The seeds market in US is expected to post a CAGR of close to 9% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has published a new market research report on the seeds market in US from 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the seeds market size in US is the increase in government support through farm subsidies and financial aid. The US government has been providing farm subsidies and financial aid to the country’s agriculture sector, emphasizing on reducing the financial impact of challenges endured by farmers, such as unfavorable weather and supply-demand disruptions. Therefore, financial aid and protection for farmers through government initiatives is expected to encourage farming, which will subsequently boost the growth of the seeds industry in the US during the forecast period.
As per Technavio, the rise in prominence of digital technology in agriculture will have a positive impact on the market and contribute to its growth significantly over the forecast period. This seeds market in US 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Seeds market in US: Rise in prominence of digital technology in agriculture
The global agriculture industry is witnessing a significant increase in the adoption of Internet of Things (IoT) devices and analytics to increase crop produce and productivity. This is mainly due to the introduction of digital technology as a scalable and sustainable agricultural resource to help farmers maximize seed output and crop potential. IoT devices such as drones are increasingly being adopted in the US for crop monitoring and spraying applications. Several seed breeders and analytics enterprises are also offering digital tools and infrastructure for agriculture applications. Overall, the rising prominence of digital technology is expected to improve seed and crop productivity during the forecast period.
“Apart from the rise in prominence of digital technology in agriculture, other factors such as the growth in consolidation of seeds market in the US, and innovations in plant breeding will have a significant impact on the growth of the seeds market in US during the forecast period,” says a senior analyst at Technavio.
Seeds market in US: Segmentation analysis
This market research report segments the seeds market in US by product (GM seeds, and conventional seeds), and crop type (grain seeds and oilseeds; fruits and vegetable seeds; and other seeds).
The GM seeds segment led the seeds market in US in 2018, followed by conventional seeds. The adoption of GM seeds among farmers in the US has increased significantly over the last few years as the production of GM seeds involves easier weed management, pest and disease control, enhanced nutritional content, and higher productivity. These factors translate to higher economic benefits for farmers, with a better return on investment (ROI) for GM seeds per hectare as compared to conventional and organic seeds.
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Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
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- Market positioning of vendors
- Competitive scenario
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