The Maize Seed Treatment Market size is estimated at USD 1.77 billion in 2024, and is expected to reach USD 2.63 billion by 2029, growing at a CAGR of 8.40% during the forecast period (2024-2029).
Commercial maize hybrids are increasingly becoming popular across the world. Traditionally, North America, Europe, and South America have been cultivating commercial maize hybrids, since last two decades. However, increasing seed replacement rates and rising adoption of hybrids led to a remarkable growth of developing markets, such as Asia-Pacific and Africa. In 2018, seed replacement rates in Asia-Pacific stood at close to 80%. Increased adoption of hybrid varieties and penetration of advanced hybrids, including genetically modified varieties, have resulted in a booming market for commercial applications of maize seed treatment products. These products are being sold at a B2B level to seed companies. An increase in the number of seed companies selling maize hybrids has also supported the market for commercial applications of maize seed treatment products. The next frontier of hybridization and increased seed replacement rates is Africa, where the metrics related to these are expected to increase at a robust pace over the forecast period.
Maize is grown over approximately 35 million hectares in North America. It is the most important grain crop in the region, with extensive application as grain, animal feed, and forage. Increased adoption of genetically modified and hybrid seeds in the region makes the geographical segment the largest among all the regions across the world. The market is driven by commercial applications, where companies are launching products that satisfy the crop protection needs of the farmer, while keeping sustainability of the soil and environment in mind. The region is expected to remain the largest geographical segment in the maize seed treatment market over the forecast period.
The maize seed treatment market is highly consolidated, with the top global players occupying more than 70% of the market share. The greater market shares of these players can be attributed to highly diversified product portfolio and numerous acquisitions and agreements. Moreover, these players are focusing on R&D, expansion of product portfolio, wide geographical presence, and aggressive acquisition strategies. Some of the key players in the market include BASF SE, Syngenta AG, Adama Agricultural Solutions, UPL Limited, and Bayer Crop Science, among others.
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