July 21, 2021
According to the business intelligence report titled ‘Global Agricultural Coatings Market Size study, by Category (Fertilizer coatings, Seed coatings, Pesticide coatings ), by Application ( Insecticides , Herbicides, Fungicides, rodenticides, other pesticide coatings), and Regional Forecasts 2021-2027’, available with Market Study Report LLC, global agricultural coatings market was evaluated at USD 3.5 billion in 2020 and is anticipated to be worth USD 5.73 billion by 2027, expanding at 7.3% CAGR between 2021-2027.
Rising investments in agricultural sector, environment friendly nature of coating system, and sustainable approach to combat health & environmental risks are key factors responsible for global agricultural coatings industry augmentation.
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For the unversed, agricultural coating is the process of covering seeds with small amounts of exogenous substances. It is gaining popularity as an efficient delivery system for PBM (plant beneficial microbes) as well.
Moreover, growing investments to maximize durability & productivity will aid market growth as well. According to the IBEF (India Brand Equity Foundation), USD 15.34 million was allocated by the Government of India in FY 2019-20 to encourage organic farming through the Soil Health Card Scheme.
On the other hand, implementation of time-consuming and stringent regulatory policies by governments will act as a challenge for the business operating in this domain.
Based on category, global agricultural coatings industry is divided into seed coatings, fertilizer coatings, and pesticide coatings. Speaking of application scope, the business sphere is bifurcated into rodenticides, insecticides, fungicides, herbicides, and other pesticide coatings.
The report provides crucial insights into growth rate estimates, market share held, and revenue garnered by each segment. It also includes in-depth account of key players, their product & service offerings, and profit margins.
From regional frame of reference, Europe held majority of worldwide agricultural coatings industry share in 2020, due to adoption of advanced technology in agricultural farming. Meanwhile, Asia Pacific market is estimated to record significant growth rate through 2027, owing to efforts for high crop yield, and growing disposable income.
Key players profiled in the report are BASF SE, Pursell Agri-Tech LLC, Bayer AG, Precision Laboratories LLC, Clariant AG, Milliken Chemical Company, Croda International plc, Germain’s Seed Technology Inc., and Michelman Inc.
These companies have undertaken strategic decisions such as partnerships, collaborations, product launches, mergers & acquisitions, and investments in research & development to enlarge profit margins and strengthen their foothold in this business sphere.