Rise in prices of genetically modified crops, cost-effectiveness and efficiency over traditional pesticides are expected to propel the growth of the global seed treatment market
PORTLAND, Oregon, Nov. 22, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Seed Treatment Market by Product (Insecticide, fungicide, bio-control, and Others), Treatment Method (Seed Coating, Seed Dressing and Seed Pelleting), Crop Type (Cereals & Grains, Oilseeds & Pulses, Others Crop Types), and Application (Seed Protection and seed enhancement): Global Opportunity Analysis and Industry Forecast, 2019-2026". According to the report, the global seed treatment market $4.8 billion in 2018 and is projected to reach $9.3 billion by 2026, registering a CAGR of 8.1% from 2019 to 2026.
Driving factors for the market
Cost-effectiveness and efficiency over traditional pesticides coupled with increasing prices of genetically modified crops have boosted the growth of the global seed treatment market. Furthermore, high investment in commercial and value-added seeds supplement the growth of the market. Factors such as rapidly growing population, need for crop protection for new pests and diseases, and rising food requirements are expected to create lucrative opportunities in the near future.
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Detailed segmentation
The global seed treatment market is divided on the basis of product, treatment method, crop type, application, and geography. Based on product, the market is segmented into insecticide, fungicide, bio-control, and others. The insecticide segment dominated the market in 2018, contributing more than half of the market. However, the bio-control segment is projected to manifest the fastest CAGR during the forecast period, owing to its non-toxic nature and its favorable effects on yield.
On the basis of treatment method, the market is categorized into seed coating, seed dressing, and seed pelleting. Based on crop type, the market is divided into cereals & grains, oilseeds & pulses, other crop types. The cereals & grains segment held the largest share in the market in 2018, owing to high global production of grains such as wheat, rice, and corn.
The global seed treatment market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Europe dominated the market in 2018, contributing around one-third of the market. However, the market across LAMEA is projected to portray the fastest CAGR of 9.5% during the forecast period.
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Major market players
- BASF
- Bayer CropScience
- Syngenta AG
- DuPont
- Chemtura Corporation
- Monsanto
- Novozymes A/S
- Nufarm Limited
- Valent USA Corporation
- Sumitomo Chemical Company
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