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Seed coating materials market to grow by 8% to $1.4 bn by 2019
Sep. 23, 2014
According to the report "Seed Coating Materials Market by Type, by Crop Type & By Geography - Global Trends & Forecasts to 2019", the seed coating materials market is s estimated to be worth $993.84 million in 2014, and is projected to reach $1,426.78 million by 2019, growing at a CAGR of 7.5% from 2014 to 2019.
North America and Europe are the top-two consumers of seed coating materials and accounted for more than 55% in 2013. U.S. and France are key countries in North American and European regions, respectively and these countries are growing with CAGRs of 8.1% and 9.0% from 2014 to 2019. The Asia-Pacific region is estimated to be the fastest-growing region in terms of value. Growth is particularly high in emerging countries, such as China, India, and Brazil because of the major contribution of agriculture in the economy and the increase in demand for agriculture production.
The higher efficiency of coated seeds as compared to normal seeds, less impact on the environment, and protecting crops along with promoting growth all collectively drive the demand for the seed coating materials market. The potential of this market attracts leading companies. Companies are focusing on expansion across regions and setting up new plants for increasing production capacity as well as strengthening the product line. The companies are also putting efforts for innovating new products which are eco-friendly, to overcome the restraints.
Key participants in the global seed coating materials market include Bayer (Germany), BASF (Germany), Croda International (Switzerland), Clariant International (U.K.), and Chemtura AgroSolutions (U.S.).
Source: MarketsandMarkets (M&M)
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