Global Seed Treatment Market is Expected to Reach USD 4.45 Billion in 2018: Transparency Market Research
Albany, New York (PRWEB) June 17, 2013
According to a new market report published by Transparency Market Research "Seed Treatment (Insecticides, Fungicides, Other Chemical and Nonchemical Treatment) Market For Corn, Soybean, Wheat, Canola, Cotton and Others - Global Industry Analysis, Size, Share, Growth and Forecast, 2012 - 2018," the global seed treatment market was valued at USD 2.43 billion in 2011 and is expected to reach USD 4.45 billion by 2018, growing at a CAGR of 9.2% from 2012 to 2018.
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The global demand of seed treatment has been primarily driven by the growth of the commercial seeds (conventional and bio-seeds) market. Increasing global farming and reduction in arable land has generated the need for high yield productivity, further boosting the market for seed treatment. Increasing input cost of seeds and technological developments in agriculture are also expected to drive the demand for seed treatment. However, environmental concerns regarding the toxicity of chemicals used in insecticides, fungicides and other chemical treatments are expected to inhibit the market growth.
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Insecticides dominated the seed treatment market and accounted for 52.5% of the total market revenue in 2011. Insecticides were followed by fungicides which accounted for 34.9% of the total market in 2011. Nonchemical treatment, which is generally done using biological agents, is expected to be the fastest growing treatment, at an estimated CAGR of 9.9% from 2012 to 2018.
Corn was the most dominant crop for seed treatment, accounting for 34.7% of the global revenues in 2011. Corn was followed by soybean, wheat canola and cotton. Canola is expected to be the fastest growing crop requiring seed treatment, at a CAGR of 9.6% from 2012 to 2018.
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North America was the leading market for seed treatment and accounted for 42.8% of the global market in 2011; North America was followed by Latin America sharing 24.2% of the global market for the same year. Asia Pacific is expected to be the fastest growing market for seed treatment at a CAGR of 10.2% from 2012 to 2018. Growing awareness regarding the advantages of treating seeds coupled with government initiatives in countries such as China and India is expected to drive the seed treatment demand in Asia Pacific.
The global market for seed treatment is highly concentrated with the top four companies accounting for more than 80% of the total market in 2011. Syngenta and Bayer CropScience together accounted for more than 60% of the total market in 2011. Some of the other companies operating in the global seed treatment market include Monsanto, BASF Agriculture Solutions, DuPont, Chemtura, Nufarm etc.
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