Seed Treatment Market Stood At ~$6 Billion In 2020
- Published: July 2021
The increasing demand for seed treatment products among farmers, growing research and development (R&D) initiatives by government and private organizations to improve the crop yield, and rising adoption of advanced techniques to enhance the seed treatment process are the major factors driving the growth of the global seed treatment market. Due to the aforementioned factors, the industry is expected to witness significant growth during the forecast period (2021–2030).
The COVID-19 epidemic had a minor impact on the seed treatment market owing to the implementation of lockdowns and other regulations, which led to a disrupted transportation network. However, governments gave relaxations to the agriculture industry during the strict lockdown, in order to feed the large number of people on earth. Due to the aforementioned factor, the demand for seed treatment products would increase in the upcoming years.
Larger Volume Share Held by Chemical Category in 2020
The seed treatment market is bifurcated into chemical and biological, on the basis of product type. The chemical category held the major share over the past few years, both in terms of volume and value. This can be attributed to the better results provided by chemical seed treatment to crops, such as improved germination, which is necessary to prevent crop damage.
The seed treatment market is divided into cereals & grains, oilseeds, fruits & vegetables, and others, based on crop type. Among these, the cereals & grains category accounted for the largest volume and revenue shares in the industry in 2020, and further, it is expected to retain its position in the upcoming years. This will mainly be due to the changes in consumer preferences regarding taste, lifestyle, and occupational structures and increase in the urbanization rate, all of which are driving the demand for cereals and grains.
Globally, the Asia-Pacific (APAC) region dominated the seed treatment industry, and further, it is predicted to retain its position in the upcoming years. This can be ascribed to the increasing agricultural activities and requirement for high-quality agricultural produce, in order to feed the large population of the region.
Launch of New Products is Major Strategic Measure Taken by Players
The key players in the seed treatment industry have been launching new products to gain a competitive edge. For instance, in March 2020, Corteva Inc. introduced Lumivia CPL, which is a non-neonicotinoid-based seed treatment product for cereals, peas, and lentils, which employs a novel method to manage pests.
Major players operating in the global seed treatment market are BASF SE, Bayer AG, Novozymes A/S, Syngenta AG, Corteva Inc., FMC Corporation, Adama Ltd., Croda International Plc, UPL Ltd., Nufarm Limited, Eastman Chemical Company, Germains Seed Technology, Globachem N.V., Valent USA Corporation, and Verdesian Life Sciences LLC.