Ghent, Belgium
28 February 2012
Devgen nv (Euronext Brussels: DEVG) today announces the successful completion of the first sales season of its first hybrid pearl millet seed adapted to all pearl millet growing areas in India.
Until the market introduction of this new product, Devgen’s hybrid pearl millet seeds were suited only for the South of India (15% of the market). The new hybrid pearl millet seed is important for Devgen as it gives the company first time access to farmers in North India, which account for almost 85% of the 10 million hectare pearl millet market. Devgen is now in a position to significantly increase its sales of hybrid pearl millet seeds throughout India.
In its first sales season the new seed was purchased, planted and harvested by over 15,000 farmers across all the pearl millet growing areas in India. The feedback from farmers was very encouraging, referring to a number of advantages over currently available products including higher yields of premium grain and fodder combined with desirable colour and quality.
“The successful development of our new hybrid pearl millet is another important validation of Devgen’s ability to innovate. The positive feedback across growing areas reinforces our view that over the next few seasons this hybrid has the potential to substantially increase our share of the hybrid pearl millet seed market”, Thierry Bogaert, CEO of Devgen, stated.
Pearl millet is an important food crop in India as it requires less water than many cereal crops and is able to survive at high temperatures making it ideal for cultivation under dry conditions. The total hybrid pearl millet seed market in the country has an estimated potential volume of between 15.000 and 25.000 tons of seed per year.
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