India Okra Seed Market to Reach USD 148.45 million by 2029 |Growing Area Under Okra Cultivation is Positively Influencing the Market Growth
Posted on Nov 25 2022 9:02 AM
"Key Companies Coverd in india okra seed market are UPL Limited (India), Mahyco Private Limited (India), JK Agri Genetics Limited (India), Acsen HyVeg Pvt Ltd. (India), Nuziveedu Seeds Ltd. (India), Syngenta Group (Switzerland), Namdhari Seeds Pvt. Ltd. (India), BAYER AG (Germany), Ankur Seeds Pvt. Ltd. (India), BASF SE (Germany) "
The global India okra seed market size hit USD 83.71 million in 2021. The market value is slated to rise from USD 87.12 million in 2022 to USD 148.45 million by 2029, exhibiting a CAGR of 7.91% during the forecast period, says Fortune Business InsightsTM in its report titled, “India Okra Seed Market, 2022-2029”.
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List of Key Market Players:
- UPL Limited (India)
- Mahyco Private Limited (India.)
- JK Agri Genetics Limited (India)
- Acsen HyVeg Pvt Ltd. (India)
- Nuziveedu Seeds Ltd. (India)
- Syngenta Group (Switzerland)
- Namdhari Seeds Pvt. Ltd. (India)
- BAYER AG (Germany)
- Ankur Seeds Pvt. Ltd. (India)
- BASF SE (Germany)
COVID-19 Impact -
Impact on Seed Availability in India from COVID-19 Disruptions
The COVID-19 outbreak's lockdown brought the economy to a halt, resulting in the complete closure of businesses in a few sectors, including the Indian okra seed industry. Although agricultural activities were exempted, agricultural value chains were severely disrupted during the early stages of the lockdown. This factor had a severe negative impact on India's rural economy, particularly the agriculture sector. Agricultural products, such as seeds, were significantly impacted during the pandemic period.
By Trait, Hybrid Seed to Dominate Market
Based on trait, the market is divided into hybrid and open-pollinated.
The hybrid segment accounts for a sizable portion of the India okra seed market share. Consumers are increasingly interested in high-yielding hybrid varieties. In contrast, the amount of cultivable land in the country is not increasing proportionally. This has contributed to an increase in the adoption of such products among farmers, resulting in higher yields with lower agri-input requirements.
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By Farming Type, Conventional Farming to Witness Promising Growth
Based on farming type, the market is divided into organic and conventional.
Due to the large area under traditional agriculture, the cultivation of hybrid and open pollinated okra varieties is widespread. Furthermore, conventional farming allows for the most effective use of chemical and biological agricultural inputs, such as pesticides and fertilizers, as well as a higher yield per hectare.
The research report provides a comprehensive analysis of the market, focusing on key factors such as competitive landscape, traits, and farming type. In addition, it provides insights into market trends and highlights key industry developments. In addition to the factors mentioned above, the report includes a number of other factors that have contributed to the market's growth in recent years.
Drivers & Restraints-
Growth in Okra Cultivation Is Positively Influencing Market Growth
According to data from the Food and Agriculture Organization (FAO), the area harvested from okra in India increased at a CAGR of 0.77% between 2016 and 2021. The area harvested from okra in 2021 was 531 thousand hectares, a 2.3% increase from the 513 thousand hectares harvested in 2020. As a result, the increase in okra cultivation area fuels the demand for high-yielding okra varieties. However, frequent climate changes in the region may hamper the India okra seed market growth.
Market is Consolidated with Several Multinational Corporations
The market is semi-consolidated, with several multinational corporations and Small and Medium-Sized Enterprises (SMEs) competing for market share in the region. Syngenta Group, UPL Limited, Bayer AG, Nuziveedu Seeds Ltd., and Mahyco Private Limited are among India's major manufacturers. Major seed companies are launching aggressive marketing campaigns to educate farmers about the advantages of hybrid seeds.
Key Industry Development-
December 2020: In Kerala, East-West Seed introduced a new gardener-friendly specially designed vegetable seed pack called 'Go-Grow.' The product line included 14 vegetable seeds, including okra for garden cultivators.
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