Hybrid Rice Seeds Market to Hit USD 5.43 Billion by 2027 | With 13.32% CAGR
Pune, India, Aug. 29, 2023 (GLOBE NEWSWIRE) — The global hybrid rice seeds market size is projected to reach USD 5.43 billion in 2027, exhibiting a CAGR of 13.32% during the forecast period. Fortune Business Insights™ shares this information in its report, titled “Hybrid Rice Seeds Market, 2020-2027”. As per the report, the value of the market stood at USD 2.06 billion in 2019.
Rice is a staple crop for nearly 60% of the global population. It is highly produced and consumed across regions with increasing applications in the food and beverages industry. According to the United Nations Food and Agriculture Organization (FAO), in 2018, the total production of rice across the globe stood at nearly 755 million metric tonnes with around 90% being produced in the Asian countries. However, the rapidly growing population in the world is pushing the limits of the current production capacity, raising concerns about food security. Therefore, the industry-leading corporations are encouraged to adopt hybrid type of rice seeds for better yield.
List of Key Companies Covered in the Global Hybrid Rice Seeds Market:
- Syngenta AG (Switzerland)
- Bayer AG (Germany)
- UPL Ltd. (India)
- Nath Bio-Genes Ltd. (India)
- Nirmal Seeds Pvt. Ltd (India)
- Biostadt India Ltd. (India)
- Yuan Longping High-tech Agriculture Co., Ltd. (China)
- Wuhan Comega Seed Co., Ltd. (China)
- Nuziveedu Seeds Ltd. (India)
- RiceTec, Inc. (United States)
Hybrid rice seeds are seeds produced by crossing two genetically distinct parent rice varieties to create a hybrid with desirable traits, such as higher yield, disease resistance, and better grain quality. Hybrid rice breeding is a technique used to improve rice production and address food security challenges.
Hybrid rice has been successful in increasing rice productivity in various parts of the world, especially in countries where rice is a staple food. However, there are ongoing discussions about the balance between hybrid rice and traditional rice varieties, as well as the importance of maintaining biodiversity and ensuring farmer access to quality seeds.
Market Segregation:
The market is segregated into type, grain size, and geography. Based on type, the market is segmented into 3-line breeding systems and 2-line breeding systems. In terms of grain size, the market has been divided into long grains, medium grains, and short grains. On the basis of the region, the market has been clubbed into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Browse Detailed Summary of Research Report with TOC:
Report Scope & Segmentation:
| Report Attribute | Details |
| Forecast Period | 2020-2027 |
| Forecast CAGR | 13.32% |
| 2027 Value Projection | USD 5.43 billion |
| Market Size in 2020 | USD 2.26 billion |
| Historical Data | 2016-2018 |
| No. of Pages | 152 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | By TypeBy Grain SizeBy Region |
| Regions Covered | North AmericaEuropeAsia PacificLatin AmericaMiddle East and Africa |
| Crop Protection Chemicals Market Growth Drivers | Increasing Consumption of Rice Globally to Augment Hybrid Rice Seeds Market Growth |
What Does the Report Offer?
The report provides a detailed analysis of the key market aspects, namely, the dominant companies, end-users, and leading product types. Apart from this, the report contains tangible insights into the current & upcoming market trends and highlights prominent industry developments. In addition to these factors, the report supplies a holistic understanding of the main drivers, restraints, and segments that are contributing to the growth of the market.
Driving Factors
Surging demand For Rice Worldwide to Drive Growth
The increasing demand for rice due to its high consumption in most parts of the world is estimated to drive the hybrid rice seeds market growth. For instance, according to the Food and Agriculture Organization (FAO), rice provides nutrition to nearly 33 developing countries. In addition, the incorporation of stress tolerance into the high-yielding varieties of seeds is estimated to further strengthen the demand for these type of hybrid seeds.
Restraining factors
Hybrid Rice Seeds Market to Register Lower Growth in 2020 Amid COVID-19: Fortune Business Insights™
- The emergence of COVID-19 has had a negative impact on the global market. Amid the pandemic, the market has witnessed a total growth of 9.9% in 2020, which is lower as compared to the average year-on-year growth during 2016-2019.
- Producing hybrid rice seeds requires extensive research and development, which adds to the final cost. Moreover, getting regulatory approval is a time-consuming process, which delays the production process. Such factors are expected to hinder growth.
Regional Insights
Increasing Demand from Major Countries to Help Asia Pacific Dominate
Asia Pacific is estimated to dominate the global market with a value of USD 1.84 billion in 2019. The growth in the region is attributable to the high production of hybrid rice seeds in countries including China, India, Vietnam, and Thailand. In addition, governments from different countries are collaborating to further increase production. For instance, in 2019, The Philippine-Sino Center for Agricultural Technology (PhilSCAT) developed four varieties of hybrid rice with the help of grants from China.
The Middle East & Africa is anticipated to secure the second-largest hybrid rice seeds market share. The introduction of the latest technologies in the development and processing of hybrid rice seeds is estimated to enhance the production capacity of the region.
Competitive Landscape
Mergers and Acquisitions to Aid Key Players Develop New Products
Prominent enterprises operating in the global market are focusing on strategies such as mergers and acquisitions. This will help them develop new products and increase their product line. For instance, in January 2019, RiceTec, Inc., announced the acquisition of rice seed assets of Ganga Kaveri Seeds of Hyderabad. This helped the company utilize the superior rice seed genetics of Ganga Kaveri for innovating its own hybrid rice variants in India.
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