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The Seed Market in Ghana is projected to increase by USD 14.98 million from 2022 to 2027. The market is estimated to grow at a CAGR of 4.9% between 2022 and 2027. In 2017 the market size was valued at USD 14.00 million.
The rising urban farming activities are a key factor driving the seed market growth in Ghana. Urban agriculture utilizes vacant community spaces such as backyards, rooftops, balconies, parking lots, and roadside spaces for crop cultivation. The growing popularity of urban farming projects such as the Ghana Peri-urban Vegetables Value Chain Project (GPVVCP) has increased public awareness about urban farming. Additionally, owing to its potential to contribute to household food security, urban agriculture has grown in prominence, especially over the last few years.
This market is segmented by product type into conventional and genetically modified. The conventional segment will contribute 40% to the growth of the market. Conventional seeds include all open-pollinated and hybrid varieties of seeds developed naturally and not through modern biotechnology. Conventional seeds in farming are increasingly prevalent in African countries, including Ghana, owing to the surging demand for organically-produced seeds and crops. In addition, farmers are increasingly shifting away from the use of synthetic and chemical fertilizers owing to a growing demand for natural, organic produce and stringent regulatory and compliance requirements.
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The innovations in seed technology are notably driving the market growth, although factors such as rising seed prices is a major market challenge for the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help stakeholders in the value chain refine their marketing strategies to gain a competitive advantage.
The innovations in seed technology will be a major trend driving the seed market growth in Ghana. Manufacturers across the world are developing many innovative seed technologies to meet the increasing demand for food production. These technologies are developed to improve production yields and nutrition profiles, lower the costs of production, and offer value-added traits. Innovative seed technologies are tested to be in tandem with ongoing global trends. The cultivation of GM seeds provides better quality and high resistance to pests and insects.
Private seed companies in Africa, including Ghana, are working to come up with a new herbicide-coated maize seed variety to help the seed gain resistance against Striga, which is a parasitic weed responsible for infesting up to 50 million hectares of Sub-Saharan African land. KSC sells StrigAway through a partnership with Feed the Future and the African Agricultural Technology Foundation (AATF). These developments in seed technologies are expected to pave the way for the development of seed standards and drive the growth of the global seeds market during the forecast period.
The rising seed prices will be a major challenge for the seed market share growth in Ghana. Seed breeding is an expensive process, which increases the cost of seeds. Players in the seed market in Ghana are investing more in breeding seeds with advanced traits or genes that are sourced from Genentech companies. However, the use of advanced technology for cultivation increases the cost of seeds. For instance, Monsanto increases the overall prices of its seeds by 5%-10% every year to provide seeds with modified traits at premium prices. The costs of commercialization for these products with international legal protection also increase seed costs.
Moreover, the advent of genetically engineered crops has corresponded to an increased state of seed monopolization by huge biotechnology companies, thereby resulting in higher seed costs. This has gradually pushed conventional and non-GM seeds out of the market, thereby reducing farmers' options. Vendors that have a stronghold over the market can determine the prices of seeds. The agricultural inputs sector has also been witnessing concentration, further adding to farmers' woes, which, in turn, will hamper the growth of the seed market in Ghana during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Seed Market in Ghana Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The seed market segmentation in Ghana by crop type consists of cereals and grains, fruits and vegetables, oilseeds and pulses and others. Ghana is among the key producers of cereal crops, including rice, corn, barley, and wheat. The demand for cereal crops, such as rice and wheat, is high in Ghana, as these are important sources of carbohydrates in the form of starch. Apart from being the primary source of carbohydrates, grains, such as rice and wheat, contains significant levels of a variety of nutrients, including protein, vitamins, soluble fibre, and phytochemicals, which are essential or beneficial to health. Therefore, the rising population and cereal crop production of Ghana has increased the need for improved seed products, forcing vendors in investing on research and development (R&D) to produce seeds with high-quality traits that will improve yield gains. Such factors are estimated to propel the growth of the cereals and grains segment of the seed market in Ghana during the forecast period.
The seed market segmentation in Ghana by product type consists of conventional and genetically modified. The market share growth by the conventional segment will be significant during the forecast period. The conventional segment has been the largest growing product segment of the seed market in Ghana owing to the presence of allergens in other types of seeds, including GM seeds. Conventional seeds include all open-pollinated and hybrid varieties of seeds developed naturally and not through modern biotechnology.
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The conventional segment was valued at USD 36.65 million in 2017 and continue to grow by 2021. Conventional seeds in farming are increasingly prevalent in African countries, including Ghana, owing to the surging demand for organically-produced seeds and crops. In addition, farmers are increasingly shifting away from the use of synthetic and chemical fertilizers owing to a growing demand for natural, organic produce and stringent regulatory and compliance requirements. Such regulations are estimated to increase the demand for conventional seeds in Ghana, which, in turn, will prompt the growth of the market during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Seed Market in Ghana Scope |
|
Report Coverage |
Details |
Page number |
125 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.9% |
Market growth 2023-2027 |
USD 14.98 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.11 |
Regional analysis |
Ghana |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Agriseeds Pvt Ltd., Cargill Inc., Corteva Inc., Groupe Limagrain Holding, M&B Seeds and Agricultural Services Ltd., Meridian Seeds and Nurseries Ghana Ltd., Rijk Zwaan Zaadteelt en Zaadhandel BV, RMG Ghana Ltd., Seed Co Group, and Syngenta Crop Protection AG |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product Type
7 Market Segmentation by Crop Type
8 Market Segmentation by Type
9 Customer Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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