The global chemical seed treatment market is valued at US$3.957 billion in 2018 and is projected to reach US$5.868 billion in 2023 exhibiting a CAGR of 8.20% during the forecast period.
Growing population has resulted in a phenomenal increase in food demand across the globe. The advancement in crop science techniques is driven by the inadequate food supply. The sector is experiencing robust adoption of smart crop techniques at low cost owing to deteriorating climatic conditions and increasing seed cost. Due to the demand-supply mismatch for food, the governments and companies are investing more into research and development to develop genetically modified seeds in order to meet the generated demand in less time.
The key drivers triggering the growth of this sector include the use of multi-component products, fulfillment of regulatory related requirements, and an increase in farm size. The market will witness an escalated growth owing to the increase in innovative crop protection methods and crop solutions along with cost-effective techniques. Environmental concern related to the use of these chemical seeds will restrain its growth across the globe.
On the basis of crop type, the global chemical seed treatment market can be segmented as cereals and grains which is sub-divided as corn, wheat, and rice among others, oil seeds which is further divided as cotton, sunflower, and canola, and other crop types which include sugar beets, and turf/forage grasses and alfalfa. On the basis of application, the global chemical seed treatment market can be segmented as fungicides, insecticides, and other chemicals. Insecticides hold the largest market share in its segment across the globe. However, fungicide seed treatment market is estimated to witness the fastest growth in its segment.
Geographically, the global chemical seed treatment market can be segmented as North America, South America, Europe, Middle East and Africa, and Asia-Pacific. North America holds the largest market share across the globe owing to the increase in farm sizes, huge investments in chemical seed market in order overcome the deficit in supply, and high adoption rate of advances crop science techniques. However, Asia-Pacific region will be the rapidly growing market by the end of the forecast period owing to increase in population and adoption of advanced crop science methods and techniques.
Some of the key players of the global chemical seed treatment market included in the report are BASF SE, Bayer Group, Syngenta, Plant Health Care, Novozymes, Sumitomo, Monsanto Company, and Adama Agricultural Solutions