The global organic seed market is
expected to reach USD 4.59 billion by 2022, according to a new report by Grand
View Research, Inc. Growing health consciousness and environmental awareness
have resulted in shift in consumer preferences towards organic food. Such
trends are projected to complement the organic seed market in the near future.
Organic food products are devoid of any chemical exposure and are thus
healthier than their conventional counterparts. Rising disposable income and
increasing market penetration are key factors that are expected to aid the
organic seed market particularly in the emerging markets of Asia Pacific and
Central & South America.
High organic seed cost is
anticipated to act as a major deterrent for market growth and development. Lack
of awareness, high demand-supply imbalance and lower awareness regarding
organic food products are some other challenges faced by market participants.
Unavailability of high quality and certified organic seeds is another prominent
factor that is anticipated to negatively impact the regional as well as global
market over the next seven years. Technological advancements, better value
chain management and wide distribution network are a few areas which offer
ample growth opportunities to the industry participants over the forecast
period.
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Further key findings from the study suggest:
- Global organic seed market was valued at USD 1,698.5 million in 2014 and is expected to be valued at USD 4,593.6 million in 2022, growing at an estimated CAGR of 13.6% from 2014 to 2022.
- Vegetable seeds dominated the global market and accounted for over 30% of total revenue in 2014. They are also expected to witness the highest growth rate over the forecast period.
- North America dominated the global organic seed market with demand share estimated at 35.7% in 2014. Asia Pacific is projected to witness the highest growth of 14.3% from 2015 to 2022. Growing awareness regarding benefits offered by organic seed particularly in China and India is expected to drive the regional market over the forecast period.
- The industry is segmented and is characterized by high industry rivalry owing to the presence of numerous industry participants. Region specific organic seed producers play a critical role across the value chain. There is considerable supply-demand gap which has arisen due to the brisk growth in demand for organic food products in the recent past.
- Key industry participants operating in the global market include Seed Savers Exchange, Wild Garden Seeds, Fleuren, Johny;s Selected Seeds, Navdanya, Maas Plant, Seeds of Change, Fedco Seeds and Vitalis Organic Seeds.
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