Seed Treatment Market - Segmented by Application (Chemical, Biological), Function (Seed Protection, Seed Enhancement, Others), Crop Type, Application Techniques, and Geography- Growth, Trends, and Forecast (2018 - 2023)
The global seed treatment market was valued at USD 4,456.2 million in 2017, which is expected to be worth USD 7,897.7 million by 2023, registering a CAGR of 9.8% during the forecast period, 2018-2023. Bio-based seed treatment segment will be the growth driving segment in the market. Geographically, North America and Europe are the top two consumers of seed treatment with a combined market share of around 66%.
Rise in the Cost of High Quality Seeds Drives the Market
The chemical seed treatment usage has increased from 5391.4 tons of active ingredients in 2008 to 9623.3 tons of active ingredients in 2013. With higher regulatory issues relating to fumigation and foliar application of pesticides, seed treatment is being increasingly considered by farmers as a mode of protection on high investments made on good quality seeds. Owing to the increasing demand of high-quality seeds with desirable agronomic traits, the cost of seeds is increasing. Both companies and farmers are ready to spend extra for seed treatment solutions to save costly high-quality seeds from quality degradation.
Low Adoption Rates among Farmers Restraints the Market
Lack of general awareness along with the paucity in cost effective, better environmental friendly and productivity increasing new seed treatment technologies act as major constraints especially in the markets of developing nations, leading to low adoption rates in these nations. While majority of the seeds used in developed economics, including the US, undergo seed treatment, it is as low as 20% in the developing nations. According to a research carried Directorate of Rapeseed-Mustard Research, India, low adoption of seed treatment, with mean percentile score of 23.2, was observed in major rapeseed-mustard growing regions of India, such as Rajasthan, Haryana and Uttar Pradesh. Most of farmers were not using seed treatment due to the lack of knowledge about advantages of seed treatment and high-costs involved in purchasing agro-chemicals especially for seed treatment.
The seed protection based seed treatment market was valued at USD 3264.3 million in the year 2016, with an estimated CAGR of 10.3% during the forecast period. Among these, the market for insecticides claim the major share of 55.6% during the period of 2016, followed by fungicides (23.9%) and others including nematicides (19.6%) in terms of market revenue. In terms of market value, more than 60% of the global share is held by insecticides or a combo of insecticides and fungicides based seed treatment methods. However, in terms of application of treated seeds per acreage, the insecticides or a combo of insecticide and fungicide treated seeds accounts to approximately 30% only.
North America has the largest market share accounting for 39.7% of the global market share. The North American seed treatment market is estimated to reach a market value of USD 2027.0 million in 2017 and estimated to grow at a CAGR of 10.0% in the forecast period. The US has the largest market value of USD 1546.2 million in 2017 and the US also has the largest share of the global market. Within the North American region, the US has a market share of 76%, followed by Canada with a market share of 20%. Canada is the fastest growing market for seed treatment in North American region with a CAGR of 11.0% followed by Mexico with 10.0% in the forecast period.
Major Players -Adama Agricultural Solutions Ltd, Valent Biosciences Corporation, BASF SE, Bayer Cropscience AG, Bioworks Inc., Syngenta International AG., others.
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