DUBLIN--(BUSINESS WIRE)--The "Global Sorghum Seed Market - Trends, Sector Analysis and Forecasts (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.
The global sorghum seed market is projected to register a CAGR of 4.3% during the forecast period and the market value will reach USD 2,545.50 million in 2017.
The increasing sorghum seed demand in the Chinese market changed the entire demand and supply scenario for the sorghum market, owing to a huge difference between the import prices versus the local price.
China is one of the largest producers of sorghum seeds in the world and accounts for around 4% of the global production. Sorghum is used mainly for feed consumption and China is expected to remain as the key driver of the world's supply and demand, over the next five years. This spike in demand from China is being driven mainly by the country's feed industry, which is increasingly turning toward sorghum, looking at it as a cheaper substitute for corn. Over 80% of the sorghum imported into China is used to produce feed.
Sorghum constitutes the third largest cereal grain in the US and most of the sorghum produced in the United States is exported. Most of the grain sorghum for sowing is imported by Mexico, followed by France, Italy, Korea, and Brazil, as sorghum is a major input to the Mexican feed industry representing 60% - 80% of mixed feeds that are used in animal feed. With the implementation of NAFTA, almost 70% of the US exports belong to Mexico and one fourth of Mexico's total consumption is imported from the United States. The export volume was 28,064 tons in the year 2016, with a CAGR of 4% during the forecast period.
Key Topics Covered:
2. Research Scope & Methodology
3. Market Dynamics
4. Market Segmentation
5. Future of the Market
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