(I-BusinessNews.Com, June 23, 2021 ) The rice seeds market is projected to reach USD 7.62 billion by 2023, from USD 5.47 billion in 2018, at a CAGR of 6.8% during the forecast period. The market for rice seeds is driven by factors such as the increasing technological advances in rice breeding, declining prices of hybrid rice seeds, growing adoption of hybrid rice seeds in the developed and developing countries, and rising seed replacement rate for paddy across Asian countries.
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By seed size, long grain rice seeds are estimated to be most widely used in 2018. This is owing to the high rate of cultivation across various countries in North America and Asia. The limited application of short grain rice in the food industry is also aiding in driving the growth of these types of seeds. For instance, in Asian countries, Basmati and jasmine are some of the long-grain rice varieties that are exported from Asia in large quantities and have industrial importance from the perspective of rice millers in terms of price value. The major players in the market, such as Bayer and DowDuPont, focus on long rice grains, followed by medium-sized rice and short rice.
By treatment, untreated rice seeds account for a larger market size; however, treatment of seeds and their adoption has been gaining importance for field crops, such as corn, wheat, and soybean, to reduce crop loss from early pest attacks. However, the adoption of this technology for rice is still gradual across countries. Rice is mainly cultivated in Asian countries. However, farmers are reluctant to invest capital in crop inputs and prefer adopting the traditional techniques of crop protection. Due to the rising need for sustainable agriculture and integrated pest management guidelines laid by governments in Asian countries has encouraged farmers to adopt seed coating technologies. On account of these factors, this segment is projected to grow at the highest rate during the forecast period.
The advent of genetically modified rice seeds was projected to boost the rice seed market, after the success of Bt cotton. Most of the key players have also invested in the development and support of GM rice projects. The Golden Rice Project supported by Syngenta and the development of GM rice seeds by Mahyco was scheduled to be commercialized in the past few years. However, the stringent regulations against GM technology for edible crops have hindered the commercialization of this technology, and multiple projects got shelved due to the regulatory policies.
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Asia Pacific accounted for the largest share in the rice seeds market in 2017, followed by North America due to the high adoption of commercial open-pollinated varieties and hybrid rice seeds over farm-saved seeds to increase rice yield in countries such as China, India, Thailand, and the US. Development of improved hybrid seeds and the subsidy benefits provided by the government to encourage the adoption of hybrid seeds over farm-saved or OPV seeds have contributed to the growth of this market. The major factors restraining the adoption of hybrid seeds are their high cost as compared to OPV seeds and the lack of awareness about the advantages of hybrids on crop yield and profit margins. Also, the lack of skilled professionals and infrastructural facilities in the developing countries for hybridization techniques is projected to hinder the growth potential of this market.
The global market for rice seeds is dominated by key players such as Bayer (Germany), DowDuPont (US), Syngenta (Switzerland), Advanta Seeds (UPL) (India), and Nuziveedu Seeds (India). Some of the emerging players in the rice seed market include 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).
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