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In order to cater to the demand for higher food production with increasing agricultural input consumption across the globe, farmers are focusing on boosting crop production and their nutritive values. Transgenic seeds are seen as a technique that can improve their return on investment. Transgenic seeds play an essential role in protecting crops from pests and improving their yield.
Leading companies in the transgenic seeds market are continuously developing new products, technologies, and methods for manufacturing seed products with high proficiency. Thus, the transgenic seeds market is gaining global acceptance among farmers. The leading players in this market are Monsanto (U.S.), E.I. du Pont de Nemours & Company (U.S.), Syngenta AG (Switzerland), Vilmorin & Cie SA (France), Bayer CropScience AG (Germany), BASF SE (Germany), Dow AgroSciences LLC (U.S.) and Suntory Holdings Ltd. (Japan). These players are adopting different strategies to grow in the transgenic seeds market. Agreements, research collaborations, and new product launches have been the key strategies adopted by market players for global expansion.
The market for transgenic seeds is is projected to reach $35.2 billion by 2020, at a CAGR of 12.3.%. In 2014, North America was the largest market; this market is projected to grow at a CAGR of 12.0%, as studied from 2015. Latin America is the second-largest market of transgenic seeds, and is projected to grow at a CAGR of 13.1% during the period under review. The U.S. was one of the leading market for transgenic seeds in North America and accounted for nearly 85% share in 2014. India was one of the leading consumers of transgenic seeds in the Asia-Pacific market, and is projected to be the fastest-growing market, globally, at the highest CAGR from 2015 to 2020.
The transgenic seeds market, in this study, consists of five main crops: corn, soybean, cotton, canola, and others that include fruits & vegetables, turf, ornamental & forage crops, and other cereals & oilseed crops.
The herbicide-tolerant transgenic seeds accounted for a larger market share in 2014, and is projected to grow with the increasing demand from the agriculture and food industries. This market is projected to grow at the highest CAGR of 13.0% from 2015 to 2020.