organic seed market 2024 - food Sector to Register Extensive Growth
Category: #business  By Ronak Bora  Date: 2020-01-15
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organic seed market 2024 - food Sector to Register Extensive Growth

In reply to the original consumer demand for natural non-synthetic food, organic seed market is growing rapidly. As per a report “Global organic seed Market holding a billion-dollar share is anticipated to triple its revenue record in less a decade span, by exceeding USD 5.4 bn by 2024 at a CAGR of 12.5% over the period of 2016-2024.”

Current studies and growing heath awareness has helped in redirecting consumer preference toward organic food area. Moreover, favorable government initiations in serving consumer better understandability about the certain products available, along with better value chain mainframe is anticipated to drive rapid propulsion of the overall organic seed industry.

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Cover crop seed production will observe a strong demand in coming time frame. Increasing consumer knowhow about the nutritional benefits of these types of organic seeds coupled with ample product availability particularly across Asia Pacific belt will further boost the market forecast. Crop organic seed market is expected to rise lucratively at a CAGR of 11% over the outlook span. Vegetable sector is projected to manage the overall business share by accounting for almost 33% of the global revenue over the coming seven years. Organic seed industry for fruits and nuts will also exhibit a potential increase prospect with a striking double digit yearly growth rate of 13% over 2016-2024.

Local production of these kinds of organic seeds is playing a significant role behind higher penetration of organic seed market. Based on the distribution channel, the industry is segmented among retailers, wholesalers, and cooperatives. Organic seed market through wholesalers accounted for maximum share (60% of the total volume) in 2015 and is expected to cross over a revenue of USD 3 billion by 2024.Wholesalers basically buy seeds from farmers in lump sum amount, pile them up in warehouses and finally resell the seeds to retailers. Retailers in the coming time frame are slated to observe a steep upswing in the growth curve, with the highest annual growth rate of more than 13.5% over the period of 2016-2024.

In-depth table of contents @ http://decresearch.com/toc/detail/organic-seed-market

Geographically, North America organic seed market will be a prime region sharing the global landscape, driven by U.S. as a major revenue pocket. With the recent biotchnological breakthroughs, farmers are inclined to more ecofriendly solutions, which in turn is fueling the regional market. Asia Pacific is another prominent region participating actively in the market. Large scale adoption of modern day hi-tech integrated farming methods that are leading to higher productivity, consumers’ growing interest on high nutrition content foods, and relentless research activities on biotechnology are the major factors driving APAC organic seed market. China being a prominent regional revenue contributor, is foreseen to grow substantially at a CAGR of 13% over the period of 2016-2024.

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Organic seeds’ comparatively higher cost than synthetic one is expected to act as a road block  for the overall market growth. High demand-supply gap, Lack of adequate knowledge, and lower awareness are some of the other challenges that are faced by the market participants. However, better value chain infrastructure and wide distribution network will provide lucrative growth opportunities for the industry to prosper in the years ahead. Prominent players of organic seed market include Wild Garden Fedco, Rijk Zwaan, and Seed Saver Exchange.

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About Author

Ronak Bora

Ronak Bora    

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and spo...

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