According to the report published by Mordor Intelligence, the global nematicides market has witnessed prominent growth recording a CAGR of 4.60% during the forecast period, 2018-2023. The global nematicide market was valued at USD 1283.2 million in 2017 and it is expected to reach a value of USD 1677.2 million by 2023.
The report involves segmentation of the global nematicides market on the basis of chemical type, application type, formulation, and geography. To analyze the competitiveness in the industry, Porter’s five forces analysis is also included in the study.
By chemical type, the market is segmented into fumigants, organophosphates, carbamates, and bio-based nematicides. Based on the application type, the market is divided into crop-based and non-crop based in terms of nematicides. Based on the type of formulation, it is segmented into gas-based, liquid-based, granular or emulsifiable liquids based and other formulations. On geographical basis, global nematicides market is segmented into: North America, Europe, Asia-Pacific, South America, and Africa.
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By chemical type, fumigation holds around half of the market share. However, bio based nematicides are expected to witness the highest growth, registering a CAGR of 11.8%, during the forecast period. By geography, North America is the largest market followed by Europe. Furthermore, Asia-Pacific is projected to experience significant growth in the segment, driven by focus on increasing agricultural productivity and yield per unit in regions having limited arable land and is likely to witness a CAGR of 6.34% during the forecast period 2018-2023.
Nematicides Market Dynamics
Growing demand for bio-based nematicide, organizations promoting integrated pest management, growing food demand, and shrinking agricultural land are the key factors driving the market. However, burgeoning research & development cost and major region facing pesticide ban are some of the factors which are expected to constrain the market. Growing awareness and demand for organic products acts as an opportunity for the existing companies in this market to grow and expand and other companies to enter this market.
According to Mordor Intelligence research and analysis, Syngenta, Dow Dupont, Bayer Cropscience, and FMC Corporation are the leading companies operating in the nematicides market. Marrone Bio Innovations, BASF SE, Monsanto, and Nufarm Ltd. are the other prime companies in the market. In the global nematicides market, companies are not just competing over product quality and product promotion but are also focused on strategic moves, to acquire larger market shares. The players in the market are investing heavily in this market in order to diversify their biological research divisions in the expanding market place.