The Latin America Insecticide Seed Treatment Market size was around USD 1.04 billion in 2017. It is expected to grow at a CAGR of 12% to reach USD 1.83 billion by 2022. It captures 35% of the global market.
The growth in this market is driven by the increasing area under GM crops & other high value crops, resulting in increased usage of seed treatment solutions on high-priced seeds. Additionally, increasing crop demand for biofuel and feed has compelled farmers to increase yield by minimizing crop loss due to pest attacks (soil borne & others), which in turn is fuelling the market.
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The market is segmented by type, by crop type, by form and by application technique. By type the market is categorized into Synthetic Chemical and Biological. Synthetic chemical is further sub-segmented into Neonicotinoids, Pyrazoles, Pyrethroids, and others. The biological seed treatment market is anticipated to experience a higher CAGR during the aforementioned forecast period, because it is an environment-friendly method for crop protection. It is preferred by organic growers since the products are manufactured from natural sources. By application technique the market is segregated into Seed coating, Seed pelleting, and Seed dressing. Seed dressing is the most widely used method of seed treatment, and commanded more than half of the total market in 2016. Coating and pelleting seed treatment techniques are costly, rendering these methods financially burdensome for high tonnage and low-cost seeds like cereals, which are the key crop types leading the market. By form the market is categorized into Powder and liquid. By Crop type the market is categorized into Cereals & Oilseeds, Fruits & Vegetables, and others. Cereals & Oilseeds is further sub-segmented into corn, wheat, rice, soybean, and others. Cereals & oilseeds were the most dominant crop type; the segment is also projected to grow at the highest rate during the forecast period. Demand for grains and oilseeds has been increasing over the years as a result of factors such as rising population, regional variations in consumption patterns and income distribution, and changes in food tastes & preferences of consumers. Furthermore, changes in the dietary patterns pertaining to the consumption of animal products have led to an increased demand for grains & oilseeds as feed.
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By geography the market is segmented into Brazil, Chile, Argentina and others. South America dominated the insecticide seed treatment market in 2016 and is also estimated to be the fastest-growing market, due to the risen area under major crops that require seed treatment, like corn and soybean.
Key players in the market include BASF SE (Germany), Syngenta Crop Protection AG (Switzerland), Nufarm Limited (Australia), Bayer AG (Germany), and Platform Specialty Products Corporation (U.S.).
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