Insecticide Seed Treatment Market Overview
The global agriculture industry is poised to witness significant growth on account of increasing demand for organic vegetables and fruits as a result of rising health awareness. This is expected to drive the overall market for seed treatment. Demand for insecticide seed treatment is growing in agriculture practices as it helps prevent seed- and soil-borne infections and diseases. In addition, it reduces germination time, enhances overall productivity, and improves crop yield.
The market for insecticide seed treatment in cereals & oilseeds was the largest in 2016, and is also projected to be the fastest-growing. Crops such as corn, wheat, and rice form basic resources for food, globally. For instance, wheat and rice are cereals that form a part of the staple diet in many countries across the world, especially in densely populated countries such as China and India; corn is another cereal that has found its usage in large volumes, for feed, biofuel, and food applications. Thus, insecticide seed treatment is increasingly being used for ensuring healthy crop stand and high yields.
The growth in this market is driven by the increasing area under GM crops & other high value crops, resulting in increased usage of seed treatment solutions on high-priced seeds. Additionally, increasing crop demand for biofuel and feed has compelled farmers to increase yield by minimizing crop loss due to pest attacks (soil borne & others), which in turn is fuelling the market.
Insecticide Seed Treatment Market Forecast Report (2018-2023)
The Global Insecticide Seed Treatment market size was around USD 3.68 billion in 2018. It is expected to grow at a CAGR of 11.5% to reach USD 6.34 billion by 2023.
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Insecticide Seed Treatment Market Segmentation
The market is segmented by type, by crop type, by form and by application technique. By type the market is categorized into Synthetic Chemical and Biological. Synthetic chemical is further sub-segmented into Neonicotinoids, Pyrazoles, Pyrethroids, and others. The biological insecticide seed treatment market is anticipated to experience a higher CAGR during the aforementioned forecast period, because it is an environment-friendly method for crop protection. It is preferred by organic growers since the products are manufactured from natural sources. By application technique the market is segregated into Seed coating, Seed pelleting, and Seed dressing. Seed dressing is the most widely used method of seed treatment, and commanded more than half of the total market in 2016. Coating and pelleting seed treatment techniques are costly, rendering these methods financially burdensome for high tonnage and low-cost seeds like cereals, which are the key crop types leading the market. By form the market is categorized into Powder and liquid. By Crop type the market is categorized into Cereals & Oilseeds, Fruits & Vegetables, and others. Cereals & Oilseeds is further sub-segmented into corn, wheat, rice, soybean, and others. Cereals & oilseeds were the most dominant crop type; the segment is also projected to grow at the highest rate during the forecast period. Demand for grains and oilseeds has been increasing over the years as a result of factors such as rising population, regional variations in consumption patterns and income distribution, and changes in food tastes & preferences of consumers. Furthermore, changes in the dietary patterns pertaining to the consumption of animal products have led to an increased demand for grains & oilseeds as feed.
By geography the market is segmented into Latin America, Asia Pacific, Europe, North America, and Middle East and Africa. South America dominated the insecticide seed treatment market in 2016 and is also estimated to be the fastest-growing market, due to the risen area under major crops that require seed treatment, like corn and soybean. The demand for seed treatment products in the Asia-Pacific region is anticipated to be majorly driven by countries like China and India.
The major companies dominating this market for its products and services are
- BASF SE (Germany)
- Syngenta Crop Protection AG (Switzerland)
- Nufarm Limited (Australia)
- Bayer AG (Germany)
- Platform Specialty Products Corporation (U.S.)
- Monsanto (US)
- FMC Corporation (US)
- Novozymes A/S (Denmark)
- Sumitomo Chemical Company Ltd. (Japan).
Key Developments in the Market
- June 2018 – Beck’s Launches New Nematicide and Insecticide Seed Treatment on corn and soybeans. The product provides protection against all nematode species and many soil-dwelling insects.
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