Jan 10, 2020Sweet corn seeds market set for strong revival
Demand of sweet corn seeds is expected to grow exponentially and is projected to generate $216 million during forecast period 2019-2029. The growing vegetables seeds market is projected to propel the growth of sweet corn seeds market across the globe. The global sweet corn seeds market accounts for around 6% of the vegetable seeds market and is projected to grow at a higher rate at 5.6% as compared to vegetable seeds market, during the forecast period.
Steady increase in urbanization and growing penetration of organized retail, has led to constant increase in demand for fast foods such as noodles and soups, according to the report.
Manufacturers of such products have responded proactively to this consumer trend by introducing various instant food brands to populate retail shelves. This has consequently augmented the demand for several instant food ingredients including sweet corn, which has further propelled the demand for sweet corn seeds in the value chain.
Key takeaways of the global sweet corn seeds market
- Hybrid certified sweet corn seeds segment accounts for more than 60% market share and is expected to indicate a rising growth curve in sweet corn seeds market during period of forecast 2019-2029. This can be attributed to the increased cultivation of sugary varieties of sweet corn which are produced with the help of hybrid certified sweet corn seeds.
- Yellow sweet corn seeds category is a major contributor to global sweet corn seeds market and is projected to grow 1.6X over period of forecast 2019-2029, owing to increased consumption of yellow sweet corn in United States, Europe and Asian countries in the past-half decade.
- North America and Europe sweet corn seeds market together hold more than half of market share. However, South Asia and East Asia are projected to grow at a higher CAGR than the global average.
- South Asia sweet corn seeds market to hold more than 10% market share in terms of value and likely to gain 300 BPS over forecast period 2019 – 2029.
Strategic expansion of market players point to further consolidation
According to the report, Syngenta AG is the market leader and has plans to export sweet corn seeds to different regions directly from company’s breeding and production facilities. The company has recently received export approvals from Europe and positive scientific inputs from European Safety Authority in 2018. Moreover, company has received approvals for export of its new products to 15 countries such as Brazil, China, and Australia which will help to increase its share in global sweet corn seeds market.
Vilmorin & Cie has been focusing on expansion through acquisition where company has acquired AdvanSeed from Denmark in August 2018. AdvanSeed focuses on breeding, production and sales of vegetables seeds including sweet corn seeds which has helped the company to increase its market share in the global sweet corn seeds market.
These insights are based on a report on Sweet Corn Seeds Market by Fact.MR.