Market Trends of Soybean Fungicide Seed Treatment Industry
This section covers the major market trends shaping the Soybean Fungicide Seed Treatment Market according to our research experts:
Rapidating Demand for Biological Seed Treatment
The rising environmental concerns, especially in many developed regions, the demand for biological seed treatment is rising, fueling the market's growth during the forecast period. Hence, more chemical companies are offering biological seed treatments to capture the market demand. Major players are selling soybean seeds treated with a combination of biologicals and chemicals to the growers in the United States. For instance, several pioneer soybean seed products sold in North America are treated with biological seed treatments to improve stand, plant vigor, and yield.
Biological seed treatments use active ingredients, including living microbes, fermentation products, plant extracts, phytohormones, and even hard chemistry, to have a favorable impact on plants. Owing to their ability to optimize plant growth, minimize stress, and boost overall yield by empowering the genetic potential of the plant, biological seed treatments are witnessing increasing demand.
Recognizing the potential, more companies are entering the biological seed treatment market space. In 2021, the FMC corporation entered into distribution agreements with Syngenta Crop Protection to commercialize Draco, a biological seed treatment for corn and soybean in Canada. The product has a unique mode of action that combines bacillus licheniformis and bacillus subtilis to offer Canadian farmers protection against yield-robbing root pests, such as rhizoctonia and nematodes.
South America Dominates the Market
In 2020, Brazil was the top producer of soybean in the world acoording to the Food and Agriculture Organization(FAO). This, coupled with increasing fungal diseases, leads to the hiher application of seed treatment fungicide and is anticipated to be increase in the coming years. Soybean rust, caused by Phakopsora pachyrhizi, is the major fungal infestation in the country. However, soybean is majorly affected by insects, compared to other pests.
Increasing farm size and decreasing crop rotation, coupled with rising awareness on Bio agribusiness are some of the factors contributing to the continuing strength of Brazil's seed sector which leads to the rapid adoption of high-value seeds. With Brazilian crop production narrowly focused on soybeans along with maize, virtually every seed gets treated, often more than once before it is planted.
In recent years, increased adoption of advanced technologies and management practices in agriculture can be witnessed, including biological seed treatments that significantly improve implantation and reduce costs. In this regard, in 2018, Syngenta launched Vibrance Maxx, a soybean seed treatment in the Argentine market. Therefore, being a major producer and exporter for soybeans, increased adoption of innovating technologies, coupled with the active participation of players, the soybean fungicide seed treatment market is anticipated to grow during the forecast period.
