021, North America had the largest share in the hybrid segment, with 55% due to the increasing planted area under transgenic seeds and the high rate of seed replacement compared to other regions.
In the transgenic segment, Asia Pacific is expected to be the fastest growing region during the forecast period, with a CAGR of 5.6% in 2021. Herbicide-resistant soybean has a market share of 56% in the region, which is expected to increase as the Chinese government provides incentives to increase production by using herbicide-resistant seeds.
Globally, open-pollinated seed varieties are less used than hybrid seed varieties because open-pollinated seed varieties are not disease resistant and can be easily attacked by both biotic and abiotic factors. Therefore, to reduce crop loss due to weeds and insects and increase yield, growers use hybrid seed traits with disease resistance and insect resistance characteristics.
Therefore, increasing effects of pests and diseases on crop losses and benefits such as higher yield and disease resistance will help drive the hybrid seed segment, but smallholder farmers will use open-pollinated seed varieties for higher profits with minimal crop input. costs.

North America is the largest segment by region.

In 2021, the Asia-Pacific region accounted for 28.8% of the global soybean seed market value, as soybean is one of the main oilseeds grown in the region with a high proportion of commercial seeds.
The seed market across the region is driven by the increase in sown areas due to increased demand in the animal feed sector, high export potential and favorable prices on the domestic and international markets. Therefore, an increase in area leads to an increase in the demand for seeds.
Europe has the fastest growing soybean seed market thanks to an increase in cultivation area due to high demand for oilseeds from the food and feed industry for the production of soy milk, soy cake and soy yogurt and increasing domestic consumption.
South America is the largest producer of soybeans in the world. The South American soybean market accounted for 14% of the global soybean market in 2021. Hybridization and the approval of GM seeds in two major countries of the region have led to an increase in the growth of the soybean seed market.
According to ISAAA, the use of complex (insect and herbicide resistant) varieties has increased farmers’ profitability and reduced pesticide and herbicide costs. Therefore, the adoption of GM soybeans is expected to increase in the coming years.
Therefore, increasing adoption of GM seeds along with increasing plantation area due to increasing demand in food processing and animal feed industries is expected to fuel market growth during the forecast period.

The competitive landscape

The global soybean seed market is moderately consolidated, with the top five companies accounting for 61.81%. Major players in this market are Advanta Seeds – UPL, Baier AG, Corteva Agriscience, KVS SAAT SE & Co. KGaA and Syngenta Group (arranged alphabetically).

Additional benefits:

Market Assessment (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06379269/?utm_source=GNV

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