Latin America Seed Market Report and Forecast 2024-2032

Latin America Seed Market Outlook

The Latin America seed market size was valued at USD 6.40 billion in 2023. The market is further projected to grow at a CAGR of 5.3% between 2024 and 2032, reaching a value of USD 10.47 billion by 2032.

Key Takeaways

• The most grown crops in Latin America include sugar cane, maize, rice, wheat, and oil palm fruit. The region is the leading producer of sugar cane (54% of the world total) and maize (50%). 

• Brazil is the largest agricultural and food exporter (USD 79.3 billion in 2017) in the region, followed by Argentina, Mexico, Chile, Ecuador, and Peru. 

• The region's agricultural production has been growing, with Brazil being one of the agricultural growth leaders both in the region, with an average growth rate of 4.1% between 1991 and 2015. 

• Average farm size has increased more than 20% in Argentina and Uruguay and almost 40% in Paraguay in less than two decades, which bodes well for the Latin America seed market development.

Soybean and maize are the only two Latin American seed sectors currently worth more than USD 1 billion, with Brazil forming a significant portion of the regional value of these crops. The market is expected to grow due to factors such as higher yield, new technologies, and government initiatives to provide loans at low-interest rates.

Oilseeds, particularly soybeans, dominate the South America row crops seed market due to high export demand from oil processing and food and beverage industries. The area under soybeans is increasing due to increased global demand, availability of arable land, and higher profit margins.

Key trends aiding the Latin America seed market growth including the adoption of genetically modified (GM) seeds, direct sales, agro-dealers and retailers, and e-commerce platforms. GM seeds are the fastest-growing segment in the market due to their enhanced productivity, reduced input costs, and export demand. Direct sales, where seed companies sell products directly to farmers, are also significant. Agro-dealers and retailers play a crucial role in distributing seeds to farmers, offering a wide range of choices and convenience. E-commerce platforms provide farmers with the ability to purchase seeds online, offering convenience, a wide range of products, and product details, reviews, and comparison tools.

Mexico, Brazil, Argentina, and Chile are significant players in the seed market, with Brazil being the largest contributor due to its large agricultural area and significant production of maize and soybeans, which are major exported crops. Argentina is also a significant player in the seed market in Latin America, producing cereal and oilseed crops like soybeans, maize, sunflower, and wheat. Mexico has a diverse agricultural landscape with a wide range of crops like maize, fruits, vegetables, and beans. Chile's seed market consists mainly of vegetable and fruit crops like wine grapes, along with staple crops.

Market Segmentation

Latin America Seed Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Conventional

• GMO

• Hybrid

Market Breakup by Crop Type

• Fruits and Vegetables
  • Brassicas 
  • Cucurbits 
  • Roots and Bulbs 
  • Leafy Vegetables 
  • Solanaceae 
  • Others

• Oilseeds and Pulses
  • Soyabean 
  • Canola/Rapeseeds
  • Sunflower  
  • Others

• Cereals and Grains
  • Corn 
  • Wheat 
  • Rice 
  • Others

• Others

Market Breakup by Traits

• Herbicide-Tolerant 

• Insecticide-Resistant

• Others

Market Breakup by Country

• Brazil

• Mexico

• Argentina

• Others

Competitive Landscape

Market players are focusing on improving yield and productivity to cater to the growing demand for food due to the increasing population.

• BASF SE 

• Bayer AG 

• Corteva Inc. 

• Syngenta Crop Protection AG

• KWS SAAT SE & Co. KGaA  

• Bejo Zaden B.V. 

• Rijk Zwaan Zaadteelt en Zaadhandel B.V. 

• Groupe Limagrain Holding 

• Sakata Seed Corporation 

• TAKII & CO., LTD. 

• PRODUSEM SA   

• SEEDAR SA  

• Others

Key Highlights of the Report