Rice Seeds Market Projected to Garner Significant Revenues by 2023

(I-BusinessNews.Com, September 09, 2020 ) The rice seeds market is estimated to be valued at USD 5.47 billion in 2018 and is projected to reach USD 7.62 billion by 2023, at a CAGR of 6.85% during the forecast period. The growth of the rice seeds market is driven by factors such as increase in the seed replacement rate for paddy, availability of improved rice hybrid seeds, and the advent of new breeding technologies for rice cultivation.

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Key players in the rice seeds market include Bayer (Germany), DowDuPont (US), Syngenta (Switzerland), Advanta Seeds (UPL) (India), and Nuziveedu Seeds (India). Mahyco (India), BASF (Germany), Kaveri Seeds (India), SL Agritech (Philippines), Rasi seeds (India), Rallis (India), JK Seeds (India), Hefei Fengle (China), LongPing (China), Guard Agri (Pakistan), and National Seeds Corporation (India) are some of the other players that hold a significant share of the rice seeds market.

Bayer and DowDuPont occupied a dominant share in the Asian rice seeds market due to its brand perception, increasing rice production in the region, and the broad portfolio of rice seeds. The market in the other countries was dominated by individual players, for instance, Guard Agri (Pakistan) occupied over 70% share in the Pakistan market, while RiceTec Inc. (US) occupied a similar share in the US market.

Bayer is a leading research-intensive company operating in the pharmaceuticals, consumer health, crop science, animal health, and Covestro segments. The agricultural enterprise of the company, Bayer CropScience, offers crop protection, seeds, and non-agricultural pest control products. The company is mainly focusing on its core brand, Arize, to serve the market with a variety of rice hybrids. Bayer produces rice seeds in countries such as Bangladesh, India, the Philippines, Brazil, Indonesia, Vietnam, China, Pakistan, Singapore, Colombia, and Peru. The recent acquisition of Monsanto (US) in June 2018 has driven its agriculture business with innovative solutions in the crop protection and seed manufacturing industries. This acquisition has given a competitive edge to Bayer over other key competitors by expanding its product and service portfolio, offering innovative technologies, and increasing its global presence. The company has invested mainly in the expansion of production facilities to meet the growing demand for hybrid rice seeds. It mainly focuses on the R&D activities and the innovations of Monsanto to strengthen its product development activities and support product registrations.

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DowDuPont produces and sells a wide range of products globally through three business units, namely, agriculture, materials science, and specialty products. In the Asia Pacific region, the company develops hybrid rice seeds, such as PHB71, in India and Vietnam. The megamerger of individual parent companies to form DowDuPont helped both the companies combine their individual strengths and establish a stronger position in the overall agriculture industry. The company’s subsidiary, DuPont Pioneer, mainly deals with seed production and accounts for a significant share in the Asian market for hybrid seeds. The company has invested in the development of GM crops in the recent years and is focusing on adopting molecular techniques for breeding practices. In December 2017, the company signed an agreement with Origin Agritech Limited (China) to develop new seed technology for farmers in the country and expand into the developing and developed markets for rice seeds.

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