India emerges as key player in growth and innovation, global vegetable seeds market thrives: S&P GCI
Japan
Published Mar 28, 2024
Tridge summary
The global vegetable seeds market, with a valuation of around USD 8 billion in 2022, is witnessing growth driven by the rising demand for diverse vegetable varieties. Key countries like India, China, Japan, and the United States play a significant role in this fragmented market, which includes over 40 different vegetable crops. Despite the challenges of managing a wide range of products, competition remains intense among the 12 companies generating over USD 100 million annually. The market's growth is fueled by substantial investments in R&D, which represent 15% to 30% of sales, leading to innovations in crop yields and characteristics. Hybrid seeds, constituting 80% to 90% of the market, along with the expansion of protected agriculture, are pivotal in enhancing yields and seed prices. India, in particular, is emerging as a crucial player in driving the industry forward through technological advancements and its capacity to meet the global demand for high-quality vegetables.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.
Original content
The global vegetable seeds market, valued at approximately USD 8 billion in 2022, continues to expand, driven by increasing demand for diverse vegetable varieties worldwide.According to S&P Global Commodity Insights (GCI), India stands prominently among the top players in this sector, alongside countries such as China, Japan, and the United States.The vegetable seeds market, characterised by its highly fragmented nature, presents both opportunities and challenges for industry stakeholders.With over 40 different vegetable crops spanning various categories, species, and families, the market offers niches for companies to establish strong positions.However, this diversity also poses challenges, particularly in organising and supplying complex product ranges.Despite these challenges, competition in the vegetable seed market remains intense, with 12 companies boasting annual sales exceeding USD 100 million.Research and development (R&D) expenditure in the sector is notably ...
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