The global rice seed market size is projected to touch USD 11.2 billion by 2025, according to a new report by Million Insights. The market is projected to grow at a CAGR of 8.1% from 2019 to 2025. The growing popularity of rice a food staple in most emerging countries such as India, China, Indonesia and others are supplementing the market growth. Further, rice is used in the preparation of various delicacies such as cakes, pasta, bread and sweets, which, in turn, is expected to bolster the product demand over the forecast period.
Considering the growing demand for these seeds, key players are increasingly spending on the development of different varieties of rice seeds. For example, in July 2018, PhilMech in collaboration with Murcia introduced Impeller Technology for processing of brown rice. Such projects are expected to benefits farmers in improving their crops' yield.
Further, German-based Bayer AG introduced hybrid sees, which offers improved resistance against pests, insects and thereby, maximize return on investment. This seed is likely to yield nearly 30% more than conventional seeds. The company has used a breeding technique which is marker-assisted.
The hybrid segment held the largest share with over 70% in 2018. Growing focus on improving the crops yield to cater to the rapidly increasing food demand is the major factors attributing to the growth of this segment. These seeds ensure high productivity with less investment and offer better protection against pests and insects.
Among different grain types, medium-sized grain occupied the largest market share of 50% in 2018. These types of seeds can grow three times larger than their actual width and known to increase crops yield. On the other hand, the long-grain segment is likely to register the highest growth rate over the forecast period owing to their growing use in different delicacies.
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Further key findings from the report suggest:
• The hybrid segment held over 70% of the rice seeds market share owing to various benefits it provides over conventional seeds. These benefits include high yield and better protection against pest.
• The long grain segment is anticipated to grow at a CAGR of 9.2% over the forecast period, 2019 to 2025.
• Asia Pacific was the leading market with over 80% of the market share in 2018. Growing consumption of rice as a food staple in countries such as India, Pakistan, China and Indonesia is attributing to this growth.
• Europe is projected to grow with the highest CAGR with U.K occupying the major market share over the next few years.
Million Insights has segmented the global rice seed market on the basis of product, grain size, and region:
Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2015 - 2025)
• Open-pollinated Varieties
Grain Size Outlook (Volume, Kilo Tons; Revenue, USD Million, 2015 - 2025)
Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa (MEA)
• Saudi Arabia