The global nematicides market size was valued at USD 1.50 billion in 2021. The market is projected to grow from USD 1.55 billion in 2022 to USD 2.12 billion by 2029, exhibiting a CAGR of 4.60% during the forecast period.
This information is presented by Fortune Business Insights, in its report, titled, “Nematicides Market, 2022-2029.”
As per our researchers, greater acceptance and gratitude of the product between growers in emerging and established nations are affecting the market growth.
COVID-19 Impacts:
Interrupted Supply of Raw Material Hampered Market Growth during COVID-19
The pandemic has led to the stoppage of the global market on account of numerous socio-economic fluctuations. Similar to the traditional pesticides industry, producers of nematicides throughout several countries confront obstacles owing to irregular deliveries of raw materials and labor scarcities. Price overcharging by few logistics corporations owing to the delayed accessibility of transporters has appeared as a substantial problem.
Segments:
By type, the market is segregated into fumigants, organophosphate, carbamate, and bio-based nematicides. Based on crop, the global market is segmented into vegetables, field crops, fruits, and others. On the basis of formulation, the market is classified into liquid, granular/emulsifiable liquid, and others. Geographically, the global market is categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa
Report Coverage:
The report discloses a rounded study of the market pooled with prevailing trends and upcoming expectations to inaugurate proximate investment gains. A detailed review of any forthcoming openings, intimidations, competitions or driving aspects is also stated in the report. Also, a thorough review of the regional dynamics is presented. The COVID-19 influences have been added to the report to aid investors and business professionals to comprehend the intimidations better. The crucial players in the market are acknowledged and their notions to strengthen the market growth are described in the report.
Driving Factors:
Ever-growing Demand for Food to Carry Vital Part in Nematicides Market Growth
The rising prominence on food safety and safekeeping to accomplish a supportable future fuels the demand for food products. Agriculture is among the most crucial industries in terms of fulfilling requirements. Emerging nations in Asia Pacific are projected to account for partial upsurge in global demand for cereal owing to increasing urbanization and quick economic growth. Nevertheless, crop production faces yield damages owing to pest and pathogen attacks, encouraging farmers to utilize nematicides to expand yield quality and quantity.
Regional Insights:
North America to Lead Backed by Augmented Usage of Product in the Region
North America held the largest nematicides market share and stood at USD 510.86 million in 2021. North America is a dominating market for nematode control products at present, and it is estimated to hold a greater proportion of the global market share in the coming years.
The demand for nematode control goods in Asia Pacific is anticipated to remain encouraging owing to the surging cultivation of high-value crops such as fruits and vegetables. Hence, abundant noticeable market players functioning in the global market are increasing their business in the region.
The demand for these crop protection solutions is speedily growing across South America owing to mounting yield loss. The escalation in nematodes attacks on chief crops, such as soybean, maize, vegetables, coffee, and many others, can strictly distress the yield quantity and quality, impacting the profit of farmers.
Competitive Landscape:
Critical Business-related Proclamations by Prime Companies to Impact Market
Essential companies in the market often make decisive proclamations concerning a few business actions, which, in turn, influence the market either definitely or undesirably. Players purchase corporations, launch novel products, involve in partnership contracts, sign agreements with government establishments, and so on.
Key Industry Development:
March 2022: BioConsortia, Inc., which is a U.S.-grounded agricultural R&D corporation, declared the advancement and registration of two novel nematicides upon its prosperous field trials on corn and surplus fundamental harvests. The novel product regulates nematodes and upsurges crop yields.
List of Key Players Mentioned in the Report:
- Bayer AG (Germany)
- UPL Limited (India)
- FMC Corporation (U.S.)
- Corteva Agriscience (U.S.)
- Syngenta (Switzerland)
- BASF SE (Germany)
- Sumitomo Chemical Co., Ltd. (Japan)
- Nufarm Limited (Australia)
- Marrone Bio Innovations (U.S.)
- American Vanguard Corporation (U.S.)
Browse In-depth Summary of This Research Insight:
https://www.fortunebusinessinsights.com/industry-reports/nematicides-market-101609