Jul 13, 2020 8:05 PM ET
iCrowd Newswire – Jul 13, 2020
Global Okra Seeds Market is estimated to garner a revenue valuation of USD 352.7 million and registering a 9.8% CAGR during the forecast period of 2018-2023. Okra seeds are generally grown in tropical and sub-tropical regions. Okra is a green flowering plant and belongs to the same plant family as cotton and hibiscus. A deescalating availability of total arable land coupled with rising instances of crop losses have fueled the need for hybrid seeds. Further, growing demand for high-quality okra yield is yet another factor leading to significant growth of the okra seeds market across the globe. With many health benefits such as various nutrients, okra is gaining popularity among the health-conscious consumers, driving the global okra seeds market to a great extent.
Furthermore, with the rising prevalence of diabetes, okra is used for treating the same, leading to a rise in the demand for okra seeds during the forecast period. Increasing demand for organic food products and a rising inclination towards functional foods are promoting sizeable growth in the global okra seeds market through the assessment period. Further, an elevated need for high-yielding varieties of okra is another significant factor influencing substantial market growth.
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Key Players and Industry Buzz
Syngenta AG (Switzerland), Kitazawa Seed Company (US), Maharashtra Hybrid Seeds Company Private Limited (India), Sakata Seed Corporation (Japan), W. Atlee Burpee & Co (US), Alabama Farmers’ Cooperative, Inc (US), Western Bio Vegetable Seeds Ltd (India), UPL Limited (India), Mahindra Agri Solutions Pvt. Ltd (India), and Terra Agro Biotech Pvt. Ltd (India) are some of the prominent players profiled in the report by MRFR.
May 2019: The International Committee of the Red Cross (ICRC) recently came together with the Sudanese Red Crescent Society (SRCS) to distribute vegetable seeds, tools, and food in North, South, and Central Darfur. More than 475 metric tons of seed was provided including sorghum, groundnuts, sesame, and okra.
Global Okra Seeds Market is segmented based on category and region. Based on category, the global okra seeds market is segmented into conventional okra seeds and organic okra seeds. The conventional segment is anticipated to spearhead the global okra seeds market. In 2018, the conventional okra seeds segment held a 90.5% share of the market. Such market domination can be attributed to the use of traditional and open-pollinated varieties. The conventional okra seeds segment is expected to witness a striking CAGR through the review period. It is estimated to reach a market valuation of USD 317.7 million by the end of 2023. On the other hand, the organic segment is expected to register the highest growth of 10.7% through the forecast period. This fast-paced growth can be attributed to the changing consumer preference for organic fruits and vegetables.
Asia Pacific Anticipated to Account for Largest Okra Seed Market Share Through Forecast Period
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The global okra seeds market is geographically segmented into Asia Pacific, North America, Europe, and the Rest of the World. In 2018, Asia Pacific accounted for the largest market share of 63.77%. The APAC is also anticipated to register a 9.6% CAGR during the forecast period. Asia Pacific is anticipated to reach a market valuation of USD 222.9 million by the end of 2023. The market in Asia Pacific appears to be highly fragmented owing to the presence of many small-scale okra seed manufacturers. Some of the major okra seed producing countries in the region include Pakistan, Malaysia, India, and the Philippines. India is estimated to lead the regional okra seeds market.
The Rest of the World segment is expected to hold the second largest share in the Okra Seeds Industry. Rest of the World segment held a 33.0% share in the global okra seeds market in 2018. The growth in this regional market can be accredited to the rise in production and demand for GM seeds. Further, the adoption of hybrid and disease-resistant seeds in the region are fueling noteworthy growth in the market. Africa is estimated to dominate the Rest of the World market for okra seeds. It holds around 69% of the regional market share due to the availability of large areas of cropland in the country.
North America held a 2.2% share of the Okra Seeds Industry in 2017 whereas Europe held around 1.0% of the global market share at the beginning of the forecast period. Mexico was the largest country-specific market in North America during the same time. Mexico is also estimated to remain in dominance throughout the forecast period owing to a high cultivation of okra in the country.
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