The new report by Expert Market Research titled, ‘Global Wheat Seed Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global wheat seed market, assessing the market based on its segments like types and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 4.7%
The surge in the number of wheat consumers around the world has led to an increased production of wheat seeds in the past few years. Looking forward, the rising population, thriving food and beverage industry, and increasing inclination towards clean and healthy eating habits are some of the driving factors in the market.
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In addition to this, the high-volume owing to the high climate adaptability of wheat crops is anticipated to propel the demand for wheat seeds in the forecast period. In terms of region, the Asia Pacific region accounts for a significant share in the market owing to the presence of large population base in India and China. The increasing consumption of pancakes, chapattis, naan, and wafers, among others is anticipated to propel the market growth in the forecast period.
Industry Definition and Major Segments
Wheat seed refers to a seed which produces cereal crop, which is grounded to make flour and bread. Wheat crop usually grows 2 to 3 feet tall. Wheat is produced in Russia, India, China, and United States of America, among others, and is widely used in various food items including pasta, pastry, cereals, noodles, and tortilla, etc.
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On the basis of type, the market can be segmented into:
• Hard Red Winter
• Soft Red Winter
• Hard White
• Soft White
• Hard Red Spring Wheat Seed
• Durum Wheat Seed
The regional markets for wheat seed include:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
The key trends in the global wheat seeds market include the robust development of wheat-based bioenergy crops in countries like Canada, aimed towards reducing the emission of greenhouse gases and to reduce the dependance on petroleum for transportation. Meanwhile, the growing expansion of the e-commerce industry is anticipated to spearhead the sales of wheat-based products.
This factor will add to the market growth in the coming years. In June 2020, BASF announced the launch of Ascot, the first Australian wheat seed variety. Ascot is going to be the first in a series of wheat varieties to be commercialised by BASF nationally. Hence, these developments are likely to bolster the market growth in the forecast period.
Key Market Players
The major players in the market are UPL Limited, Agrovegetal SA, Corteva Agriscience, Syngenta AG, ProHarvest Seeds Inc., RAGT Seeds UK, and Northern Agri Brands LLC, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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