The fungicidal seed treatment market was estimated to be USD 780.9 million in 2017 and is expected to register a robust CAGR of 10.3% in the forecast period (2018 – 2023). The companies involved in the manufacture of fungicidal products for seed treatment are constantly introducing new and improved products. At the same time, they are also investing in R&D for development of new products based on different active ingredients. On seed protection method based segmentation, fungicides segment has the largest market.
Several companies, like Bio-works, Marrone Bio-innovations, Bayer, and BASF, have recently come up with new biological fungicide products which are beneficial to the crops as well as the soil. A push towards food safety and security, along with government regulations on the usage of chemical pesticides, has increased the demand for bio-based products.
Asia-Pacific is the largest market for grains and cereals. All the major countries in the region are facing a shortage of farming land and there is an increased demand for food safety. Increasing awareness of the usage of certified and treated seeds has led to an increased demand for seeds in Asia-Pacific, especially in India. Also, major companies, like Bayer and Syngenta, are introducing varieties which are weather resilient as well as offer better yields. The companies in the region are also pushing to expand their services in order to spread awareness among farmers as well as to increase their customer base.
Major Players: BASF SE, Bayer CropScience AG, Bioworks Inc., Marrone Bio-Innovations, Dow DuPont, Monsanto Company, Nufarm Ltd, and Syngenta International AG, among others.
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