Feedback | Saturday, April 13, 2024

India emerges as key player in growth and innovation, global vegetable seeds market thrives: S&P GCI

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 high, ranging from 15 per cent to 30 per cent of sales for most companies.

Hybridization has been a key driver of growth in the vegetable seed market, with 80 per cent-90 per cent of vegetable species now originating from hybrid seeds.

Countries like China, India, Spain, Mexico, and Japan lead in the adoption of protected agriculture, driving higher yields compared to open-field production methods.

India’s significant presence in the global vegetable seeds market underscores its importance as a key player shaping industry dynamics.

As the sector continues to evolve, with advancements in technology and shifts in consumer preferences, India and other leading nations remain pivotal in driving innovation and meeting the growing demand for high-quality vegetable varieties worldwide.

(ANI)

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