Increasing Demand for Food and Approval of New Pesticides and Fungicides to Augment Growth of Seed Treatment Fungicides Market

 

Seed Treatment Fungicides
Seed Treatment Fungicides

Fungicides are biological active substances or biocides that
kill specific fungal species or fungi. A fungicide restricts their
proliferation. Fungi are known to cause serious economic damages in
agriculture, causing financial losses, quality, and crop loss.



Market Dynamics



Increasing demand for food is expected to propel growth of
the seed treatment fungicides market. For instance, according to Food and
Agriculture Organization, Asia Pacific needs to increase their food production
by up to 77% by 2050 to meet food demand of increasing population. Moreover,
decrease in arable land is also expected to aid in growth of the market. For
instance, according to the study ‘Will Limited Land, Water, and Energy Control
Human Population Numbers in the Future’, published in the journal Human
Ecology, the amount of arable land available per person will decrease to 1500m²
by 2050 from 4000m² in 1961.



Approval of new pesticides and fungicides is expected to
offer lucrative growth opportunities for players in the seed
treatment fungicides market. For instance, in December 2019, The U.S.
Environmental Protection Agency approved the use of 10 pesticide products on
hemp in time for the 2020 growing season, which include nine Biopesticides,
under the Federal Insecticide, Fungicide and Rodenticide Act. Moreover,
increasing investment in R&D is also expected to offer lucrative growth
opportunities for players in the market. For instance, in October 2019, Syngenta
AG announced to invest US$ 2 billion in R&D activities.



Increasing population is expected to propel growth of the
seed treatment fungicides market. For instance, according to projections by
Population Reference Bureau (PRB) included in the 2018 World Population Data
Sheet, the world population is expected to reach 9.9 billion by 2050, up 2.3
billion or 29% from an estimated 7.6 billion people in 2018.



Among regions, North America is expected to witness
significant growth in the seed treatment fungicides market, owing to increasing
sales of houseplants in the region. For instance, according to the National
Gardening Association’s National Gardening Survey 2020 Edition, U.S. sales of
houseplants increased to US$ 1.7 billion during 2018-2020.



Competitive Analysis 



Major players operating in the seed treatment fungicides market
include, BASF SE, Syngenta AG, Nufarm Limited, Glencore, Cargill, Inc., Bunge
Limited, Bayer Crop Science AG, and Monsanto Limited.



Major players operating in the seed treatment fungicides
market are focused on approval and launch of new products to expand their
product portfolio. For instance, in March 2021, BASF launched Vault IP Plus,
its new soybean seed treatment, during the first day of the 2021 Commodity
Classic.


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