PUBLISHER: DataM Intelligence | PRODUCT CODE: 1418712
PUBLISHER: DataM Intelligence | PRODUCT CODE: 1418712
Global Seed Treatment Fungicides Market reached US$ 1.91 billion in 2022 and is expected to reach US$ 3.72 billion by 2030, growing with a CAGR of 8.72% during the forecast period 2023-2030.
Seed treatment fungicide is gaining popularity among farmers as agricultural chemicals are being applied to the seeds or younger seedlings, it provides protection to the crop from fungal diseases and also reduces plant vigor, which helps in increasing crop productivity. These factors help in increasing the global seed treatment fungicide market.
The seed treatment fungicide market is continuously evolving as it provides several benefits to the farmers such as protection of seeds from fungal disease, enhancing the overall crop health, helps in increasing crop productivity. They are applied directly on the seeds which can help in reducing the capital for fungicides. These factors help in increasing the market size.
The government and major manufacturing companies are working together to expand the market. For instance, In December 2022, In North America, Albaugh announced that the company has received registration from the U.S. Environmental Protection Agency for Ace™ 3.8L ST, a new fungicide seed treatment that contains the active ingredient Ipconazole, which has some specifications such as delivering enhanced handling, stability and performance. These products can help in boosting the market.
The demand is rising as farmers and agribusinesses are becoming aware of the benefits of seed treatment fungicides. As seed treatment fungicides offer various benefits such as convenience, effective in protecting the seeds from fungal diseases by providing a uniform coating of chemicals on them, also help in enhancing the overall crop health and productivity.
Furthermore, the increase in demand for innovative products makes the key players launch high-quality products into the market in order to increase their portfolios and market. For instance, in May 2022, Bayer Vietnam launched an innovative product which is Routine Start 280FS, a new seed treatment product to protect early-season rice seeds from rice blast fungi, improving crop productivity and resource efficiency for rice farmers. These products can help in increasing the market size.
The seed treatment fungicide provides protection to the seeds or younger seedlings before the cultivation process itself, the farmers are more attracted to these as they are low-cost protectants when compare to the other convenient fungicides. They also help in minimizing the capital cost of fungicides. These factors help in increasing the adoption of seed treatment fungicides.
Furthermore, the government is providing some schemes for seed processing and trade, For instance, the OECD seed schemes of 2021, for varietal certification or the control of seed moving in International Trade, stated that the varietal certification of seed is to encourage the use of seeds of consistently high quality in participating countries. The Schemes authorize the use of labels and certificates for seed produced and processed for international trade. This help in increasing the adoption of seed treatment fungicides to produce high-quality product.
Over time, some pathogens, insects, and pests can develop resistance to certain fungicides, which reduces their efficacy and necessitates the use of alternative treatments. The development of resistance may require more frequent rotations or combinations of fungicides, potentially hampering the market for seed treatment fungicides.
For instance, the report published in The Hindu in April 2023 stated that the tea research association said the revenue loss due to pest infestation in tea plantations is 147 million kg of volume of 2,865 crore INR per year. This destruction of crops leads to the distribution channel. This leads to restraining the market growth.
The global seed treatment fungicides market is segmented based on type, crop type, form, application, product, distribution channel, and region.
The seed coating fungicide segment holds a major share of the global seed treatment fungicide market and countries like the U.S., and Canada have shown the highest growth in the market. Farmers are highly preferring seed treatments as they primarily target soil-borne fungi including pythium, Rhizoctonia, and others. They provide a uniform layer to seeds for protection which reduces the dependency on other fungicides. These factors help in increasing the market size.
Furthermore, Many manufacturers are producing unique products to attract larger consumer bases. For instance, In May 2022, Syngenta Crop Protection's Seedcare business launches VICTRATO®. It is a new seed treatment that targets nematodes and key soil-borne fungal diseases, increasing the quality and yield of many crops including soybeans, corn, and others. It also enables plants to optimize water and nutrient uptake while increasing stress tolerance and yield, delivering a greater return on investment for the farmer.
The North American seed treatment fungicides market has witnessed significant growth and popularity covering maximum share in 2022. The farmers in this region are more attracted to the seed treatments as they provide uniform coverage of fungicide and direct protection to the crop to seeds or younger seedling stage. This helps in reducing the damage to the crop from pests. These factors help in driving the market growth.
Furthermore, The increase in demand for seed production and processing in this region as they provide a wide range of varieties such as seed oils, which increases the adoption of seed treatment fungicides. For instance, In Nov 2022, BAF's leading oil seed production company acquired Cargill Canola Seed production company. this acquisition helps in expanding the high oleic canola seed production and processing business in North America which helps in increasing the adoption of seed treatments in this region.
The major global players include: BASF SE, Syngenta AG, Nufarm, Bayer AG, FMC Corporation, Adama India Private Limited, Corteva, PGG Wrighton Seeds, Helena Agri-Enterprises, LLC, and Sumitomo Chemical Co., Ltd.
The pandemic had brought a negative impact on the global seed treatment fungicides most of the companies had shut down due to lockdown restrictions and the usage of chemicals such as fungicides, and pesticides for pest management is reduced as organic farming has raised during the pandemic. Australia had the largest organic agricultural area (35,7 million hectares), followed by Argentina (3,7 million hectares) and Spain (2,4 million hectares). This shows a negative impact on seed treatment fungicides.
The global seed treatment fungicides market report would provide approximately 81 tables, 94 figures and 181 Pages.