Albany, NY -- (SBWIRE) -- 01/22/2018 -- As leading companies lock horn in a rather fragmented vendor landscape, the global nematicide market is set to witness product launches. For instance, the market witnessed the launch of MAJESTENE™ Bio nematicide, which is a high-performance and broad-spectrum natural bionematicide, by Marrone Bio Innovations in 2016. Another case in point could be the launch of Rugby 200 CS nematicide by FMC in 2014. Other than product launches, key players can be seen focusing on strategic collaborations. Mergers and acquisitions are conducted with an aim of expanding regional footprint and product portfolio, finds Transparency Market Research (TMR) in a new study. According to the report, DowDuPont Inc., Syngenta International AG, Bayer AG, FMC Corporation, Monsanto Company, and Nufarm Ltd. Company are some of the prominent enterprises operating in the global nematicide market.
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Between 2017 and 2025, the market is forecast to steadily progress at 3.3% CAGR. At this pace, the global nematicide market will value US$1,326.99 mn by the end of 2025. According to TMR, the market stood at US$995.01 mn in 2016. If analyzed based on crop, the fruits and vegetables segment is expected to hold dominance in the global nematicide market. During the course of the report's forecast period Asia Pacific is expected to showcase the highest CAGR of 7.8% CAGR between 2017 and 2025.
In the last few years, the global nematicides market has exhibited considerable growth fuelled by rapid industrialization and the consequently diminishing availability of arable and fertile land. The need to ensure maximum yield from agricultural land has compelled farmers and land owners to invest in high quality fertilizers and insecticides. Riding on this factor, the market is likely to tread along a steady trajectory. Nematicides are pesticides, which are used to eradicate nematodes and other highly prolific pesticides. Besides the steadily rising demand from the agricultural sector, the market has witnessed rise in industrial applications as well.
"Reducing arable and fertile land has inversely fuelled the demand for high yielding crops to meet the surging food requirement of global population," said a lead TMR analyst. In addition, the rising demand for advanced crop protection has bode well for the global nematicide market. With governments extending support to bio-nematicides as a preferred alternative to conventional synthetic products, the market will gain pace in response. Furthermore, the rising willingness of consumers to spend on high quality food will boost the global nematicide market in the coming years. In addition, globalization and recent technological developments are slated to have positive influence on the global nematicide market.
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On the flip side, concerns pertaining to the ill-effects of using pesticides and associated perceptions regarding environment and health degradation could stall the market's growth to an extent. Moreover, international organizations such as the National Institute of Environmental Health Sciences (NIEHS) and the Environment Protection Agency have implemented various regulation to curb the ill-effects of pesticides and insecticides, which are likely to restrain the global nematicide market to an extent. Additionally, the surging development of transgenic crops is expected to have a negative impact on the global nematicide market in the coming years.