The Agricultural Coatings Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Agricultural Coatings Global Market Report 2024, The agricultural coatings market size has grown strongly in recent years. It will grow from $3.83 billion in 2023 to $4.2 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to increased demand for crop protection, regulatory compliance, enhanced productivity, global agricultural trends, market expansion.
The agricultural coatings market size is expected to see strong growth in the next few years. It will grow to $5.83 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to sustainable agriculture practices, climate change adaptation, bio-based and organic coatings, global population growth, market innovation and research. Major trends in the forecast period include advanced formulations and technologies, sustainable and eco-friendly solutions, precision agriculture integration, smart coatings and iot integration, customization for varied agricultural applications.
Increasing demand for food will propel the growth of the agricultural coatings market going forward. Food can be defined as substances that can provide protein, carbohydrate, fat, and other nutrients used in an organism’s body and are essential for its proper growth and other nutrients used in the body of an organism necessary for its proper growth. Agricultural coatings give chemical resistance so that dangerous chemicals won’t also be carried through food products when machinery passes through them. For instance, in July 2022, according to an article by the Food and Agriculture Organization, an Italy-headquartered international organization of the United Nations, there were approximately 828 million people globally affected by hunger in 2021, an increase of 46 million people compared to 2020. Furthermore, in February 2022, according to a report published by the World Food Programme, an Italy-headquartered international organization of the United Nations that provides food assistance, there will be 345.2 million people projected to be food insecure in 2023, which is double compared to 2020 and 200 million more compared to pre-pandemic levels. More than 900,000 people around the globe are fighting the food crisis. Therefore, increasing demand for food is driving the growth of the agricultural coatings market.
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The agricultural coatings market covered in this report is segmented –
1) By Category: Seed Coatings, Fertilizer Coatings, Pesticide Coatings
2) By Coating: Polymers, Colorants, Pellets
3) By Coating Type: Powder Coating, Liquid Coating
4) By Application: Agricultural Vehicles, Agricultural Machinery, Agricultural Tools, Other Applications
5) By End use: Insecticides, Herbicides, Fungicides, Rodenticides, Other Pesticide Coatings
Technological advancements are a key trend in the agricultural coatings market. Major players operating in the agricultural coatings market are concentrating their efforts on introducing new and advanced technologies to strengthen their position in the market. For instance, in March 2022, Germains Seed Technology, a UK-based provider of seed technology solutions, launched Spinach Goseed, a nutrient-rich coating technology and bio-stimulants created specifically for spinach to enable plants to more effectively handle abiotic stress. Spinach Goseed focuses on enhancing early plant nutrition throughout the plant’s emergence and early growth stages to ensure its success in a variety of growing situations. In each of the multiple trials, spinach goseed produced an average of 21% more final yields, 30% better plant stand, and 31% better emergence. With this technology, the company embraces the next generation of seed health technology solutions that give more natural plant-supporting options by fusing carefully chosen nutrients with bio-stimulants and other micro-ingredients.
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