The global seed treatment market size is expected to reach USD 5.61 billion by 2020, according to a new report by Grand View Research, Inc., registering a 9.6% CAGR during the forecast period. A thriving agriculture industry is one of the key drivers of market growth. Increasing use of seed treatment in agriculture, coupled with rising demand for organic processing of food products, is expected to boost market demand over the coming years. Growing population has resulted in soaring food demand, thus raising the adoption rate of seed treatment.
Soaring demand for food owing to increasing population globally has prompted the need for more agricultural yield, which is expected to augment the use of seed treatment over the forecast period. In the past few years, consumption of grain was more than its production, resulting in a deficit. This has increased pressure on farmers to produce more yield to cater to rising demand.
The North American market for seed treatment is facilitated by increasing agriculture practices in Canada and Mexico. Developing technologies used in agriculture in these countries are expected to provide avenues for market growth.
Denmark is known for its agriculture and food sector and is known to produce food about three times its population. Furthermore, over 60.0% of the country’s land area is under agriculture and is estimated at 2.7 million hectares. This is expected to boost the seed treatment market.
Asia Pacific is expected to witness steady growth on account of increasing agriculture practices in countries such as India and China. With accelerated economic growth in Asia, there is an expanding middle class that has more income to spend on food.
Population growth and scarcity of agricultural land in these countries is expected to create a significant demand for agricultural products. Increasing adoption of novel technologies in agriculture to increase yield and improve quality is expected to augment market demand in the region over the forecast period.
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Further key findings from the report suggest:
In terms of revenue, the insecticides segment is anticipated to value around USD 3 billion by 2020. The nonchemical segment, on the other hand, is projected to expand at a CAGR of 10.3% over the forecast period
By type of crop, corn/maize dominated the global seed treatment market with a share of 34.5% in 2013
The North America seed treatment market is anticipated to reach USD 2.32 billion by 2020, accounting for the largest share throughout the forecast period
Latin America is projected to witness a remarkable CAGR of 10.3% over the forecast period, owing to rapid developments in the agriculture sector
Some of the key companies in the market are Syngenta, Bayer, Monsanto, BASF, CropScience, Chemtura, DuPont, Nufarm, Becker Underwood, Plant Health Care, Wolf Trax Incorporation, Valent U.S.A. Corporation, Sumitomo Chemical Company Limited, Precision Laboratories Incorporation, and Novozymes A/S.
Grand View Research has segmented the global seed treatment market on the basis of type, crop type, and region:
Seed Treatment Type Outlook (Revenue, USD Million, 2012 - 2020)
Other chemical treatment
Seed Treatment Crop Type Outlook (Revenue, USD Million, 2012 - 2020)
Seed Treatment Regional Outlook (Revenue, USD Million, 2012 - 2020)
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