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Global nematicides market worth $1.34 bn by 2020
Sep. 8, 2015
The global nematicides market is projected to reach USD 1.34 Billion by 2020, at a CAGR of 3.2%, according to a new report. The nematicides market is one of the major pesticides market and is estimated to dominate the agrochemical industry from 2015 to 2020.
Agrochemicals are estimated to register high growth rate due to the increased production of the same in the developing nations. The demand for agrochemicals is expected to rise from the Asia-Pacific region, particularly from China, Japan, and India. The increasing agricultural activities, coupled with the rising domestic demand, are driving the growth for nematicides in this region. With rapid urbanization and expansion of the global population, more and more agricultural land is being converted into industrial areas, thereby reducing the overall arable land gradually. It is necessary to maximize the yield from the available arable land to meet the rising needs of the growing population. Thus, the use of nematicides is being highly adopted across the globe to increase the yield from the available land which in turn is boosting the demand for nematicides globally.
In 2015, North America is estimated to be the largest market for nematicides. Asia-Pacific is projected to be the fastest-growing market for nematicides during the forecast period. This market is driven by the increasing population, leading to rising demand for food which spurs the growth of the nematicides market.
Source: MarketsandMarkets (M&M)
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