(PRWEB) March 06, 2013
According to a new market research report, "Seed Treatment Market Trends and Global Forecasts (2011-2016)", published by MarketsandMarkets, is the fastest growing segment of crop protection market. This growth is fueled by government encouragement for adoption of seed treatment as crop protection practice. This growth is particularly higher in geographies such as Latin America and Asia-Pacific due to increased acceptance of GM seed and farmers awareness regarding maximum residue level.
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With increasing concerns regarding crop protection, productivity and yields, expenses on crop protection are significantly increasing. Crop protection expenses is the second highest expense after fertilizer in farming expenses. Thus expenses can be reduced by treating only the seeds as compared to the whole farm area with agrochemicals. Hence seed treatments is most cost effective way of protecting seeds and further crops from biotic and abiotic stresses.
Seed treatment chemicals, which includes seed treatment insecticides, fungicides and other seed treatment chemicals are biggest market segments as on 2010, owing to their wide-spread use in bulk quantities due to ease in availability, production, and application Chemical seed treatments currently control over 98% of global seed treatment market. Bio-control seed treatments are a smaller market segment, but expected to grow at a faster pace than any other segment, due to government encouragement to reduce agrochemicals usage.
The North American market is expected to hold 22% of the global market share by 2016, at an estimated CAGR of 16.4% due to higher acceptance of GM seeds for soybean and maize/corn. Asia-Pacific is another fastest growing segment due to the constant push by government bodies for adoption of seed treatments with “100% seed treatment campaign”.
Some of the major drivers of the industry identified in this report are cost effectiveness of seed treatments, economic, social benefits and increasing demand of GM seeds & the major restraint are low shelf life of treated seeds.
MarketsandMarkets is a global market research and consulting company based in the U.S. We publish strategically analyzed market research reports and serve as a business intelligence partner to Fortune 500 companies across the world.
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