The global seed market is expected to be worth $47 billion US by 2015, according to a recently released report by Global Industry Analysts Inc., a California-based business analyst and market intelligence company.
According to the report, increasing demand for food, a growing world population, improved agricultural practices and the increased use of biotechnology in the seed business are propelling the agriculture sector and driving markets for seed.
Improvements in seed quality and the development of hybrid crops and specialized traits such as pest resistance are also strengthening global demand.
The report suggests the global adoption of genetically modified seeds has contributed to a rapid transformation of the industry.
Since GM crops were first cultivated commercially in 1996, global acreage has grown to about 333 million acres in 2009.
About 14 million farmers in 25 countries grow GM crops or crops derived from other types of biotechnology.
The United States represents the world’s largest seed market.
Demand there is expected to grow steadily, spurred by the development of new transgenic and hybrid seeds.
Europe and the Asia Pacific region are other key markets.
