Latest News- Seed Market in Colombia: GM seeds is expected to lead the Product segment during 2024-2028
The Seed Market in Colombia is being driven by Increasing investments in agricultural research
The Seed Market in Colombia is expected to grow at a CAGR of 0.5% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 28.1 million. In the agricultural sector of Colombia, hybrid seed production has emerged as a key driver of growth since 2016. Farmers have been increasingly adopting hybrid seeds, such as Bt cotton hybrids, single-cross corn hybrids, and hybrid vegetables, due to their uniform characteristics and enhanced resistance to diseases and pests. Controlled through the crossing of two inbred strains, these seeds offer farmers significant advantages, including improved yields, higher market prices, and affordable availability. The global emphasis on food security has intensified the demand for high crop production, making hybrid seeds an essential investment for farmers in Colombia.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Product (GM seeds, Conventional seeds) Crop Type (Grain and cereal seeds, Oil seeds, Fruits and vegetable, Others) Geography (South America).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Seed Market in Colombia Research Report
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The seed market in Colombia encompasses various stakeholders, including multinational corporations, small-scale seed producers, and public research institutions. The animal feed industry plays a significant role, with demand for oilseed meals like soybean meal, sunflower meal, cottonseed meal, and their respective crops. Breeding technology advances drive the production of hybrids, open pollinated varieties, and hybrid derivatives, using cultivation mechanisms such as open field and protected cultivation. Crop types range from row crops like soybean and sunflower to vegetables, influenced by agro-climatic conditions. Seed productivity, yield, uniformity, color, disease resistance, and global industry modernization contribute to food production and biofuels.
The seed market in Colombia encompasses various stakeholders, including multinational corporations, small-scale seed producers, public research institutions, and the animal feed industry. Key players in this market include producers of oilseed meals, such as soybean meal, sunflower meal, cottonseed meal, as well as plant-based protein companies focusing on groundnut, rice, corn, wheat, rapeseed, mustard, and safflower. The global packaged foods and meats market, a significant consumer of these seeds, is projected to grow due to increasing health consciousness and demand for minimally processed food. This market, valued by its combined revenue, excludes manufacturers of food processing equipment and packaged alcoholic and non-alcoholic beverages. Seeds contribute essential nutrients like potassium, dietary fiber, folate, vitamin A, and vitamin C, making them indispensable in the production of minimally processed foods and meats.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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