The Driving Forces Behind the Potato Seed Market Growth Estimates
The global potato seed market generated revenue of around USD16.9bn in 2021 and is anticipated to grow a CAGR of over 1.10% during the 2022 to 2028 period to reach around USD18.04bn in 2028, according to Credence Research data.
New intel from Onion Market Research shows that the global seed potato market is expected to grow at a CAGR of 3% during the forecast period of 2023 to 2029.
Analysts say that the growing consumption of potatoes across the globe is driving the potato seed market growth. The surge is driven by the optimized productivity of the crop due to the plentiful supply of quality potato seeds across regions. The adequate availability of seeds and the proficient usage of commercially traded seed material have boosted the export, which substantially influenced the growth of the market. The limited adoption of rapid multiplication technologies, poor management of seeds from smaller farms, and the lack of awareness among seasonal workers are likely to hamper the market growth during the forecast period.
Growing demand from food & beverage companies along with growing consumption of potato-based chips among end-users are driving the market for the factory planting segment, which is also set to register significant growth.
Two years ago, the Asia Pacific (APAC) dominated the world market for seed potatoes and accounted for a sizable portion of the revenue in terms of value. Decentralized seed production for farmers is the new investment strategy driving the market boom in the region. In addition, local farmers who use cutting-edge technologies like plantlets, minitubers, and aeroponics, among others, are also driving the market for seed potatoes in the area.
That being said, a new shift is on the horizon. Until 2029, North America and Europe are expected to significantly grow their market share. The U.S. is projected to dominate the market thanks to cutting-edge technology and innovation.
Nine New Potato Varieties From Agrico
After years of careful selection and testing, Agrico – a cooperative backed by over 1700 Dutch farmers – recently presented nine new potato varieties.
Agostino is a unique, red-skinned variety. It has uniformly sized oval tubers and a good underwater weight. It is an early maincrop variety and is characterized by its fast initial development and its nice firm foliage. This variety is perfectly suitable for various dishes like mashed potatoes or delicious roasted potatoes.
You can read the rest of this article in your complimentary e-copy of Issue 1 of Potato Business Digital 2023 magazine, which you can access by clicking here.
