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The global commercial seeds market will be expected to touch US$53.32bn in 2018 growing from US$34.50bn in 2011, registering a CAGR growth of 6.5 per cent from the period between 2012 and 2018
A report published by Transparency Market Research on the commercial seeds markets for soybean, corn, cotton and other seeds revealed this, highlighting that the bioseeds market, valued at US$15.60bn in 2011 will be expected to reach US$30.21bn in 2018, growing at a CAGR of 9.9 per cent from 2012 to 2018.
Rapid development of bioseeds, also known as genetically modified (GM) seeds has been identifyed as one of the primary factors affecting the growth of the commercial seeds market. A growing population coupled with decreasing arable land have been the key drivers influencing the acceptance of GM seeds in the world.
The report, however, pointed out that in spite of all the advantages of GM seeds, there will be a strong resistance to the development of this market due to the safety hazards associated with bioseeds. Certain varieties of GM seeds are considered harmful to the ecological system and can lead to depleted soil in terms of its nutritional value.
Corn was the largest seed grown commercially, and accounted for more than 40 per cent of the global seed consumption in 2011. The commercial corn market will be expected to reach US$24.26bn in 2018.
The study expects Asia Pacific and