[19 Aug 2019] The global rice seed market size is expected to reach USD 11.2 billion by 2025, registering an 8.1% CAGR during the forecast period. Rice is part of the staple diet in most countries in Asia Pacific and this is expected to have a positive impact on market growth. Furthermore, high popularity of these products in the formulation of various delicacies such as pancakes, cakes, breads, cookies, pastas, and sweets is expected to remain a favorable factor over the next few years. In southern and eastern Asia, rice wine is also very popular, which is likely to keep demand steady. The several nutritional properties that rice possesses is also creating traction in the market.
Over the past few years, some of the companies have been increasing their spending toward the development of rice seeds. In July 2018, the Philippine Center for PostHarvest Mechanization and Development (PhilMech) joined efforts with Murcia, Negros Occidental to launch the "Brown Rice Processing Impeller Technology" project. This project is expected to assist farmers from Murcia in marketing their products along with being profitable with its 72% milling recovery.
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Bayer AG, a German multinational life sciences company, in January 2018 launched a hybrid rice seed Arize AZ 8433 DT. The variety is said to be resistant against the most destructive pests and insects, resulting in reduction in the use of pesticides and insecticides, ultimately, saving costs. It is expected to yield 20% to 30% more than other conventional seeds. Bayer has been focusing on pest infestation for a long time and has introduced this product variant using an innovative technology that is built on the marker-assisted breeding technique.
In April 2019, agricultural scientists from China bred 78 new rice varieties and are available under the product line "Green Super Rice". These varieties have been gaining popularity owing to the fine quality of the harvest, along with high and consistent yield. Their requirements pertaining to fertilizers, pest control, and water are lesser than conventional seeds and can survive rough weather conditions too. The rice seed market for these varieties is projected to be extremely favorable in countries across Asia and Africa.
Organizations from across the globe are forming strategies to benefit from growing product demand. In February 2019, Ricetec announced the use of ClearAg's artificial intelligence (AI)-based platform for rice modelling research and development. With this, RiceTec will have 24/7 access to smart content pertaining to forecast, field-level current, weather and historical soil intelligence. The move is expected to enhance the sustainability of agriculture systems. Likewise, Savannah Seeds Pvt. Ltd., an Indian company, acquired the assets of Ganga Kaveri & Spriha Seeds in February 2019 to strengthen its foothold in the market.
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Further key findings from the report suggest:
• The hybrid product segment accounted for more than 70.0% of the global revenue in 2018, enjoying a leading position in the market. Hybrid rice seeds possess a number of advantages over conventional variants, such as enhanced yield, vigor, and resistance to disease and pests
• The long grained segment is expected to register the highest CAGR of 9.2% from 2019 to 2025 owing to their usage in various delicacies.One of the most popular long-grained products is basmati, which is grown exclusively in India and Pakistan
• Asia Pacific accounted for the dominant share of over 80.0% in 2018. Rice is part of the staple diet in most countries in the region and this is expected to continue driving product demand over the forecast period
• Europe is projected to be the fastest growing market, with U.K. emerging as the leading revenue generator in 2018
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Radiant Insights, Inc
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Email: sales@radiantinsights.com
