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Global fungicide seed treatment market to grow 7% by 2020
Oct. 10, 2014
The global market for fungicide seed treatment is poised to post the fastest CAGR of 7.1% between 2014 and 2020 among all categories of chemical seed treatments. Though North America, with an estimated 2014 share of 49%, constitutes the largest market for fungicide seed treatment worldwide, demand for the same is expected to be the fastest in Asia-Pacific, which is forecast to maintain a 2014-2020 CAGR of 8.9%.
The market for seed treatment gains in significance due to a number of factors, prominent among which are agronomic trends that comprise development of high quality seeds through the enhanced potential offered by genetically modified organisms (GMOs), changes in climatic conditions, increasing rates of crop rotation, flexibility in sowing approaches and greater pressure from regulatory requirements. Primary requirements of seed treatment include capability of offering good protection during the germination period, supporting early plant development and enhancing stress tolerance at an early stage. These can be achieved by improving the quality of seed treatment products that offer ease of application at low rates. In short, it may be summed up that the foundation for the future lies in the concept of innovation in seed treatment.
Syngenta, Bayer CropScience and BASF are the top three players in the global seed treatment market, with all of them having an extensive portfolio of agricultural products and solutions. While BioWorks Inc, Advanced Biological Marketing Inc and Valent USA Corp are comparatively smaller players, they offer the potential of becoming big game changers in the area of seed treatment in future. Each company has adopted an individual approach in terms of strategy for future growth. A few have focused on horizontal growth by expanding their presence in emerging markets that offer greatest scope for future prospects, while yet others have been content to operate within their established boundaries and go in for vertical growth by concentrating on innovations in the area of products and solutions.
Source: Mordor Intelligence
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