A number of factors such as the burgeoning demand for basic grains and vegetables on account of the booming population, increasing support of governments and private organizations for the agriculture sector, soaring need for biofuels, and surging use of technologically advanced solutions are expected to propel the seed treatment market growth in this decade. In recent years, technological advancements in seed coating delivery systems have become a prominent market trend.
The rising need for basic grains and vegetables, owing to the booming global population, will drive the global demand for seed treatment products in the coming years. As per the UNFPA, the global population will grow from 7.7 billion in 2019 to approximately 9.7 billion by 2050 and nearly 11 billion around 2100. Population boom will create a huge requirement for seed treatment products, as good quality seeds are the basic need to increase crop production and its quality.
According to P&S Intelligence, the cereals and grains category, within the crop type, held the largest share in the seed treatment industry in 2020, and it is also expected to retain its dominance in the coming years. This can be attributed to the soaring per capita income and the booming population. With a surge in per capita income, people around the world are consuming a high volume of barley, sorghum, ragi, corn, and rice. Additionally, the increasing urbanization rate and the changing customer taste, occupational structures, and lifestyle will also boost the market growth in this category.
Presently, the seed treatment industry is dominated by Adama Ltd., Bayer AG, BASF SE, Corteva Inc., Croda International Plc, Eastman Chemical Company, FMC Corporation, Nufarm Limited, Novozymes A/S, and Syngenta AG. Nowadays, these players are actively focusing on product launches to consolidate their position. For instance, in March 2020, Corteva Inc. unveiled Lumivia CPL, a non- neonicotinoid-based seed treatment product, to protect the seeds of lentils, cereals, and peas from pests.
Thus, the booming need for food products and biofuels will drive the demand for seed treatment products, worldwide.
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