Hybrid Seeds Market to Reach $166.18 Bn, Globally, by 2031 at 9.6% CAGR: Allied Market Research
Major determinants of the market growth-
Increase in use of hybrid seeds having advanced traits attached, introduction of enhanced hybrid seed varieties, product innovation, diversification of diets, and modernization of agriculture drive the growth of the global hybrid seeds market. However, the fact that hybrid seeds cannot be reproduced and change in climatic conditions impede the market growth. On the contrary, technology-driven agriculture in the developed countries and diversified demand for hybrid crops in emerging countries are anticipated to provide lucrative opportunities in the coming years.
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Covid-19 scenario:
The fruit and vegetable crop segment to dominate by 2031-
Based on crop, the fruit and vegetable crop segment accounted for more than two-thirds of the global hybrid seeds market share in 2020, and is anticipated to retain its dominance throughout the forecast period. Development of hybrid seeds having heat tolerance and resistance to viruses with male sterility is expected to drive the growth of the segment. Moreover, this segment would showcase the fastest CAGR of 10.0% by 2031. The report also includes an analysis of field crops segments.
The short term segment held the lion's share in 2020-
Based on duration, the short-term segment held the lion's share in 2020, contributing to around half of the global hybrid seeds market, and is expected to continue its lead during the forecast period. This segment offers instant financial benefits to the farmers, thus driving the growth of the segment. The long-term segment, however, is expected to witness the highest CAGR of 10.5% by 2031. This is attributed to the fact that using hybrid seeds for long-term crop operations reduces the risk of damage. The report also includes an analysis of the middle term segment.
Asia-Pacific, followed by LAMEA and North America, lead the trail in terms of revenue in 2020-
By region, Asia-Pacific, followed by LAMEA and North America, garnered the major share in 2020, contributing to more than two-thirds of the global hybrid seeds market. This is owing to the increase in demand for enhanced agricultural products, government supporting the hybrid seeds production and supply, and indoor farming due to increasing scarcity of water and decreasing fertility of the soil. However, the LAMEA region is anticipated to grow with the fastest CAGR of 12.1% during the forecast period.
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Major market players
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