Ribeirão Preto-Based Company Aims for 10% Market Share in Ten Years
Shull Seeds, a Brazilian hybrid corn seed company established six years ago in Ribeirão Preto, São Paulo, currently holds just 1% of a market dominated by large multinational corporations. However, founder Paulo Pinheiro, a former director at Dow AgroSciences, aims to achieve a 10% market share within the next decade. Shull’s growth strategy will be measured, not rushed, he explains.
The company recently entered a partnership with InEdita and acquired a 30% stake in the American biotech firm Nanosur Ag Biotech. Shull expects to close the year with revenue of R$ 150 million, up from R$ 90 million last year. For 2025, the revenue goal is R$ 300 million, with a long-term target of surpassing R$ 1 billion within ten years.
This growth is expected to be driven by strategic partnerships, annual research investments of R$ 35-40 million, and targeted marketing efforts aimed at establishing Shull among the top four seed companies by 2034.
“We’re not in a hurry to grow at any cost. We offer high-quality, high-yield seeds comparable to the top multinationals, excellent technical support, and scheduled deliveries to prevent returns, even if this increases freight costs,” says Pinheiro, who also serves as Shull’s CEO.
Pinheiro notes that Shull’s marketing strategy is customized by region. The company typically convinces farmers who purchase large volumes of seeds from multinational brands to try Shull seeds on a smaller scale—about 10 hectares, for instance. This allows buyers to test the quality, support, and delivery provided by Shull and potentially place larger orders in the future. Shull’s 60,000-seed bags are priced competitively with the big brands, offering equivalent results.
“Since we operate with a leaner structure than the major multinationals, we’re able to maintain good profitability with this approach,” says Pinheiro.
After leaving Dow in 2011, Pinheiro initially established TecnoSeeds (now Satus), a seed processing company with an annual capacity of processing 4.5 million seed bags. Shull is one of its clients.
In 2016, Pinheiro sought to expand further by creating a proprietary corn germplasm company with José De Leon, former vice president of research at Dow and a key architect of Brazil’s corn breeding program. De Leon, who lives in the U.S., identified and acquired seed lines with characteristics ideal for Brazilian conditions from countries like Mexico, Europe, and Asia.
“This approach accelerated Shull’s production. Initially, we aimed to release our first hybrid in 2023, but we managed to launch it in 2019. We also secured agreements to incorporate the top transgenic traits into our genetics, which sped up our processes,” Pinheiro adds.
Shull is named in honor of American scientist George Harrison Shull, who perfected corn hybridization between 1912 and 1920, leading to significant productivity increases.
Shull continually seeks out technology partnerships to enhance its hybrids. The recent partnership with genomic editing company InEdita, for instance, aims to develop a hybrid that requires less nitrogen fertilizer, reducing production costs and environmental impact.
In addition, Shull has acquired a 30% stake in a U.S.-based research company working with recombinant RNA, producing eco-friendly agents for controlling pests and weeds.
While Shull serves farmers across Brazil, the majority of its clients are located in Mato Grosso, Mato Grosso do Sul, and Goiás.
