Okra Seeds Industry Size, Share, Sales Volume, Future Trends, Forecast To 2023
Okra is a green flowering plant which has the same plant family as cotton and hibiscus. Okra seeds are usually grown in tropical and sub-tropical regions. The latest report published with MRFR analysis on okra seeds market suggests that it is estimated to record a CAGR of 9.8% during the forecast period. The global Okra Seeds Market is anticipated to garner a market revenue valuation of USD 352.7 Million by the end of the forecast period of 2018-2023.
There are many market drivers and restraints mentioned in the latest analysis published by Market Research Future (MRFR). The availability of total arable land is taking a nose dive. This, coupled with increased instances of crop losses, is promoting demand for hybrid seeds. Mounting demand for high-quality okra seed is also propelling growth in the global okra seeds market. Consumption of okra has many health benefits, which is proliferating the use of okra among the health-conscious consumers, snowballing growth in the global okra seeds market.
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The global okra seeds market is influenced by many prominent players, as profiled in the latest report by MRFR. These noteworthy players include W. Atlee Burpee & Co (US), Maharashtra Hybrid Seeds Company Private Limited (India), Kitazawa Seed Company (US), Sakata Seed Corporation (Japan), Alabama Farmers Cooperative, Inc (US), Syngenta AG (Switzerland), Mahindra Agri Solutions Pvt. Ltd (India), Western Bio Vegetable Seeds Ltd (India), UPL Limited (India), and Terra Agro Biotech Pvt. Ltd (India).
MRFR studies the global okra seeds market for segmentation carried out on the basis of category and region. Based on category, the global okra seeds market is segmented into conventional okra seeds and organic okra seeds. The conventional okra seeds segment is likely to be at the forefront of the global market. The conventional okra seeds market held around 90.5% share of the global okra seeds market in 2018. Such market domination can be owed to the use of open-pollinated and traditional varieties. The conventional okra seeds segment is anticipated to exhibit an intense growth graph through the forecast period. The segment is projected to record a valuation of USD 317.7 million by the end of the review period.
Alternatively, the organic okra seeds segment is expected to grow at the highest rate during the conjectured time period. It is estimated to register a CAGR of 10.7% between 2018-2023. This fast-paced growth can be attributed to the changing consumer preference, in favor of organic fruits and vegetables.
Detailed Regional Analysis
The global okra seeds market is segmented on a regional basis into Asia Pacific, North America, Europe, and the Rest of the World. Asia Pacific is projected to possess the largest share in the global okra seeds market, registering a 9.6% CAGR during the review period. The regional market for okra seeds is also anticipated to reach a market valuation of 222.9 million by the end of 2023. The market in Asia Pacific seems highly fragmented, owing to the presence of many small-scale okra seeds manufactures present in the region. Pakistan, Malaysia, Philippines, and India are some of the leading country-specific markets in the region. India is expected to spearhead the regional okra seeds market.
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The Rest of the World segment is expected to follow the APAC and hold the second largest share in the global okra seeds market. Growth in this region can be attributed to the mounting production and demand or GM seeds. A surge in the adoption of hybrid and disease-resistant seeds is also likely to promote growth in the regional okra seeds market.
North America is assessed to register significant growth during the forecast period. Mexico is anticipated to lead the country-specific okra seeds market in North America. This can be owed to high cultivation of okra in the country.