The seed treatment market is estimated to be valued at US$ 6.83 Bn in 2023 and is expected to exhibit a CAGR of 9.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Seed treatment incorporates the application of fungicides, insecticides, and other agrichemicals to seeds before planting. It protects seeds and seedlings from damaging pathogens and pests. Seed treatment helps in early protection and establishment of crops which results in better yields. The growing awareness among farmers about benefits of seed treatment such as higher germination rates, improved plant health and increased yield is driving the seed treatment market growth.
Market Dynamics:
Farmers are increasingly adopting seed treatment practices due to factors such as limited availability of arable land and need to maximize crop yields. For instance, according to data by the United Nations Food and Agriculture Organization (FAO), the total harvested agricultural area is estimated to decline by over 5% between 2000 and 2050. This has compelled farmers to adopt efficient agronomic practices like seed treatment to optimize their per acre crop yields. Furthermore, growing seed replacement rate and introduction of novel seed treatment formulations by key players is also fueling the market growth. However, stringent regulations around chemical-based seed treatment products and the growing popularity of natural and biological seed treatment solutions may hamper the market expansion to some extent over the forecast period.
SWOT Analysis
Strength: The seed treatment market has seen rapid technological advancements that have led to enhanced seed protection and plant health. The chemical and biological seed treatment methods offer effective disease, insect and weed control. They allow early season protection and improve plant stand establishment.
Weakness: Stringent regulations regarding the approval and use of chemical seed treatments can constrain market growth. Additionally, the shifting weather patterns hurt production volumes and increase input costs.
Opportunity: The shortage of arable land and growing need to boost food production will augment demand for high-yield hybrid seeds and seed treatment solutions. The advancements in bioseed treatment using microbes provide opportunities for more sustainable agriculture.
Threats: Vulnerability of monocultures to new pests and diseases is a major threat. Substitute seed treatment techniques like biologicals also pose competition. Volatility in raw material prices can squeeze margins.
Key Takeaways
The Global Seed Treatment Market Size is expected to witness high growth, exhibiting CAGR of 9.2% over the forecast period, due to increasing demand for food grains and adoption of hybrid seeds. The market size is projected to reach US$ 12.34 Bn by 2030 from US$ 6.83 Bn in 2023.
Regional analysis
North America dominates currently due to extensive seed treatment adoption and a large corn cultivation base in the US and Canada. The Asia Pacific region is anticipated to grow at the fastest rate, ascribed to rising seed replacement rates and burgeoning production volumes in major countries like India and China. Government support for mechanized farming also aids regional expansion.
Key players
Key players operating in the seed treatment market are Syngenta, Bayer CropScience AG, Monsanto, BASF, Advanta India Ltd, Dow Agro Sciences, DuPont, Nufarm Ltd., Chemtura Agro Solutions, and Sumitomo Chemical Co. Ltd. Innovation and collaboration remain key success strategies for leading firms.
Read more
https://www.rapidwebwire.com/seed-treatment-market-size-share-growth-outlook-2023/
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