NEW YORK, Jan. 18, 2016 /PRNewswire/ -- In order to cater to the demand for higher food production with increasing agricultural input consumption across the globe, farmers are focusing on boosting crop production and their nutritive values. Seed treatments are seen as a technique that can improve their return on investment. Seed treatments play an essential role in protecting crops from pests and improving their yield.
Leading companies in the seed treatment market are continuously developing new products, technologies, and methods for manufacturing seed products with high proficiency. Thus, the seed treatment market has been gaining global acceptance among farmers. The leading players in this market are Syngenta AG (Switzerland), Bayer CropScience AG (Germany), BASF SE (Germany), Nufarm Ltd (Australia), Sumitomo Chemical Co. Ltd (Japan), and Platform Specialty Products Ltd. (U.S.). These players are adopting different strategies to grow and develop in the seed treatment market. Licensing, new product launches & licensing agreements, and research collaborations have been the key strategies adopted by market players for global expansion.
The market for seed treatment is estimated to be USD 4.82 billion in 2014, and is projected to reach USD 8.87 billion by 2020, at a CAGR of 10.8%. In 2014, North America was the largest market; this market, it is projected to grow to USD 3.65 billion by 2020, at a CAGR of 11.9%, as studied from 2015. Latin America is the second-largest market of seed treatment, and is projected to grow at a CAGR of 11.1% during the forecast period. The U.S. was one of the leading market for seed treatment in North America and accounted for nearly 85% share in 2014. India was one of the leading consumers of seed treatment in Asia-Pacific market, and is projected to be the fastest-growing market, globally, at a highest CAGR from 2015 to 2020.
The seed treatment market, in this study, consists of the following crops: corn, rice, wheat, soybean, cotton, canola, sunflower,and others that include fruits & vegetables, turf, ornamental & forage crops, and other cereals & oilseed crops.
The crop protection chemical seed treatment accounted for a larger market share in 2014, and is projected to grow with the increasing demand from the agriculture and food industries. This market is projected to grow at as highest CAGR of 11.2% from 2015 to 2020.
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