The Thailand seed market size was valued at USD 682.8 billion in 2020 and is estimated to register a substantial CAGR of over 5.8% during the forecast period, 2021–2028. The growth of the market is attributed to its suitable landscape and weather conditions along with infrastructure, skilled farmers, efficient connectivity and increasing investments in the seed sector.
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The Thai seed industry is among the most well-established in the Asia-Pacific region. Several organizations such as the Seed Association of Thailand and Thai Seed Trade Association along with the Ministry of Agriculture are initiating towards developing Thailand into a seed production hub. a partnership between the Thai government and East-West Seed Company was established to invest in R&D activities for the establishment of new varieties of high-quality seeds and cultivars; thereby, boosting the production of good quality crops.
Market Trends, Drivers, Restraints, and Opportunities
- The growing seeds demand by farmer preferences and regional markets is expected boost the market growth during the forecast period.
- Specific plants with disease resistance characteristics are likely to push the market growth in coming years.
- Excellent weather conditions and geographic landscape in Thailand is estimated to fuel the supply of seed.
- Shortage of capital for production of seed in the country is expected to impede the market expansion.
- Drastic weather conditions such as floods and drought are anticipated to hinder the market.
- R&D investment and technological advancement in Thailand seed market are expected to offer lucrative opportunities for the market players.
Market Segment insights
The field crops segment is projected to constitute a large market share
Based on crop type, the Thailand seed market is segregated into field crops, fruit and vegetables, other crops. The field crops are further sub divided into rise, maize and others The field crop segment dominated by rice cultivation is expected to account for a key share of the market during the forecast period owing to its high-quality and new varieties available in the market. White rice and Thai fragrant or jasmine rice are the types of rice produced in Thailand. Wyhite rice is produced in the central regions while jasmine rice is produced in Northeastern regions. According to the FAO, the rice production in Thailand was recorded at 32.4 million metric ton in 2018. The efforts of the private companies and the government in Thailand are anticipated to drive the market growth and secure the place of Thailand as a leading rice supplier.
Hybrid seed segment is expected to register a substantial CAGR
Based on product type, the Thailand seed market is divided into hybrid seeds, varietal seeds, and others. The hybrid seeds segment accounts for a key share of the market and is estimated to propel even further over the forecast period owing to its application in crop industry which includes providing quality product and adaptability towards extreme weather conditions.
Asia Pacific is expected to dominate the market
In terms of regions, the market is broadly classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is anticipated to expand at a robust CAGR during the forecast period. The expanding agricultural industry along with technological advancement in this region is anticipated to boost the market growth over the coming years.
Competitive Landscape
Key players competing in the Thailand seed market are East-West Seed (Thailand) Co. Ltd, Chia Tai Co. Ltd, Syngenta Thailand, Pacific Seeds (Thai) Ltd, and Pioneer Hi-Bred (Thailand) Co. Ltd.
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