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(MoneyNewsWire.Net, May 25, 2018 ) The insecticide seed treatment market is projected to grow at a CAGR of 11.3% from 2017, to reach a projected value of USD 5.04 Billion by 2022. 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 fueling the market.
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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.
Seed dressing is the most commonly used method of seed treatment, and accounted for more than half of the total market in 2016. Coating and pelleting seed treatment techniques involve high costs, which renders these methods uneconomical for high tonnage and low-cost seeds such as cereals, which are the major crop types dominating the insecticide seed treatment market.
The biological seed treatment market is expected to witness a higher CAGR during the forecast period, since it is an environment-friendly method for crop protection. It is preferred by organic growers as the products are obtained from natural sources.
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South America led the insecticide seed treatment market in 2016 and is also projected to be the fastest-growing market, owing to the increased area under major crops that require seed treatment, such as corn and soybean. The demand for seed treatment products in the Asia-Pacific region is expected to be primarily driven by countries such as China and India.
The insecticides seed treatment market in each region has witnessed the development of many subsidiaries, business units, and research centers of key players. These subsidiaries employ strategies to build strong research & distribution networks with regional players to sustain the strong competition and gain a significant market share.
The market for insecticide seed treatment consists of key players in the agricultural industry, such as BASF SE (Germany), Syngenta Crop Protection AG (Switzerland), Nufarm Limited (Australia), Bayer AG (Germany), and Platform Specialty Products Corporation (U.S.). New product launches and expansions into different regions across the globe are the most preferred strategies adopted by key players to gain a larger share of the market.
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