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Seed Treatment Market Expected to Reach $5.61 Billion by 2020

Seed Treatment Market Expected to Reach $5.61 Billion by 2020

03 July 2014

GLOBAL - The global market for seed treatment is expected to reach $5.61 billion by 2020.

Seed treatment demand is expected to increase due to growing need for protection of high cost seeds in the market, according to a new study by Grand View Research, Inc.

Additionally, effective control over seed or soil borne diseases and infections due to seed treatments will also boost the overall market. Technological development with regards to seed treatment across the crop life cycle is expected to augment the growth of the market.

Insecticide treatment was the largest segment accounting for $1.57 billion of revenue in 2013. Cost effectiveness and ease of use are key factors for increasing popularity of insecticide treatment in the seed treatment market.

Non-chemical seed treatment is expected to grow at a CAGR of 10.3 per cent from 2014 to 2020, due to consumer awareness regarding non chemical products benefits to environment and human health.

Further key findings from the study suggest:

  • Global seed treatment market revenue was $2.98 billion in 2013 and is expected to reach $5.61 billion by 2020, growing at a CAGR of 9.6 per cent from 2014 to 2020.
  • Corn/Maize is the largest crop type subjected to seed treatment generating revenue of $1.03 billion in 2013 due to high vulnerability of crop to insects/pests.
  • North America was the largest regional market for seed treatment with revenue exceeding $1.26 billion in 2013. Growing demand for crops such as corn and soybean for production of biofuels coupled with technological advancement in seed treatment is expected to give the region an edge in the market over the forecast period.
  • Non chemical treatment is expected to witness fastest growth at an estimated CAGR of 10.3 per cent from 2014 to 2020. The increasing awareness regarding hazards of other seed treatment forms to human health and surrounding environment is expected to drive demand for the segment.
  • The global seed treatment market is highly consolidated with the top four companies accounting for over 80 per cent of the market in 2013. Key Companies in the market include Bayer CropScience, Syngenta, Monsanto, BASF, Chemtura, Nufarm and DuPont.

 

TheCropSite News Desk



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