The global seed treatment market size was US$ 6.1 billion in 2021. The global seed treatment market is forecast to grow to US$ 11.1 billion by 2030 by registering a compound annual growth rate (CAGR) of 10.5% during the forecast period from 2022 to 2030.
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The U.S. Bureau of Economic Analysis and the U.S. Census Bureau reports that the goods and services deficit rose from $68.7 billion in January 2023 to $70.5 billion in February, an increase of $1.9 billion. Due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion, the goods and services deficit increased in February. The goods and services deficit has decreased this year by $35.5 billion, or 20.3% when compared to the same period in 2022. $10.8% more, or $49.5 billion, was exported. Imports cost $2.2% more, or $14.0 billion, than exports.
Factors Influencing the Market
High-quality seeds are in high demand due to the growing population and changing consumer preferences. Thus, it is primarily driving the growth of the global seed treatment market. Further, the high costs associated with hybrids and genetically modified seeds as they are treated with chemicals will also fuel the demand for seed treatment during the study period.
Seed treatment has emerged as a substantial solution due to problems related to the regulations limiting the fumigation and foliar application of pesticides. Thus, it will contribute to the growth of the market. Further, the growing commercialization of new biotech crops, including soybeans, maize, cotton, etc., will benefit the seed treatment market over the forecast period. On the contrary, the low shelf life of treated crops may limit the growth of the seed treatment market.
The advancement of seed treatment technology and rising government support will drive market growth during the forecast period. Various government bodies are making efforts such as organizing nationwide campaigns to help farmers receive pesticides, herbicides, and fungicides. Thus, it will contribute to the growth of the global seed treatment market during the forecast period.
Regional Analysis
North America is forecast to hold the highest share in the global seed treatment market, owing to the rising dominance of the agriculture industry. Further, the agricultural sector in Europe is also growing at a substantial rate, which will contribute to the growth of the seed treatment market. The rising demand for organic food products, combined with the ongoing innovations in the agricultural industry, will contribute to the growth of the seed treatment market.
The Asia-Pacific seed treatment market is forecast to have a significant contribution due to rising awareness among consumers about the benefits of seed treatment. Further, growing disposable income and rising consumption of food due to the growing population will also contribute to the growth of the Asia-Pacific seed treatment market during the study period.
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COVID-19 Impact Analysis
COVID-19 pandemic affected the agriculture sector by creating a shortage of laborers. However, the seed treatment experience moderate impact primarily due to supply disruptions. Despite the fact that COVID-19 caused a temporary halt in manufacturing and supply chain disruption, the demand for food surged abruptly. In addition to that, manufacturing activities for essential goods were permitted throughout the forecast period. Thus, it has been positive for the global seed treatment market during the study period.
Competitors in the Market
? Syngenta International AG
? Bayer CropScience AG
? BASF SE
? Corteva Agriscience
? Adama Agricultural Solutions Ltd
? Germains Seed Technology
? UPL Limited
? Incotec Group BV
? Valent Biosciences Corporation
? Advanced Biological Marketing Inc.
? Other Prominent Players
Market Segmentation
The global seed treatment market segmentation focuses on Type, Application, Crop, and Region.
By Type:
? Insecticides
? Fungicides
? Other chemical treatment
? Nonchemical
By Application Time:
? Pre-treated
? Farm-treated
By Crop Type:
? Corn/Maize
? Soybean
? Wheat
? Canola
? Cotton
? Other
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By Region
�?� North America
o The U.S.
o Canada
o Mexico
�?� Europe
Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
�?� Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
�?� Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
�?� South America
o Brazil
o Argentina
o Rest of South America
What is the goal of the report?
? The market report presents the estimated size of the market at the end of the forecast period. The report also examines historical and current market sizes.
? During the forecast period, the report analyzes the growth rate, market size, and market valuation.
? The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
? The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance
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