Vietnam Seed Sector Analysis Market Outlook
The Vietnam seed sector analysis market size was valued at USD 230.96 Million in 2022 and is likely to reach USD 360.14 Million by 2031, expanding at a CAGR of 5.06% during the forecast period, 2023–2031. The growth of the market is attributed to the increasing demand for seeds from the beverage, animal feed, and biofuel industries.
A seed is a mature fertilized ovule of a flowering plant that carries an embryo. The process of reproduction in plants completes after formation of seed. Seeds can be categorised as angiosperms and gymnosperms.
Hard or fleshy structure of seed is known as a fruit that covers the seeds for protection. Production of seeds in natural plant differentiate according to weather conditions, insects & diseases, and internal cycles within the plants.
Seed quality is checked for their several properties. Determination of germination prospective & seed strength in different substrates such as paper, sand and soil is done. Seed viability, moisture, and sorting are some of the analytical methods available for seed testing.
Vietnam Seed Sector Analysis Market Trends, Drivers, Restraints, and Opportunities
- The Vietnam seed market is highly competitive, as well as consolidated as the top eight companies in the country account for around 80% of the seed industry, which can create challenges for the new entrants in the market.
- According to the Ministry of Planning and Investment in Vietnam, the agricultural sector has great potential, as foreign direct investment (FDI) inflow is growing gradually. This factor is expected to positively influence the growth of the market.
- Rising demand for seeds owing to growing population and increasing food demand is anticipated to spur the growth of the market.
- Growing farmers demand for seeds that can improve the crop yield and increase their returns is estimated to boost the market growth in the coming years.
- Biotechnology is used to develop stress-tolerant and nutritious crop varieties to protect natural resources, which is speculated to fuel the market expansion during the forecast period.
- There are more than 260 local seed companies in Vietnam, only five of them produce seeds on a commercial scale, as other companies consist of less funds, which is anticipated to hamper the market expansion.
- Increasing hybrid seed penetration in multiple crops is expected to foster the growth of the market.
- Rising R&D investments and ongoing technological advancements to develop advanced seeds are expected to create significant opportunities for the market players.
Scope of Vietnam Seed Sector Analysis Market Report
The report on the Vietnam seed sector analysis market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Seed Sector Analysis Market - Vietnam Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Row Crops [Crops (Rice, Maize, Soybean, Groundnut, Other Row Crops), Vegetables (Cassava, Sweet Potatoes, Cabbages and Other Vegetables)], Products (Hybrid Seeds, Conventional Seeds, Varietal Seeds)
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Geographical Zone
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Vietnam
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Vietnam Syngenta Co Ltd, Takii Seed Vietnam, Sakata Vietnam Co. Ltd., Vilmorin & Cie, and Vinaseed
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Vietnam Seed Sector Analysis Market Segment Insights
On the basis of crops, the market is segregated into row crops & vegetables. The row crops segment is further divided into rice, maize, soybeans, and others. The row crops segment is anticipated to represent a major market share during the forecast period, as grains constitute a major portion of food demand in the country.
The vegetables segment is further categorized as cassava, sweet potatoes, and cabbages. The vegetables segment is projected to grow at a rapid pace during the forecast period. Vegetables are crucial part of a healthy diet; as different vegetables comprise of varied amounts of nutrients.
A diet rich in vegetables help to reduce the occurrence of any disease or disorder. Additionally, eating healthy non-starchy vegetables, such as lettuce and spinach help in weight loss. Thus, the requirement to meet diverse dietary and nutritional vegetables have fuelled the growth of the market segment
Segments
Crops
- Row Crops
- Rice
- Maize
- Soybean
- Groundnut
- Other Row Crops
- Vegetables
- Cassava
- Sweet Potatoes
- Cabbages
- Other Vegetables
Products
- Hybrid Seeds
- Conventional Seeds
- Varietal Seeds
Country
Key Players
Competitive Landscape
Key players competing in the Vietnam seed sector analysis market include Vietnam Syngenta Co Ltd, Takii Seed Vietnam, Sakata Vietnam Co. Ltd., Vilmorin & Cie, and Vinaseed.
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