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Global Canola Seed Market (seed For Sowing) - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028
The Global Canola Seed Market (seed For Sowing) is projected to register a CAGR of 4.73%. Key Highlights. Largest Segment by Breeding Technology - Hybrids : There was an increase in the demand for hybrid seeds due to an increase in the cultivation area under hybrid seeds and the availbility of improved hybrid seed varieties.
New York, Jan. 23, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Canola Seed Market (seed For Sowing) - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028" - https://www.reportlinker.com/p06381359/?utm_source=GNW
Largest Segment by Country - Canada : The country is the largest country as there is an increase in the demand for Canadian canola by processing industries globally and increase in the cultivation area.
Fastest-growing Segment by Breeding Technology - Hybrids : The major companies are developing new hybrids and the adoption of hybrids is high due to drought tolerance, disease-resistant, high yield, and wider adaptability.
Fastest-growing Segment by Country - Mexico : Mexico is expected to fastest growing country due to the increase in the cultivation area, availability of improved seed varieties, and higher consumption by households.
Key Market Trends
Hybrids is the largest segment by Breeding Technology.
In the cultivation of canola, globally, hybrids are used on a large scale than open-pollinated varieties and hybrid derivatives. It is due to the high yielding and adaptability of hybrids compared to the OPVs.
In hybrids, the non-trangenic hybrids were more popular than the transgenic hybrids in the canola seed market in 2021. This is because transgenic crop cultivation is banned in most countries, and increasing awareness about non-GMO food is expected to increase sowing area under non-transgenic varieties.
North America had the largest share of transgenic hybrids, accounting for 99% in 2021, as the region has the highest number of approvals along with easy FDA policy.
Asia-Pacific held the largest share of the OPVs segment in 2021, accounting for 46%, owing to higher adoption and major area under OPVs as the rapid expansion of organic farming is the major driver for the growth of the market because transgenic seed usage is not allowed in organic farming.
Globally, hybrids are growing at a faster rate than OPVs, with a CAGR of 5% and 4%, respectively, in the canola seed market in the forecast period. The increase in the adoption of hybrids for increasing the yield and usage of farm-saved and organic cultivation is driving the adoption of hybrids and OPVs.
Mexico is the fastest-growing country in the hybrid canola seed market, with a CAGR of 8.8%, because of the increase in the adoption of non-transgenic hybrids.
Therefore, owing to the factors such as increasing demand for animal feed and food, an increase in the demand for canola oil, and ease of cultivation compared to competitive crops, such as corn or wheat, are expected to drive the market for canola seeds.
North America is the largest segment by Region.
In 2021, the North American region held the major share of the global canola seed market. Rapeseed is the third largest crop in the oilseeds sector of the region. It accounted for 5% of the North American oilseed seed market in 2021.
The cultivation area for canola in North America has increased by 10% during 2016-2022 because of an increase in the demand for renewable oil and biofuel, as well as home consumption.
Europe was the fastest-growing region in the seed market, accounting for 5% of the global canola seed market in 2021. The usage of hybrid varieties is high in the region, accounting for 71%, whereas open-pollinated varieties accounted for 29%.
The continuous expansion of canola plantations in Europe is driving the growth of the seed market. The harvest area increased by 3% to 9.2 million ha in 2021 from the previous year.
In Asia-Pacific, China and India have the highest share of canola seeds. In 2021, globally, they accounted for a 32% share. China is the leading producer of canola in the Asia-Pacific region. The country alone accounts for 64% of the Asia-Pacific canola seed market.
The area under canola cultivation in South America in 2021 was 2.1 lakh ha, which decreased by 16% since 2016 as there was a shift in the preference of farmers to other competitive crops such as wheat or corn. Therefore, this may hamper the growth of the market in the region.
Therefore, the rising sowing area under commercial seeds with rising profits from canola production coupled with increasing demand from the processing industry is expected to fuel the growth of the seed market during the forecast period.
Competitive Landscape
The Global Canola Seed Market (seed For Sowing) is fragmented, with the top five companies occupying 24.18%. The major players in this market are Advanta Seeds - UPL, BASF SE, Bayer AG, Corteva Agriscience and Land O’Lakes, Inc. (sorted alphabetically).
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06381359/?utm_source=GNW
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