South
Korea Seed Market by Technology Type (Open Pollinated and Hybrid Seeds) by Crop
Type (Rice, Barley, Sorghum, Maize, Potato, Raddish, Cabbage, Onion, Pepper,
Other Vegetables, Fruits & Flower Seeds) - Outlook to 2022” provides a comprehensive analysis of
seed market in South Korea. The report covers South Korea Seed market size,
market segmentations by open pollinated and hybrid seeds, by crop type (rice,
barley, sorghum, maize, potato, raddish, cabbage, onion, pepper, other
vegetables, fruits & flower seeds), by market source (domestic production
and imports) and by market structure (organized and unorganized market). The
report also covers market in different aspects such as trends and developments,
issues and challenges, SWOT analysis, trade scenario, regulatory scenario,
market share of major seed producers and company profiles of major seed
producers (Syngenta, Monsanto, Rijk Zwaan, Sakata, Takii Seeds, FarmHannong
Seeds, FST Vegetable Seed Company and Asia Seeds). The report provides detailed
overview on future outlook & projections with analyst recommendations for
the industry.
Industry
Overview
South Korea is predominantly an importer of
grain crops. This is mainly due to shortage of cropland in the country. The
agriculture sector contributed around 2.2%of the GDP of the country. However,
the seed industry in the country is rising exponentially owing to the
government initiative; “Golden Seed Project” launched in 2012. The revenues of
the seed market in South Korea have reached USD ~ million in 2017 from USD ~
million in 2012. Under the Golden Seed Project the government has decided to
invest over USD 722 million for the development of the industry in the country.
The focus of the project is to make South Korea one of the leaders in research
and development of newer varieties of seeds. Rice is one of the staple food
crops of South Koreans and most of it is domestically produced and consumed,
owing to this there is high demand for rice seeds in the country. Apart from
rice, majority of the demand for seed comes for vegetables. The most prominent
are raddish, cabbage and onion. The extensive efforts and investment made by
the government into the industry is gradually liberalizing the South Korean
seed market.
Market
Segmentation of South Korea Seed Market
Type of Seed: In terms of revenue, the South
Korea seed market is dominated by open pollinated seeds which accounted for ~
%, while the hybrid seeds accounted for ~ % of the total revenue of the seeds
market in South Korea in 2017. The use of genetically modified seeds is banned
in the country.
Type of Crop: On the basis of crop the seed
market in South Korea was dominated by rice, barley, sorghum, maize, potato,
raddish, cabbage, onion, pepper, other vegetables, fruits & flower seeds.
By Source: The seed market in South Korea is
largely dependent on imports. The imports accounted for ~% (USD ~ million) of
the total seed market in South Korea during 2017 and the total domestic
production accounted for ~% (USD ~ million).
By Market Structure: The seed market in South
Korea is dominated by organized players which accounted for ~% (USD ~ million)
share of the overall revenue during 2017. A number of unorganized players are
also present in the market. The unorganized market accounted for ~% (USD ~
million) of the overall revenue during 2017.
Competitive
Scenario in South Korea Seed Market
The seed industry in the country has been
dominated by organized; both domestic & global players in the market which
have accounted for major market share during 2017. There exists health
competition in the market due to a number of local players in the market. The
indigenous players also focus heavily on research and development of newer
varieties of vegetable seeds. The global players largely import seed from
countries in Europe. The market in South Korea is dominated by players
including Syngenta, Monsanto, Rijk Zwaan, Sakata, Takii Seeds, FarmHannong
Seeds, FST Vegetable Seed Company and Asia Seeds.
Monsanto South Korea is a subsidiary of a
global seed company Monsanto based in St. Louis, US. The company produces range
of vegetables seeds for the South Korean market. The company has accounted for
share of ~% in the overall market during 2017. Syngenta Seed South Korea is a
global company formed during 2000 by the merger of Novartis Agribusiness and
Zeneca Agrochemicals. The company produces seeds for pepper, cabbage,
watermelon, onion, cucumber, tomato, pumpkin, paprika and other vegetables. The
company has accounted for a share of ~% in the overall market during 2017. Rijk
Zwaan is a Dutch company established in Rotterdam. The company is amongst the top
5 vegetable breeding companies in the world. The company has accounted for a
share of ~% in the overall market during 2017. FarmHannong Seeds is one of the
market leaders in plant breeding, production, processing, marketing and the
sales of hybrid vegetable in the country. The company deals in almost 550
varieties of 23 different crops with diverse brand strategies. The company has
accounted a share of ~% of the total revenue during 2017. Other major players
in the South Korea seed market are Sakata, Takii Seeds, FST Vegetable Seed
Company and Asia Seeds.
Future
Potential of South Korea Seed Market
The revenue from the South Korea seed industry
is projected to register a steady and modest growth over the period 2017-2022.
It is projected to grow by CAGR of ~% over the period 2017-2022 and is expected
to reach USD ~ million in 2022 as compared to USD ~ million in 2017. The
overall growth in the market will be supported by the demand for rice and
vegetable seeds. The Golden Seed Project initiated by the government will bring
South Korea amongst the leaders of global seed industry. The government is
focusing on developing an infrastructure that extensively focuses on research
and development of newer seed varieties and also leads to the development of
the local industry. The country wishes to liberalize its seed industry. Owing
to these initiatives the indigenous companies are likely to grow substantially
in the future and expand their business to other countries.
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Ankur Gupta, Head Marketing &
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