The US sorghum seed market experienced a consistent decline from 2014 to 2023, standing at 13,000 metric tons in 2023. The market's Compound Annual Growth Rate (CAGR) over the last five years was -4.07%, reflecting a steady downturn. Historical year-on-year variations have shown dips, with notable decreases in 2015 (-19.23%), 2016 (-14.29%), 2018 (-11.11%), and 2020 (-6.25%). The forecasted trend from 2024 to 2028 indicates a continuation of this decline, with a forecasted CAGR of -5.59% and an overall reduction of 25% by 2028, reflecting a significant downward trajectory.
Future trends to watch for include:
- Technological advancements in crop production that could impact seed demand.
- Policy changes affecting agricultural subsidies and support for sorghum cultivation.
- Shifts in consumer preferences towards alternative crops or products.
- Environmental factors and their impact on sorghum production and yield.
