Wednesday, April 24, 2024

India Emerges as Key Player in Growth and Innovation: S&P GCI Report

by Dr. Jasneet Bedi

The global vegetable seeds market is flourishing, with its value estimated at around USD 8 billion in 2022, and India is emerging as a pivotal player in driving both growth and innovation, according to a recent report by S&P Global Commodity Insights (GCI).

India finds itself among the top contenders in this sector, alongside giants like China, Japan, and the United States. This recognition underscores the nation’s rising influence and contribution to shaping industry dynamics on a global scale.

The vegetable seeds market is renowned for its diversity, encompassing over 40 different vegetable crops spanning various categories, species, and families. While this presents abundant opportunities for industry stakeholders, it also poses challenges in terms of organizing and supplying such a complex range of products.

Nevertheless, the competition within the vegetable seed market remains fierce, with a dozen companies boasting annual sales exceeding USD 100 million. A significant portion of revenue from these companies is funnelled back into research and development (R&D), demonstrating the industry’s commitment to innovation and technological advancements.

Investments in R&D, ranging from 15 per cent to 30 per cent of sales for most companies, are driving forward remarkable breakthroughs. These innovations include health-centric tomato varieties with higher lycopene content, snackable vegetable brands tailored for on-the-go consumption, and long-lasting tomatoes engineered for prolonged freshness on supermarket shelves.

Hybridization has been a linchpin in the growth of the vegetable seed market, with 80 per cent to 90 per cent of vegetable species now originating from hybrid seeds. This trend, which traces its roots back to the 1930s, has revolutionized the market by offering improved yields and desirable traits for both growers and consumers.

Moreover, factors such as domestic consumption trends, export demands, and the adoption of protected agriculture methods contribute significantly to the sector’s growth. Countries at the forefront of protected agriculture, including India, China, Spain, Mexico, and Japan, are witnessing higher yields compared to traditional open-field methods.

India’s substantial presence in the global vegetable seeds market underscores its significance as a key player driving industry evolution. With advancements in technology and evolving consumer preferences, India, alongside other leading nations, remains pivotal in meeting the escalating demand for high-quality vegetable varieties worldwide.

As the sector continues to evolve, India’s role in driving innovation and ensuring food security becomes increasingly prominent, positioning the nation as a beacon of growth and excellence in the global vegetable seeds market.

Dr. Jasneet Bedi

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