Global Seed Treatment Fungicides Market Overview:
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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Drivers and restraints:
Rising demand for genetically modified seeds, increase in feedstock fuelling demand for biofuel and feed, and the use of fungicides as a primary crop protection solution to high yield potential are some of the major drivers for growth of the seed treatment fungicides market. However, one of the main challenges of the market of fungicides for the treatment of seeds is the growing number of farmers that use treated seeds. In 2013, a study conducted by the Agricultural Health Study (AHS) in Iowa and North Carolina found that approximately 90% of farmers used treated seeds and only 35% used fungicides because the treated seeds were abundantly available.
Geographical segmentation:
In North America, the United States is the main consumer of fungicides for the treatment of seeds. Strict government regulations to reduce or limit the use of agrochemicals, together with a greater awareness on the part of consumers about the presence of fertilizer residues in the products, have resulted in a substantial increase in the demand for fungicides for the treatment of seeds. The Asia Pacific region is expected to experience the fastest growth in the market during the forecast period. According to the Food and Agriculture Organization of the United Nations, in 2017, China and India are the main producers of wheat in the world. In Latin America, most of the country’s GDP comes from the agricultural sector. Countries like Brazil and Argentina are highly dependent on agriculture, so the production of crops such as corn, soybeans, sorghum and others is high.
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The market for seed treatment fungicides consists of key players in the 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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