The nematicide market is projected to reach USD 3.0 billion by 2027, recording a CAGR of 9.9% during the forecast period. The global industry is estimated to be valued at USD 1.9 billion in 2022.
The global nematicide market is experiencing impressive growth, with an estimated valuation of USD 1.9 billion in 2022 and a projected surge to USD 3.0 billion by 2027, boasting a remarkable CAGR of 9.9% during the forecast period.
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Macro and Micro Indicators Fuel Market Expansion
The nematicide market is strongly influenced by a combination of macroeconomic and microeconomic factors observed worldwide. The ongoing issue of food scarcity due to agricultural supply shortages in countries like Ghana in West Africa, Nepal in South Asia, and the United Kingdom, which contributes minimally to its GDP through agricultural activities, has heightened the need for effective solutions to increase crop yields. Crop protection chemicals, including nematicides, are increasingly in demand, driving significant market growth.
R&D Investment and Sustainable Agriculture Drive Nematicide Adoption
The rise in global pesticide consumption and increased foreign direct investments in agriculture have led to substantial investments in research and development for sustainable agriculture practices. This surge has significantly boosted the usage of various nematicides within the agricultural sector.
North America: A Hotspot for Nematicide Application
North America is emerging as a hotspot for nematicide applications, particularly in field, vegetable, and fruit crops. Key crops, including cotton, soybeans, tomatoes, grapes, corn, pome fruits, and stone fruits, are susceptible to nematode infestations, making nematicide application crucial. The high acreages devoted to field crops like soybean, corn, and cotton, coupled with an increasing nematode infestation in the US and Mexico, are driving the growth of nematicide applications in field crops. Leading players in the region include Corteva Agriscience (US), American Vanguard Corporation (US), and FMC Corporation (US).
Biological Segment: The Fastest Growing Market
The biological segment is experiencing the fastest growth in the nematicide market, driven by heightened awareness among growers and farmers regarding the adoption of sustainable agricultural practices. Biological crop protection solutions, derived from various microorganisms, including natural, genetically engineered, and microbe-based solutions, have proven to be more effective and environmentally friendly than synthetic alternatives. This trend is leading to widespread adoption across the globe.
Innovations Abound in Nematicide Market
Innovative companies such as Bayer AG, Syngenta AG, BASF SE, FMC Corporation, and UPL Ltd. are at the forefront, offering microbial-based bionematicides. Startups and SMEs like Crop IQ Technology Ltd. and Bio Huma Netics, Inc. are focusing on developing biochemical-based bionematicides, such as Bio Huma Netics's Fertilgold Organics liquid products powered by Micro Carbon Technology, enhancing nutrient uptake effectiveness and promoting sustainable agriculture.
Fumigation: Lower Costs Driving Market Growth
Soil fumigation, a highly effective method of controlling nematode populations, is gaining momentum due to its cost-effectiveness. Commonly used fumigants, including methyl iodide, propargyl bromide, 1, 3-dichloropropene, chloropicrin, and calcium cyanamide, are applied to the soil at least one month before seeding or transplanting. Deep injection of fumigants into the soil is critical to prevent their escape into the surrounding air.
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North America's Promising Future in Nematicides
North America is projected to reach USD 0.91 billion during the forecast period, with a 31.60% market share in 2021. Rising disposable incomes in the US and Mexico have led to increased demand for planting turf and grasses in recreational spaces, driven by the need to combat nematode infestations. Additionally, international and domestic demand for fruits, vegetables, and field crops, combined with a strong focus on organic farming, is propelling the market for bionematicides in the region.
Key Players Driving Nematicide Market Growth
Prominent companies leading the charge in this thriving market include Corteva Agriscience (US), FMC Corporation (US), and American Vanguard Corporation (US).
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