Seed Treatment Market to hit $9.3 Billion by 2026
Seed Treatment Market Outlook 2019-2026:
Global Seed Treatment Market major players are BASF, Bayer CropScience, Syngenta AG, DuPont, Chemtura Corporation, Monsanto, Novozymes A/S, Nufarm Limited, Valent USA Corporation, and Sumitomo Chemical Company.
The global market is expected to reach $9.3 billion by 2026, growing at a CAGR of 8.1% during the period 2019 - 2026. The insecticide segment held a dominant share in this market in 2018 and is expected to maintain its leading position during forecast period. The cereals & grains crop segment is projected to grow at the highest CAGR during the forecast period.
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The global seed treatment market size is expected to grow at a substantial pace due to its cost effectiveness and efficiency over traditional pesticides making it at better crop protection solution. The cost associated with agrochemicals application for seed treatment is low as only seeds surface needs to be covered with agrochemicals as compared to spraying or a soil application. Factors that fuel the market growth are increasing prices of genetically modified (GM) crops, rapidly growing population, rising food requirement and need for crop protection with emergence of new pest and diseases. Furthermore, high investment in commercial and value-added seeds are augmenting the growth of the Seed Treatment Market in order to ensure better performance.
The insecticide segment contributed for more than half of the market share in the overall market in 2018. The attribute of ability to formulate with the combination of two or more seed treatment chemicals, such as combination of two insecticide or combination of insecticide and fungicide, has led to an extensive use of insecticide in seed treatment. Along with this, its potential to manage several early-season insects effectively is another reason attributed to its sustained dominance in the seed treatment market. Thiamethoxam, imidacloprid, and clothianidin are few leading active ingredients used in insecticides, which belong to the neonicotinoid of insecticides. Bio-control seed treatment is widely preferred owing to its non-toxic nature and its favorable effects on yield. Bio-control seed treatment helps to increase crops efficiency in nutrient uptake and protect the crops with minimum no residue. It is projected to be the fastest growing segment a during the forecast period.
The use of seed treatment in the cereals & grains segment would continue to dominate the market from 2018 to 2026. This is primarily due to the high global production of grains such as corn, rice, and wheat. The growth in these crop productions is associated with the adoption of modern agricultural technology in farming. These crops are widely treated against seed and soil-borne insects, diseases, and nematodes.
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Key Findings of the Seed Treatment Market :
- The cereals & grains segment occupied the largest market share in 2018.
- The insecticide application segment would continue to dominate the seed treatment market throughout the forecast period.
- Asia-Pacific is expected to grow with the highest CAGR during the forecast period
- North America and Europe are the dominating regions collectively accounting for two third of the total market.
- The LAMEA seed treatment market share is estimated to be the fastest growing region in global seed treatment market, registering a CAGR of 9.5%.
- Argentina is projected to be fastest growing country in LAMEA seed treatment market.