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Global nematicides market projected to reach $1.43 bn by 2022
Feb. 3, 2017
The global nematicides market is projected to grow at a CAGR of 3.30% from 2016 to 2022, to reach a projected value of USD 1.43 Billion by 2022. The nematicides market growth is driven by multiple factors such as better maintenance of soil health to achieve the required crop yield and emergence of South American countries as major contributors toward the growth of overall nematicides market.
The nematicides market has been segmented on the basis of type, form, method of application, application, and region. On the basis of type, this market has been segmented into fumigant, carbamate, organophosphate, bionematicide, and others (acetoprole, benclothiaz, DBCP, and metam). The fumigant segment, by type, dominated the nematicides market in 2015, owing to its larger use on high-value fresh produce crop varieties such as fruits & vegetables. The bionematicide segment is projected to grow at the fastest CAGR during the forecast period. This is largely attributed to the phasing out of chemical-based nematicides due to stringent government policies in developed countries and shift towards organic farming.
On the basis of form, the nematicides market has been segmented into solid (granular or powder) and liquid. The liquid-based nematicides segment has been projected to be the fastest-growing during the forecast period, owing to flexibility toward direct placement of the nematicides to the target crop and also due to their cost effectiveness.
On the basis of method of application, the seed treatment method is projected to be the fastest-growing from 2016 to 2022; owing to rise in the price of fertilizers & pesticides and its less harmful effects on the human health.
On the basis of application, the agricultural segment has been projected to be the fastest-growing during the forecast period. This can be attributed to rapid industrialization globally, reducing the agricultural land available to grow crops, leading to the use of nematicides to control nematodes and increase crop yield.
The nematicides market is dominated by North America, followed by Europe in 2015. The Asia-Pacific region is projected to grow at the highest CAGR owing to better crop protection practices adopted in the developing economies of the Asia-Pacific region and use of nematicides improves the soil condition and helps in better yield.
The nematicides market is fragmented and competitive, with a large number of players operating at regional and local levels. The key players in this market are BASF SE (Germany), Bayer CropScience AG (Germany), The Dow Chemical Company (U.S.), E.I. Du Pont De Nemours and Company (U.S.), and Monsanto Company (U.S). These players adopted mergers & acquisitions and new product launches as their key strategies.
Source: MarketsandMarkets (M&M)
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