Seed treatment helps protect the seeds and young plants from various diseases, insects, and weeds that can limit crop establishment and reduce yield. Seed treatment products contain chemical and biological active ingredients that control or prevent seed and soil-borne diseases. This offers advantages like earlier plant establishment, uniform crop emergence, and reduction in need for foliar fungicides and insecticides. The need for enhancing and sustaining agricultural production to meet the rising global food demand is driving demand for seed treatment products.
The Global Seed Treatment Market Size is estimated to be valued at US$ 7.87 Bn in 2023 and is expected to exhibit a CAGR of 19% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Improving overall crop yield presents a key market opportunity for seed treatment products. Seed treatment protects seeds and young plants from diseases and pests, allowing for better germination and establishing uniform stands. This results in improved plant health and growth throughout the crop cycle. By increasing crop establishment and reducing early season plant losses, seed treatment helps boost overall crop yields. The opportunity to significantly increase productivity on existing farmland through enhanced seed treatments is driving demand. With rising global population and pressure to sustainably increase food production, seed treatment products allowing higher crop yields remain an important market opportunity.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the seed treatment market is moderate. Establishing seed processing capabilities require high capital investments. However, small specialty companies can enter the market by collaborating with large established players.
Bargaining power of buyers: The bargaining power of buyers in the seed treatment market is high. Buyers have a choice for seeds and treatments. They can choose between branded and generic seed treatment products.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Key raw materials suppliers include manufacturers of crop protection chemicals and seeds. Suppliers have a moderate threat as they can switch to other seed treatment companies.
Threat of new substitutes: Threat of substitute in the seed treatment market is low. New substitute technologies require high R&D investments and are not widely adopted as seed treatments offer effective crop protection.
Competitive rivalry: The competitive rivalry is high due to presence of few large multinational companies offering patented seed treatment products.
SWOT Analysis
Strength: Seed treatment offers effective protection against various pests and diseases thereby boosting crop yields. These products are cost-effective compared to curative agricultural inputs.
Weakness: Over-dependence on crop protection chemicals can lead to development of pest resistance over time. Strict regulations around residue limits pose challenges.
Opportunity: Adoption in developing markets and demand for high-value specialty seeds present lucrative growth opportunities. Innovation in biological and natural seed treatment products is gaining traction.
Threats: Volatility in raw material prices can squeeze margins. Growing preference for organic farming poses threat to synthetic seed treatment market.
Key Takeaways
The global seed treatment market is expected to witness high growth over the forecast period driven by growing population and need to boost crop yields. Asia Pacific dominates the global seed treatment market currently owing to large area under agriculture and high crop demand in countries like India and China. Key players operating in the seed treatment market are Trimble Inc., 3D Systems Inc., ShapeGrabber Inc., Creaform, Hexagon AB, GOM, 3D Digital Corp, Faro Technologies Inc., Autodesk, Inc., Topcon Corporation, and Maptek Pty Ltd. Regional analysis of Asia Pacific region comprises Countries like India, China dominates the seed treatment market in Asia Pacific region owing large area under cultivation, favorable government schemes to promote seed treatment. Key players analysis - Key players operating in the seed treatment market are Trimble Inc., 3D Systems Inc., ShapeGrabber Inc., Creaform, Hexagon AB, GOM, 3D Digital Corp, Faro Technologies Inc., Autodesk, Inc., Topcon Corporation, and Maptek Pty Ltd.
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