Insecticide Seed Treatment Market worth $5.04 Billion by 2022
The report “Insecticide Seed Treatment Market by Type (Chemical and Biological), Application Technique (Dressing, Coating, and Pelleting), Form (Liquid and Dry), Crop Type (Cereals & Oilseeds and Fruits & Vegetables), and Region – Global Forecast to 2022”, The insecticide seed treatment market was valued at USD 2.73 Billion in 2016. It is projected to grow at a CAGR of 11.3% from 2017, to reach a projected value of USD 5.04 Billion by 2022.
Rise in need for food security for the growing population and increase in crop loss due to frequent pest attack, along with change in farming practices (from traditional to conventional), have been of importance to the growth of the global insecticide seed treatment market in agriculture. Insecticide seed treatment are used to achieve high-quality crop yield to cater to the increasing population and the consequently growing food demand. Hence, insecticide seed treatment will be viewed as a business opportunity in the next five years. As a result, many multinational players have entered this market to produce various insecticide seed treatment that can be used for crops.
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Significant growth expected in the neonicotinoid segment
Insecticide seed treatment are used to control insect pests by specifically inhibiting or killing the insect causing the infection. The ease in application mode has made these insecticide seed treatment more convenient to use for the farmers. Neonicotinoids are projected to be the fastest-growing chemical sub-type between 2017 and 2022. The most promising advantage of neonicotinoid insecticides in pest control is their water solubility, which allows them to be applied to the seed and be absorbed by plants. Seed treatment applications reduce the risks of insecticide drift from the target site.
The cereals & grains segment projected to be the fastest-growing market during the forecast period
Cereals & oilseeds dominated the insecticide seed treatment market in 2016; it is projected to grow at the highest CAGR of from 2017 to 2022. Over the past few years, there has been a surge in global demand for grains and oilseeds, due to the use of animal feed and vegetable oil for biodiesel and human consumption. Oilseeds are widely consumed by people in developing countries and are gaining even more importance as cash crops.
With a global increase in consumption of fruits & vegetables and growth in demand for tropical and exotic fruits & vegetables in the developing countries, this segment is likely to witness a growth by 2022.
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Increase in need for food security, high investment in R&D, and change in farming practices—key to success in the South American region
South America is one of the largest contributors to the global insecticide seed treatment, due to the increase in use of insecticide seed treatment through advanced agricultural techniques and rise in need for food security in the South American countries. Brazil and Argentina were the largest country-level markets in the South American region in 2016. High market penetration by the leading insecticide seed treatment companies, for enhancing the agricultural growth and productivity, and the decrease in arable land are the main factors influencing the growth of the insecticide seed treatment market in South America.
This report includes a study of marketing and development strategies, along with the product portfolio of leading companies. These companies include BASF SE (Germany), Monsanto Company (U.S.), Sumitomo Chemical Co., Ltd (Japan), and Bayer CropScience AG (Germany); these are well-established and financially stable players that have been operating in the industry for several years. Other players include Syngenta AG (Switzerland), and Nufarm Ltd. (Australia).