The global wheat seeds market was valued at USD 2269.3 million in 2018, and it is expected to register a CAGR of 4.69% during the forecast period (2019-2024). In 2018, North America was the largest geographical segment of the market studied and accounted for a share of around 35.03% of the overall market.
- The global wheat consumption has increased over the past ten years from 2008. According to USDA the wheat consumption by humans has increased by 90 million metric tons and wheat usage for domestic feeds has increased by 16 million metric tons.
- According to FAO and AIMS, per capita consumption of wheat in 2018 was 66.8 kilograms per year. EU, China, India, Russia, and the United States are the major wheat producing countries.
Scope of the Report
According to USDA, global wheat production and trade has to increase in the upcoming years to meet the increasing global demand for wheat. The climatic change, a major challenge faced by few wheat exporting countries and the increasing demand for the wheat grains are the two major factors affecting wheat seed market. This provides an opportunity for the existing and new players to tap the untaped wheat seed market.
Key Market Trends
North America is the largest market in revenue
In 2018, North America is the largest market holding 35.03% of the total market share and is forecasted to be the largest market during the forecast period 2019-2024. Europe and Asia-Pacific hold the second and third position respectively. According to USDA, global wheat trade has to increase in order to meet the global demand for cereals and grains including wheat in the upcoming years. The decreasing export supply from Russia, Europe, and drought affecting the Australian wheat export quantity will lead to an increase in North America’s wheat export. In 2017, the Taiwan Flour Millers Association (TFMA) has signed an agreement with U.S Wheat Associates to import 1.8 million metric tons of wheat in 2018 and 2019.
Asia-Pacific is fastest growing market
Asia-Pacific is forecasted to be the fastest growing market for wheat seeds market registering highest CAGR for the forecast period 2019 - 2024. Asia is the topmost producer, importer and consumer of wheat globally almost accounting for third of global trade. According to the U.S Agriculture Department, China is the major producer and consumer of wheat is has increased its area under cultivation of wheat due to the farmers planting more wheat crop. And also Asia’s growing middle-class demands for more grains especially wheat. The change in their diest has lead to the increasing demand towards wheat providing an opportunity to the major wheat exporters including Australia and the United States.
The wheat seed market is a concentrated market with few major players like Bayer Monsanto, DuPont Pioneer, Advanta seeds, Syngenta, and KWS. Acquisition, mergers, partnership, expansion, new products, and innovation are the various strategies followed by the major players in the market to develop their business.
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