Ocean View, DE -- (SBWire) -- 04/06/2020 --Rising demand for natural agriproducts to improve the farm utility will propel the organic seed market growth. High nutritional value with improved antioxidant properties have enhanced the product scope. Increasing consumer purchasing power coupled with inclination towards non-chemical food will fuel the industry demand.
Favorable regulations along with government promotions on the natural agriproducts particularly in Europe and North America will propel the organic seed market. Standard regulations enacted by NOP, USDA on production rule and regulations, labeling, reference manual, instructions, documents and handling products will support the industry growth. OMRI contains database for organic certified products, catalogue for various crop and companies.
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Technological development in agriculture, rise in income levels and regulatory compliance are the key factors positively influencing the organic seed price trend. Expensive prices as compared to conventional seeds coupled with lack of awareness among farmers may hamper the industry growth in the forecast period.
Fruits & nuts market was valued more than USD 621.5 million in 2016. Increased fruits & nuts production particularly in the U.S., UK and France will drive the industry demand. Rise in product availability along with growing consumer awareness regarding diet benefits are the key factors enhancing the product development.
Asia Pacific, led by China and India organic seed market was valued more than USD 400 million in 2015. Agricultural development along with increase in adoption of advanced farming practices will propel the industry growth. Regulatory support along with improving economic conditions have enhanced the regional demand.
Germany market will witness growth over 13% up to 2024. Increasing health concerns accompanied by rising consumption of fruits & vegetables seeds are the key fueling factors of the industry growth. Better supply chain system through broad distribution channel will support the product demand in this region.
Cover crop seed production will witness 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 especially across Asia Pacific belt will further boost the market outlook. Crop organic seed market is anticipated to grow lucratively at a CAGR of 11% over the forecast span. Vegetable sector is forecast to dominate the overall industry 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 growth prospect with a striking double digit annual growth rate of 13% over 2016-2024. Local production of these kinds of organic seeds is playing a crucial role behind higher penetration of organic seed market.
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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.
