Organic Seed Market Size Growing At 14% CAGR Till 2024 - Research Report by Hexa Research
The global organic seed market is expected to be valued at approximately USD 1.6 billion in 2015 and it is expected to grow at approximate CAGR of over 14 % over the forecast period of 2016 to 2024.
Global Organic Seed Market was worth USD 1.6 billion in 2015. It is expected to grow at a CAGR exceeding 14% from 2016 to 2024 (forecast period). This may be attributed to escalating demand for organic food triggered by the growing awareness of ill-effects of chemicals used in non-organic crop cultivation.
Chemicals adversely affect human health as well as the environment. Governments and environmental agencies across the globe are taking initiatives to encourage adoption of organic farming. Moreover, organic crops retain more nutritional properties as compared to non-organic ones. A favorable regulatory framework is also fueling market growth.
However, organic seeds are costly. Also, high quality, certified seeds are limited in supply. These factors may have a negative effect on the industry’s prospects.
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The worldwide organic seed market is segmented on the basis of products and regions. Products are divided into vegetable seeds, field crop seeds, fruits & nuts, and other vegetation. Other vegetation comprises pastures and forage.
Vegetables, with about 31% share in market revenues, was the leading product segment in 2015. This segment, along with fruits & nuts, is projected to grow at a high rate till 2024. Although not leaders in organic acreage, these two product categories have accounted for significant shares of the total revenues in the years gone by.
Regions are split into North America, Asia Pacific, Europe, Central & South America, and MEA (the Middle East & Africa). North America reigned in 2015, occupying 36% of the market volumes. It was followed by Europe.
Asia Pacific is likely to grow at a CAGR of 16% over the forecast period. This could be credited to rising health awareness and disposable incomes, and a favorable regulatory environment. Prominent regional consumers of the organic produce cultivated in the developing economies include North America, Australia, Europe, Argentina, China, Brazil, and India.
Key players in the worldwide organic seed market are High Mowing Organic Seeds, Vitalis Organic Seeds, Southern Exposure Seed Exchange, and Seed Savers Exchange. The market is characterized by numerous domestic players, leading to stiff competition. However, exponential growth in demand lends the suppliers a high bargaining power.
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Market Research Report
Apr 26, 2017