"The increasing seed replacement rate in the country and the adoption of hybrid and biotech crops are the major drivers of the market," according to the latest India Seed Sector Analysis market report. Overall, the Indian seed market was valued at USD 2.21 billion in 2018 and is projected to have a compound annual growth rate of 6.4% in the next five years (from 2019 to 2024). 

Despite growing concerns over stiff government regulations, delays in the approval of genetically modified (GM) crops, steadily increasing population, and a decline in farm lands, the hybrid seed sector has seen a 15%-20% annual growth in the last decade. Indian farmers have been progressively adopting hybrid seeds particularly Bt cotton hybrids, single-cross corn hybrids, and hybrid vegetables due to their disease- and pest-resistant properties.

Looking at the row crop segment of the seed market, the analysis revealed that cotton had the highest share of income due to the extensive adoption of Bt cotton seeds in India. Meanwhile, vegetables and maize also take up a significant portion with their high hybridization and seed replacement rates. The Indian seed market is segmented by crop type and further segregated into sub-segments -- the row crops and vegetables.

For more details, read the report in Industry Research.