The global oilseed market has been forecast to increase at a compound annual growth rate (CAGR) of 12% over the next five years, increasing from a value of $33.3 billion at the end of 2012, to reach a total value of $64.1 billion by 2018.
The global seed market has undergone rapid transformation in recent years with the advent of biotechnology in agriculture. Genetically Modified (GM) seeds offer economic advantages to farmers, and are sold at a premium in relation to conventional seeds.
Despite resistance from several sectors, this market has fiercely penetrated the agriculture sector. The global seed market is projected to grow driven by rising standards in global farming. Farmers in various countries are showing increased preference for certified seeds and innovative high-yielding varieties.
According to a recent report, 'Oilseed & Grain Seed Market: Global Trends & Forecast to 2018,' North America is the largest market. More than 80% revenue in North America is generated by the US. Latin America is the fastest growing region within the oilseed market and Brazil holds the major market share within Latin America. China is the largest market in Asia-Pacific followed by India.
Soybean dominates the global oilseed seed market. Soybean and corn crops represent the fastest growing segments within the oilseed market, respectively. North America and Europe are major producers of corn, and Latin America is the largest producer of soybean. Asia-Pacific is the leading market for rice and cotton, and ROW for sorghum. The maximum production of wheat, canola, and sunflower is found in Europe.
The market is likely to be shaped by a number of favourable factors, such as the growth in garden and lawn expenditure of consumers, a general shift towards narrow planting of rows, and expanding new uses of crops.
Key players currently dominating the oilseed market include Monsanto (U.S.), DuPont (U.S.) and Syngenta (Switzerland).
For more information on the global oilseed market, see the latest research: Seed Market Research
Follow us on Twitter @CandMResearch
Companiesandmarkets.com issues news updates and report summaries covering all major industries and sectors. The service provides additional client monitoring and timely alerts to breaking industry and sector news leading the day's business headlines. News articles, written by our staff, contain additional analyst insight, providing value added insight for our readers. News updates and real-time alerts on newly-released market reports are also available from our Facebook page, Twitter feed @CandMResearch and RSS links. We also welcome inquiries from business journalists and the news media.