Seed Coating Ingredients Market to Witness Heightened Revenue Growth During the Forecast Period 2022
Seed Coating Ingredients Market: Introduction
A recent study published by Transparency Market Research on the seed coating ingredients market includes global industry analysis and opportunity assessment for 2019-2029. The global seed coating ingredients market was valued at ~US$ 1 Bn in 2019. The market is projected to rise at a CAGR of ~8% to reach ~US$ 3 Bn by 2029.
Slow growth rate is expected in the seed coating ingredients between 2021 and 2022 due to the outbreak of COVID-19. The world is facing economic crises as a result of which, farmers are incurring huge losses. The reduced price of crops and vegetables may negatively impact farmers due to which, it is expected that seed coating ingredients market will show stagnant growth rate over the next two years.
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Better Shelf Life and Storage of Traditional and Hybrid Seeds with Seed Treatment Promotes Usage of Seed Coating Ingredients
The use of the seed coating ingredients protects seeds from external factors. The new property of dust-free coating and easy flowability due to the use of seed coating ingredients have resulted in improved shelf life of seeds. Traditional seeds that are being used since years are affected by various factors during storage and result in spoilage. In order to avoid this, seed coating ingredients that are being used in seed products are selected after a lot of research so that risk of spoilage is kept at minimum. Rising awareness of this factor among consumers has increased due to which, the demand for seed coating ingredients is increasing rapidly.
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Need for Soil Replenishment Caused by Limited Crop Rotation Practices Increases Use of Seed Coating Ingredients
In the times of urbanization and changing lifestyles of consumers, farmers are more inclined to grow crops, fruits, and vegetables that are high in demand and have high-value. This has reduced crop rotation practices that were traditionally used for replenishment of nutrients in the soil. Seed coating ingredients include the ones that provide micronutrients to the seed through the coat such as the Rhizobium and others. These micronutrients help seeds to grow by providing them required nutrients, which are available in the soil. Thus, the use of seed coating products is for multiple purposes and this has kept the demand for seed coating ingredients high.
High Cost of GM Seeds Encourages Use of Seed Treatment in Place of Traditional Hybrid Seeds
Genetically modified seeds are in their introductory phases and thus, their prices are higher than other seeds that are either traditional or hybrid. The use of GM seeds is high but the customer base for these seeds is steady due to the controversy over genetic modification. This has resulted in consumer demand for seeds with advanced quality and good-looking seeds. Thus, seed coating products are used for modifying traditional seeds and enhancing their properties. This has increased the demand for seed coating ingredients in the global market, especially in regions that have fluctuating climatic conditions but a huge agricultural market.
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