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(MoneyNewsWire.Net, June 06, 2018 ) The seed treatment fungicides market is projected to grow at a CAGR of 9.24% from 2017, to reach a projected value of USD 1.88 Billion by 2022. Increasing usage of seed treatment solutions on expensive GM seeds, growth in the area under GM crops, increasing crop demand for biofuel and feed, and the use of fungicides as a low-cost crop protection solution are enhancing the market for seed treatment fungicides, globally. The growth in the fungicide seed treatment market is also driven by advanced farming technologies which ensure safe and reliable application of seed treatment formulas.
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The market for cereals & grains is projected to grow at the highest rate due to the rise in demand for agricultural production. Increasing demand from downstream markets in the food & beverage and feed industries has boosted the overall demand for seed treatment fungicides across the globe.
The seed dressing segment accounted for more than half of the total application technique market in 2016. Since it a low-cost technique compared to other techniques (such as coating and pelleting), it is economical to use on low-cost cereals and grains, such as wheat and corn, which are the major crop types dominating the seed treatment fungicides market.
The biological seed treatment market is expected to have a high CAGR during the forecast period, since it is an eco-friendly method for crop protection; consumers also show a preference for these fungicides as they are obtained from natural resources.
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South America led the seed treatment fungicides market in 2016 and is also the fastest-growing market owing to increased area under major seed treatment crops, 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.
Multiple registrations of seed treatment products in different countries has been a matter of concern in the seed treatment fungicides market since the assessment and understanding of requirements of different markets and then complying with them involves a significant investment of time and money.
The market for seed treatment fungicides consists of key players in the agricultural industry, such as BASF SE (Germany), Syngenta AG (Switzerland), Nufarm Limited (Australia), Bayer Crop Science AG (Germany), and Platform Specialty Products Company (U.S.). New product launches and expansion 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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