The domestic vegetable seeds industry will hit Rs 8,000 crore in the next five years; thanks to hybrid seeds, says Rating agency Icra’s report. According to the report, the vegetable seeds industry is likely to double its size to around Rs 8,000 crore in the next five years, whereas the current market size of the industry is around Rs 4,000 crore.
The rapid growth is driven by the adoption of hybrid seeds, says the report. It also reveals that an increasing awareness to consume more vegetables to meet diverse dietary and nutritional needs has raised the demand for vegetables. India would need around 35 per cent increase in production of vegetables over the next five years, says Sachin Sachdeva, associate head and AVP, corporate ratings, Icra.
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But, the constraints on increasing the area under cultivation will challenge the growth. So a major part of the growth should come through productivity augmentation, which is mainly driven by greater adoption of hybrid seeds in cultivation of vegetable crops, he added. According to Icra, the key to improve adoption of hybrid seeds lies in ensuring the availability of quality seeds, bridging the awareness gap in farmers regarding better techniques and developing supportive infrastructure.
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