Nurturing the Growth: Exploring the Opportunities in the Seed Treatment Market
A number of factors such as the burgeoning demand for basic grains and vegetables on account of the booming population, increasing support of governments and private organizations for the agriculture sector, soaring need for biofuels, and surging use of technologically advanced solutions are expected to propel the seed treatment market growth in this decade. In recent years, technological advancements in seed coating delivery systems have become a prominent market trend.
The rising need for basic grains and vegetables, owing to the booming global population, will drive the global demand for seed treatment products in the coming years. As per the UNFPA, the global population will grow from 7.7 billion in 2019 to approximately 9.7 billion by 2050 and nearly 11 billion around 2100. Population boom will create a huge requirement for seed treatment products, as good quality seeds are the basic need to increase crop production and its quality.
Moreover, the mounting demand for biofuels will also contribute to the seed treatment market growth, globally. The surging use of biofuels can be credited to the soaring environmental concerns and the increasing number of initiatives being taken by public and private organizations supporting the use of renewable products. As biofuels are produced from plant products, better quality seeds will result in the production of good quality biofuels. For example, bioethanol is derived through the fermentation of sugar extracted from starchy crops, such as sugarcane.
Globally, the APAC region accounted for the largest share in the seed treatment market in 2020, and it is also expected to continue witnessing the same trend throughout this decade. The dominance of the region can be credited to the large-scale production of crops in Australia, India, China, Vietnam, and South Korea, owing to the vast population of these countries. According to the 2022 World Population Review, the population of India and Vietnam will grow from 1.4 billion in 2021 to 1.5 billion by 2030 and 98.2 million in 2021 to 104.2 million by 2030, respectively.
Thus, the booming need for food products and biofuels will drive the demand for seed treatment products, worldwide.