The global sorghum seed market was valued at USD 1104.8 million in 2018, and it is expected to register a CAGR of 4.4% 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.
- Sorghum crops are mostly grown in the arid regions like Africa, Central America, and South Asia. Sorghum crop can be used in a wide range of fields such as human food, animal feed, and biofuels.
- North America is the largest producer of Sorghum, followed by Nigeria and Sudan. Sudan was in fifth place in the year 2016, and due to significant growth in the sorghum production in 2017 has made it the third largest producer of sorghum.
Scope of the Report
Grain sorghum is one of the major food sources for people living in developing countries in Africa and also for the people in dry areas. Research says that global warming may lead to an increase in the cultivation of sorghum crop due to the depleting groundwater and changing environmental factors. As this sorghum can be used as a replacement of corn in dry areas.
Key Market Trends
Growing demand for animal feed
There is an unprecedented increase in the demand for the animal protein in the last few years. According to the Organisation for Economic Co-ordination and Development (OCED), meat consumption has raised from 114 million metric tons in 2017 to 116 million metric tons in 2018. Poultry meat is the most consumed by humans with per capita consumption of 30.6 kilograms per year, followed by pork with per capita consumption of 23.5 kilograms per year, and beef and veal with per capita consumption of 14.8 kilograms per year. This has lead to an increase in the population of livestock which directly has an effect over the production of animal feed. As a result of this, according to a report published by NASS-USDA, the usage of sorghum as feed concentrates has increased from 2.3 million metric ton in 2014 to 3.6 million metric tons globally in 2016.
North America is the Largest Exporter
North America is the largest market for sorghum seeds with a market share of 35.18% which valued about USD 362.6 million in 2017. According to USDA, North America is one of the largest exporters of sorghum with 6.1 million tons of exports. Australia, Ukraine, Nigeria are also some of the largest exporters of sorghum. Japan, Mexico, and Philipines are the major importers of North American sorghum. However, China is the worlds largest importer of Sorghum says USDA.
The Sorghum Seed market is a concentrated market with few major players like DuPont Pioneer, KWS, Bayer Monsanto, and Advanta. Mergers, acquisitions, expansion, innovation and product launch are few strategies adopted by the major players. Almost every major player in the market has both the grain sorghum and forage sorghum seeds.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client’s requirements
- 3 months of analyst support