The North American seed market size is expected to reach USD 36.62 billion in 2024 and reach USD 58.44 billion by 2029, growing at a CAGR of 9.80% from 2024 to 2029.
Farmers bank on the seed industry to deliver seeds that bring high yields and help decrease the cost of production. The concerns about pollution are driving the increase in the use of biofuels. Biofuels offer several advantages when compared to fossil fuels in terms of decreasing pollution, which is one of the main reasons governments are taking up initiatives to produce biodiesel.
The growth of the North American seed market is largely due to the rising population, increasing consumption of animal fodder, and growing need for commodities such as vegetable oil. Biofuels are another factor that is driving the market in this part of the world.
Rising public concerns over the safety of GM products, decline in the international vegetable and fruit seed trade, and consolidation of the seed market are the major factors restraining the growth of the North American seed industry.
Oilseed includes soybean, sunflower, cotton, and canola; Grain seed includes corn, wheat, rice, and millet crops; Fruit & Vegetable includes tomato, melon, carrot, onion, pepper, and lettuce; Other seeds include alfalfa, turf, clover & forage plants, and flower seed.
The Grain seed segment leads the seed market, whereas herbicide tolerance continues to be the most common transgenic trait.
The USA leads the market in this region with a share of almost 80%. The North American market is very modern and is focused on innovating cost-effective techniques. Companies are committed to research, sourcing, and quality, factors that are central to the success of the industry.
Monsanto, DuPont, Syngenta, AG, Dow AgroSciences LLC, Land O’Lakes Inc, and Bayer Crop Science are some of the major key players involved in the North America seed market. Key strategies such as investments in R&D are being employed by major companies to meet the growing seed demand.
Frequently Asked Questions
The North American seed market will be worth USD 33.35 billion in 2023, growing at a CAGR of 9.80% during the forecast period.
The United States and Canada are major contributors to the seed market in North America, with their advanced agricultural sectors and diverse crop production.
In the Prairie provinces, the demand for seeds is particularly high for crops such as canola, wheat, and barley, contributing significantly to the overall seed market.
International trade agreements between the United States and Canada facilitate the exchange of seeds, promoting collaboration and contributing to the growth of the seed market.
The affordability of high-quality seeds varies between the United States and Canada and is influenced by economic conditions, exchange rates, and government support for the agricultural sector.
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