Growing population, increasing production of food grains coupled with rising awareness among farmers about the usage of quality seeds to propel the demand for seeds in India through 2023
According to TechSci Research report, “India Seed Market By Product Type, By Crop Type, By Availability, By Sales Channel, Competition Forecast & Opportunities, 2013-2023’’, India seed market is forecast to reach around $ 8 billion by 2023, primarily on the back of continuously increasing total food grain production in the country. Favorable government policies and initiatives such as Paramparagat Krishi Vikas Yojana (PKVY), Mission on Agricultural Extension and Technology (NMAET), National Food Security Mission, and National Policy for Farmers (NPF) are likely to propel the demand for seeds in the country over the next five years.
Furthermore, a hike in the minimum support price for crops by 1.5% in the union budget 2018-2019 by the Indian government is anticipated to increase the income of the farmer leading to rising demand for quality seeds in the coming years.
Browse 74 market data Figures and Tables spread through 115 Pages and an in-depth TOC on the "India Seed Market"
Based on product type, Indian seed market is majorly segmented into hybrid, genetically modified, and varietal seeds.
Hybrid is the dominant and fastest growing segment in Indian seed market owing to its property to provide higher productivity and early maturity of crops. The hybrid seeds segment is followed by genetically modified seeds that are composed of high-quality Bt cotton seed, which has led to increasing in cotton productivity across the country. Genetically modified cotton seed is resistant to pests, and hence, it reduces the use of pesticides.
North region garnered the largest share of India seed market owing to the large production of cereals and oilseeds in states like Punjab, Haryana, Rajasthan, and Uttar Pradesh. Additionally, the availability of fertile land in the states of Uttar Pradesh, Punjab, and Haryana in North India is expected to increase the sales of seeds in the region through the forecast period.
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Nuziveedu Seeds Limited is the market leader in India seed market followed by Kaveri Seed Company Limited, National Seeds Corporation Limited, Monsanto India Limited, etc. “Over the years, India seed market has seen tremendous growth owing to supportive government policies like Seed Development, 1988 and National Seed Policy, 2002.
Moreover, patent protection and intellectual property rights on plant varieties would further steer growth in India seed market in the coming years,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“India Seed Market By Product Type, By Crop Type, By Availability, By Sales Channel, Competition Forecast & Opportunities, 2013-2023” has evaluated the future growth potential of the seed market and provides statistics and information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India seed market.
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