Organic Seed Market Size, Industry Analysis, Price Trend, Competitive Market Share & Forecast by 2023: Global Market Insights, Inc.
Global organic seed market size was worth more than USD 1.6 billion in 2014 and is likely to reach valuation exceeding USD 4.3 billion by 2023, with estimated gains at above 13%.
Vegetable seed revenue share was the largest by accounting for more than 30% in 2014 and is also likely to witness highest gains from 2016 to 2023. Other products include fruits & nuts and filed crops. Fruits & nuts are likely to witness significant gains during the forecast period.
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U.S. organic seed market size was the largest and accounted for over 30% of the total revenue share in 2014. Asia Pacific is likely to grow at higher rates with a CAGR of over 14% from 2016 to 2023 owing to health awareness growth, driving the China and India organic seed market size.
Restriction of using hazardous chemicals for agricultural production coupled with growing health problems is likely to drive organic seed market growth. These products are not exposed to chemicals in the form of pesticides, insecticides & fertilizers and are also rich in antioxidant properties & nutritional values.
Initiatives taken by government to promote organic farming are likely to favor demand. The companies involved in this farming type must comply with standards put forward by USDA NOP This farming type is practiced in over 160 countries and accounts for close to 1% of the total arable land. The U.S., Argentina and Australia are leading countries to practice this farming type. Global organic food & beverages market size is likely to be worth more than USD 210 billion by 2023.
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The U.S. has strict regulations of using this product. The product sold should meet all requirements for organic food production. This means, the land in which these products are grown should not have prohibited substances required for the organic production for duration of three years before harvesting. The regulation also states that the entire operation must be certified from accredited agent and be managed through system plan by the same certifying agent.
Asia Pacific is likely to witness high growth rates during the forecast period. Increasing consumer awareness about health benefits in countries such as China and India is likely to drive demand in the region. Other factors such as increasing consumer spending and population expansion are also likely to boost APAC demand.
Global organic seed market share is fragmented and high industry completion prevails among the peers owing to presence of numerous regional and domestic suppliers. This industry experiences product supply shortage and fails to fulfill consumer demand. This factor leads to low bargaining power of buyers and puts supplier in commanding bargaining position. The market also posses threat from new entrants as there is high scope for development in unexplored regions of Latin America and Asia Pacific, where consumer awareness is low.
Key participants comprise of companies such as Johnny’s Selected Seeds, Seeds of Change, Fedco Seeds, Seed Savers Exchange, High Mowing Organic Seeds and Wild Garden Seeds. Other participants include Fleuren, Vitalis Organic Seeds, HILD Samen, Navdanya, Maas Plant, De Bolster, Arnica Kwekerij and Southern Exposure Seed Exchange.