The Middle east and Africa Seed Market was worth $3.18 billion in 2016 and estimated to be growing at a CAGR of 8.24%, to reach $4.71 billion by 2021. The Seed market is developing at a significant rate due to the rising demand for food and feed and rapid decline in arable land. High yielding cultivars/seeds along with other agricultural inputs such as crop protection products, fertilizers, and irrigation are being used to attain optimum utilization in the agriculture sector.
Farmers count on the seed industry to provide seeds that bring high yields and help reduce the cost of production. The global concerns about pollution are driving the increase in the use of biofuels. Biofuel offers various advantages when compared to fossil fuels in terms of reducing pollution, which is one of the primary reasons of governments taking up initiatives to produce biodiesel.
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The growth of the Middle east and Africa Seed market is majorly driven by factors such as the rising population and increasing consumption of animal fodder. Volatile economies and lack of awareness about GM seeds are the major hindrances for the market in this region. Also, GM seeds are relatively more expensive than normal seeds due to higher cost of patented seeds.
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The Middle east and Africa Seed Market is segmented based on Crop type and Seed trait. On the basis of Crop type, the global Seed market is segmented into Oilseed, Grain seed, Fruit & Vegetable, and Other seed. Oilseed includes soybean, sunflower, cotton, canola; Grain seed includes corn, wheat, rice, millet crops; Fruit & Vegetable includes tomato, melon, carrot, onion, pepper, lettuce; Other seeds include alfalfa, turf, clover & forage plants, and flower seed. On the basis of Seed trait, the market is segmented into Herbicide Tolerant, Insect Resistant, and Other Stacked Traits.
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The market has been geographically segmented into Middle east and Africa. In terms of revenue, South Africa leads the market in this region. Other major markets for seeds in this region include Zimbabwe, Zambia, Tanzania and Nigeria. The market in this region has the lowest share due to unawareness of the farming community about the uses and benefits of GM seeds.
The major companies dominating the market in this region are Monsanto, DuPont, and Bayer Crop Science. Existing companies such as Monsanto and Syngenta have been actively involved in the acquisition of regional players to strengthen their market presence.
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Market Data Forecast is a firm working in the area of market research and business intelligence. With rich experience in research across various business domains, we cater to the needs of both individual and corporate clients. Our analyst team comprises expert professionals in market research, who with their collective knowledge and skillset dedicatedly serve clients from various industries and regions.