A seed is the matured fertilized ovule of a flowering plant encompassing an embryo and capable normally of germination to harvest a new plant. Seed serves several functions for the plants such as dispersal to fresh locations, nourishment of the embryo, and dormancy throughout the unfavorable conditions. Timely accessibility of quality seeds in satisfactory quantity decides the health and power of an agricultural economy. Quality seeds suitable to several agro-climatic conditions in satisfactory quantity and at affordable prices are compulsory to raise entire crop productivity. The High-quality seeds such as hybrid seeds compromise better yield, significant uniformity, improved color, and syndrome resistance to the resulting plants.
Furthermore, the growth of the worldwide seed market is propelled by modernization of agriculture, requirement to augment the food production, and rise in utilization of biofuels & animal feed. In addition, divergence of diets, sophistication of seed technologies such as seed coating & seed pelleting, increase in utilization of waste land for agricultural determination, and increasingly accommodative regulatory stance are projected to supplement the seed market growth.
The Asia-Pacific is projected to show greatest growth rate throughout 2017-2023, due to surge in population, augment in disposable income, and improvement in the agricultural sector. In addition, the economy has minimum restrictions linked with import and export of seeds. The Financial and technical assistance from foreign agencies, such as the U.S. Agency for International Development (USAID), Rockefeller Foundation, World Bank, and Ford Foundation in early improvement stage of seeds to reinforce breeding, processing of seed, and superiority control plays a proficient role in growth and improvement of the seed market. However, lower getting of genetically modified crops in several regions such as Europe and prolonged time & widespread research involved in the improvement of new seed varieties having novel traits restrict the growth of the seed market. Introduction of fresh technologies having potential assistances over conventional ones, augmentation in seed replacement rate (SRR), and augment in requirement for seeds in emerging economies are projected to deliver the lucrative opportunities for market growth.
Although, the COVID-19 pandemic extremely affected the introduction, certification, distribution, and cost of seeds in the preliminary months of the pandemic. Facing this adversity played a fundamental role in enhancing the resilient agricultural segments and food systems in the least developed regions. There was a deficiency of personnel available for the production, transportation, and documentation procedure, convoyed by a contraction in the market for plants and seeds. This generated problems in introducing the seeds for international trade and made admittance to high-quality seeds of modern variabilities for the domestic agriculture difficult.
The significant increment in demand for grains, oils, and vegetables, rapid implementation of biotech crops, and the deducting per capita farmland are the major drivers for the market. The requirement to produce more from the deducting per capita arable land to get greater returns can be possible with HYVs and hybrid varieties. This trend has reinvigorated farmers to shift their aim from conventional seed sources to packaged seeds that aptitude better returns.
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