North America Cotton Seed Treatment Market is projected to register a CAGR of 8.9% during the forecast period. The vast area under cotton cultivation coupled with soil born pests is the prime driver of the market. A significant shift was noticed in the adoption of genetically modified cotton in north American countries. In 2018, the United States planted 5.06 million hectares of GM cotton. The widespread adoption of GM cotton has resulted in increased usage of cotton seed treatment products.
Key Market Trends
Increasing Cotton Cultivation Drives the Market
Rising cotton cultivation in the North American region has been directly promoting the cotton seed treatment market. According to FAO, the total cotton cultivation area increased to 4.2 million hectares in 2018 from 3.8 million hectares in 2016. It is anticipated that the growing demand for cotton from the textile industry boosts cotton cultivation in North America fuelling the cotton seed treatment market.
United States Dominates the Market
The Unied States dominates the market as it produces almost 95% of the cotton in North America. According to FAO, The country produced 11.4 million metric tons of cotton in 2018, with an area of 4.2 million hectares. According to ITC Trade Map Database, The country is the second-largest exporter of cotton with an export value of USD 6.1 billion in 2019, which is USD 398 million more than the export value in 2018. Therefore owing to the huge import demand from other countries the cotton cultivation is anticipated to grow at a lightening rate, elevating the cotton seed treatment market.
The North America cotton seed treatment market is consolidated with a few players holding a major share of the market. these players are dominating the market with their unique product portfolio and innovative strategies. Their strategies include new product launches, mergers, and partnerships. Bayer AG, Syngenta, Nufarm Corteva, and BASF are some of the leading players in the region.
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