Innovation Benchmarking in Nematicide Market
The vendor landscape of the global nematicides market is considerably fragmented, due an assortment of players excessively focusing on developing quality products, observes Transparency Market Research, on the basis of a recent report. Several products are expected to be launched in the upcoming years by most players, thus giving rise to a cutthroat yet healthy competition. Most businesses operating in the global nematicide market look forward to implement strategies such as collaborations and mergers in order to expand their reach as well as product portfolio. Key players existing in this market are Monsanto Company Syngenta International AG, Nufarm Ltd. Company, DowDuPont Inc., FMC Corporation, and Bayer AG, among others.
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Based on crop analysis, the fruits and vegetables segment is expected to rake in maximum profits as a result of their high demand in the global nematicide market. Geography-wise, the North American region is expected to dominate, owing to surging demand of quality, infection-free foods as well as safety regulations and other initiatives put in by the government.
Owing to effort taken by the most enterprises to develop quality products, coupled with rapidly increasing demand of the nematicides, the market for these chemicals is expected to gradually rise at a CAGR of 3.3%, and clock a valuation of US$1326.99 mn by 2025. This rise is expected to occur from an initial valuation of US$995.01 mn registered in 2016.
Rapid Industrialization Boosts Requirement of Nematicides
Harmful effects are caused by nematodes to roots of crops and other plants thereby hampering their growth. This may lead to farmers bearing financial losses, thus requiring implementation of particular measures to reverse this scenario. Such a dire consequence has led towards increasing implementation of the nematicides to get rid of the nematode worms, thus driving the relevant market. In the last few years, rapid industrialization and urbanization has lessened the availability of arable and fertile land, which has caused nematodes to thrive in such conditions. This had caused a rapid uptake of the nematicides by farmers and agriculturists all over the globe, thus boosting the market. There also are a few industrial applications of these chemical products, thus diversifying the market’s reach.
With an ever-growing population, a rapid surge in demand of quality foodstuffs has been noted. This has caused farmers to use fertilizers, nematicides, pesticides, and other such substances to bring about proper crop growth, thus improving the chances of receiving a good yield. In this way, rise in population has indirectly existed as a boosting factor for the global nematicide market. Increasing demand for better crop protection as well as initiatives from various governments to promote use of bio-nematicides is catalyzing demand in the global nematicide market.
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Rising Environmental and Health Concerns Diminish Growth
In contrast to these factors, the global nematicide market is hindered by a few restraints. Rising concerns about the fallout of synthetic nematicides on health and on the environment are said to be posing a challenge to the market growth. Strict regulations enforced by large organizations such as the Environmental Health Sciences (NIEHS) and Environmental Protection Agency, is expected to limit the use of nematicides in many regions around the globe, thus posing as an obstacle against their sales. However, governmental bodies from numerous nations are imparting greater focus on using organic nematicides, which is expected to reduce harm caused to surrounding environment, as compared to the inorganic ones. This is expected to open up new avenues for growth.
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