Oilseeds Market Overview:
The growing demand for biofuel to turn the transportation sector eco-friendly is expected to boost the global oilseeds market. According to Market Research Future (MRFR), the oilseeds market is estimated to account for a value of USD 250.0 billion in 2019 and is projected to grow at a CAGR of 5.0% from 2019, to reach a value of USD 335.0 billion by 2025
this market is now on a path of growth as the demand for alternative oil sources is growing. In the food industry, the growing demand for vegetable oil is expected to bolster growth. The inclusion of technologies is also yielding results in terms of volume. Government initiatives are also showing a hike in participation from farmers. However, the COVID-19 impact on the market may temporarily disturb the growth prospects.
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The global oilseeds market, as reported by MRFR analysts, has been segmented into category, biotech trait, and oilseed type. These segments would reveal data regarding the market and help various players in making a proper assessment of the situation.
By category, the global market report containing details of the oilseeds market can be segmented into conventional and genetically modified. Between these two, the conventional segment has the upper hand in the market and is expected to dominate the global sphere with a higher CAGR during the forecast period. However, a better yield can inspire the uptake of genetically modified ones.
By oilseed type, the market report on the global oilseeds market includes sunflower seeds, canola seeds, cotton seeds, soybeans, and others. The soybean segment has the maximum market coverage, and it is all set to dominate the global market in the coming years as well. The market gets mostly controlled by the US. However, in recent times, this market is also expanding to other regions like Brazil, China, and India. The sunflower segment is showing notable prospects.
By biotech trait, the global market study on the oilseeds includes herbicide-tolerant, insecticide-resistant, and other stacked traits. The herbicide-tolerant segment has the scope to dominate the global market, but the insecticide-resistant segment would register the highest CAGR during the forecast period.
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North America is expected to take charge of the global market and inspire changes. This is primarily due to the rising demand for biofuels. Canada is emerging as the fastest-growing country in the region. In Asia Pacific, India, China, and others are taking the market seriously and their agrarian structure can help them earn more profit from the market.
The global oilseeds market is getting traction from various companies like Monsanto Company (US), Groupe Limagrain Holding (France), Seed Co Limited (South Africa), BASF SE (Germany), DuPont (US), Nuziveedu Seeds Ltd (India), Syngenta (Switzerland), Cargill, Incorporated (US), Land O'Lakes, Inc. (US), and Mahyco Seeds Company Limited (India). These companies are taking steps like getting involved in mergers, various partnerships, effective acquisitions, spurring the research-related investment, investing in branding, launching, and other marketing strategies. MRFR listed recent proceedings in the report to understand how the market can shape up in the coming years.
In June 2020, the Cabinet Committee on Economic Affair (CCEA) of India announced that there would be a hike in the minimum support prices (MSPs) that would include all the mandated Kharif crops, including paddy cotton, and pulses for the 2020-21 marketing season. This decision would also include oilseeds, where the rise would be around USD 10 per quintal. For sesamum, this rise would be around USD 5 per quintal.
The COVID-19 analysis revealed a crisis that triggered certain problems for the market. Due to lockdowns, the production has gone down significantly and the demand for biofuels and other things has dropped substantially. This can affect the revenue-generation process.
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