(I-BusinessNews.Com, February 04, 2020 ) The growing population and lack of arable land have led to the increasing demand for higher yield of rice crops, which has contributed to the growth of this market, particularly in the Asian region. Moreover, increasing applications of rice for pet food and beer production has also driven the adoption of high-quality rice seeds in the US market. 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.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=129962473
The increasing seed replacement rate (SRR) for paddy crops across the Asian countries is a major factor contributing to the growth of this market. Asia Pacific dominated over 90% of the global production and consumption of rice in 2016, according to FAO, and hence, the consumption of commercial rice seeds is projected to remain high in the region. However, seed replacement rate plays a significant role in determining the consumption rate of hybrid and commercial seeds across the countries. Moreover, the development of improved hybrid varieties is also projected to boost the market growth. Increasing awareness about the benefits of hybrid seeds and growth in the seed replacement rate can be witnessed in Thailand, Vietnam, India, Nepal, and Bangladesh.
Rice production in Asia, Africa, and the US has witnessed a positive trend in terms of yield and production quantity in recent years due to the increasing demand from the food and feed industry, which has encouraged the adoption of advanced technologies by rice breeders. Among the type of rice seeds, open-pollinated varieties are used at a large scale for rice cultivation. With the adoption of the hybridization technique, the multiple end-use farmers are adopting hybrid seeds over OPV seeds to obtain the superior yield from the cultivation. Due to these factors, the demand for these seeds is projected to grow among the rice growers in both, developing and developed markets for cultivation activities.
By hybridization technique, the three-line system is adopted by major players for the production of hybrid seeds in the Asian countries. On the contrary, the adoption of two-line systems still remains at a nascent stage as the technology requires specific environmental and soil conditions. Thus, limited number of companies such as LongPing Hi-Tech and RiceTec Inc. have adopted the two-line systems for product development. In addition, lack of skilled labor, the requirement of a controlled environment, in terms of climate and adequate land area for system set-up are the major factors restraining the growth of the two-line system in the Asian countries.
Request for Customization: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=129962473
Asia Pacific is projected to witness the fastest growth in the rice seeds market from 2018 to 2023. The countries in Asia Pacific, particularly India and China, are witnessing a surge in the adoption of advanced technologies for increasing the yield of rice produce and bridge the gap between supply and demand. Due to the rising adoption rates of hybridization technique in various Asian countries such as China, India, and Thailand, the region is expected to witness a significant demand for commercial rice seeds in the coming years. Multinational companies are mainly focusing on investments in the Asian countries for rice seeds, particularly for the development of hybrid seeds through molecular breeding procedures.
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.
MarketsandMarkets™
Mr. Shelly Singh
1-888-600-6441
raviraj.tak@marketsandmarkets.com
Source: EmailWire.Com 
