February 18, 2011

Monsanto aims up to 17% share of Ukraine's seed corn market

US-based Monsanto, one of the world's largest seed companies, is aiming for a 16-17% share of the Ukrainian market of corn seed in 2011, announced Monsanto Ukraine's Director Elena Fomina.

"The season has just begun and we have just started selling seed, but we see that it is proceeding actively. I think that we will grow by 4-5% this year," Fomina said.

In 2010, the company's share of the Ukrainian market of corn seeds was 12%.

Monsanto estimates the volume of Ukrainian market of corn seed at US$160 million.

Fomina also added that the volume of supply of grain, oil-crop, and vegetable seeds onto the Ukrainian market would be increased through importation of seeds produced by the company's enterprise in Romania as well as through expansion of production in Ukraine.

Thus, Monsanto plans to increase production of seed by 20-30% at the enterprises of the Ukrainian agricultural company Rise Maksymo (Poltava region); there are plans to create a new test production site in the Cherkasy region in 2011.

Monsanto is one of the world's largest producers of seeds and crop protection substances. The company has an annual turnover of US$7 billion.