The global nematicides market size is expected to reach USD 2,055.3 million by 2027, exhibiting a CAGR of 4.7% during the forecast period. The increasing R&D investments in the production of sustainable nematicides will spur business opportunities for the market, states Fortune Business Insights, in a report, titled “Nematicides Market Size, Share & COVID-19 Impact Analysis, By Type (Fumigants, Organophosphate, Carbamate, Bio-based Nematicides), Crop (Vegetables, Field Crops, Fruits, and Others), Formulation (Liquid, Granular or Emulsifiable Liquid, and Others), and Regional Forecast, 2020-2027.” The market size stood at USD 1,439.2 million in 2019.
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The report on the nematicides market specifically states minute and significant improvements of the global market in recent times. The report also offers a wide-ranging study fixated on emerging trends and new innovative products. Also, the robust research methodology involving primary interviews and desk research is all covered in the report, while also providing a noteworthy overview of the R&D activities and latest developments to support emerging companies to strengthen their position and strategize to remain at the forefront.
Heavy Food Demand to Augment Market Growth
The rapidly increasing population has urged farmers to utilize pesticides such as nematicides to improve crop yield, which, in turn, will bode well for the market. The increasing government investments in the agriculture sector can bolster the healthy growth of the market. Similarly, the rising emphasis on organic and sustainable farming has led to the utilization of bio-based nematicides among farmers, thus boosting the market. Furthermore, the increasing prevalence of nematode infestation in agriculture will fuel the demand for nematicides. According to the Food and Agriculture Organization (FAO), on a global basis, annual crop losses due to nematode infestation have been estimated to approximately 12.3%, amounting to some US$ 77 million yearly.
Severe Effect on Logistics to Impede Growth Amid COVID-19
The coronavirus outbreak has disrupted the production and logistics of agricultural goods. The unprecedented COVID-19 has disturbed raw material procurement and product distribution. However, numerous niche brands are expected to painstakingly enter into e-commerce platforms to recover losses and continue revenue generation. This factor can act as an opportunity for the market amid coronavirus. Moreover, the implementation of new strategies by companies to deal with the crisis will subsequently support the expansion of the market. In addition, the prime focus of governments towards fulfilling the food requirements of people can escalate the growth of the market in the near future.
Main Companies to Boost Market in North America
The market in North America is expected to hold the largest share in the global market owing to the constant efforts of prominent market players to develop sustainable and effective nematode control solutions for the agriculture industry. The presence of existing companies such as Bayer Crop Science AG, Marrone Bio Innovations, and The Dow Chemical Company in the U.S. will further foster the growth of the market in the region. Asia Pacific is predicted to account for a significant share in the market owing to the growing cultivation of high-value crops such as vegetables and fruits. The ongoing expansion projects by key companies will foster growth in the region. For instance, in 2019, Bayer Crop Science AG has announced the launch of nematicide in Australia. The surging agriculture industry in India will consequently improve the prospects of the market in Asia Pacific.
Key Industry Development:
May 2020: Bayer Crop Science AG announced the launch of Velum Prime 400 SC for Vietnam. The concentrated nematicide will be used to control nematodes in cabbage, coffee, and pepper. The first-ever nematicide that selectively inhibits the nematode’s generation of cellular energy.
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