The recent growth in the seed industry of South Korea can be attributed to the Golden Seed Project initiated by the government in 2012 which focuses development of R&D infrastructure and growth of the indigenous seed industry.
Majority of the demand in the South Korean seed market is for rice, barley, sorghum, maize, potato, raddish, cabbage, onion, pepper, some fruit and flower seeds. Majority of the demand in market was for open pollinated seeds, which was followed by hybrid seeds. The seed market in the country has been supported by the demand for rice and other vegetables seeds. Apart from rice, the country is to a great extent dependant on import of cereal and other essential crops. The key growth drivers of the seed market have been the increasing popularity of organic farming and sustainable methods practiced by the farmers throughout the country. The farmers have small lands and are aware about the benefits of using locally grown and hybrid seeds.
The South Korean seed market has a number of global players operating in the market. The indigenous players also have a strong presence in the market. These indigenous players are focusing on research and development of newer varieties of seeds. The seed market is to a great extent dependant on import of seeds. The farms in South Korea are majorly owned by small farmers. There also exist a number of associations that are working towards a common goal of facilitating growth of the seed industry in the country.
The report titled “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” by Ken Research suggested a growth at a positive CAGR in revenues in South Korea seed market due to extensive support and investment by the government, growth of indigenous companies and rise of organic farming in next 5 years till 2022.
For more information on the research report, refer to below link:
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