Growth Opportunities bin the Nematicides Market

The global nematicides market size is estimated to be valued at USD 1.3 billion in 2020 and is projected to be worth USD 1.6 billion by 2025, recording a CAGR of 3.4% during the forecast period. The strong demand for high-value crops, crop losses due to nematodes, and advancements in farming practices and technology are some of the factors driving growth in the nematicides market.

Key players in this market include Corteva Agriscience (US), Syngenta (Switzerland), Bayer AG (Germany), and BASF SE (Germany). New product launches, expansions, acquisitions, and agreements & joint ventures were some of the core strengths of the leading players in the nematicides market. These strategies were adopted by the key players to increase their market presence. It also helped them diversify their businesses geographically, strengthen their distribution networks, and enhance their product portfolios.

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Some of the other players in the nematicides market include Adama Agricultural Solutions Ltd (Israel), FMC Corporation (US), Nufarm (Australia), UPL Limited (India), Isagro Group (Italy), Valent USA (US), Chr. Hansen (Denmark), Certis USA LLC (US), Marrone Bio Innovations (US), American Vanguard Corporation (US), Crop IQ Technology (UK), and Real IPM Kenya (Kenya).

BASF SE (Germany) is one of the global leaders in the crop protection industry. It offers nematicide solutions through its agricultural solutions business. The company is now among the world‘s leading players in the nematicides market due to the strategic acquisition of Bayer CropScience’s (Germany) crop protection business and assets, which complement BASF’s agricultural solutions business. The acquisition is aimed at improving BASF’s presence in Europe and Asia Pacific, alongside improving the research activities on herbicides and nematicides. The company has also invested in introducing patented technologies for nematode management seed treatment, which would provide growers with enhanced protection against various damaging nematode species in row crops.

Corteva Agriscience (US) is a global leader in two of the largest and promising markets in the agricultural sector, namely, seed and crop protection. The company offers nematicides through its crop protection business, which contributes about 44% of the revenue to the company. Corteva has a distribution agreement with Dow AgroSciences, which gives the former exclusive rights in the distribution of soil fumigant products of the latter.

Bayer AG (Germany) - The crop science division of the company has been working on introducing seed and crop protection products and digital solutions. Bayer has also been aligning with the developments in the agricultural sector. It offers nematicides through its crop science division. The acquisition of the assets of Monsanto Company (US) in June 2018, which led to the expansion of its seeds and crop science business, has also allowed the company to capture a significant share in the nematicides market.

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Constraint: Pesticide residue problems

One key restraint in the crop protection chemicals market is the pesticide residue problem due to the non-judicious use of pesticides by the farmers. Pesticide residue problems are highly found in the crops grown in developing or under-developed countries. Countries such as Vietnam, Ghana, and the Philippines are known for such low-quality crop production, affected by pesticide residues. Though intensive farming is inevitable without the use of pesticides, farmers in developing countries tend to use excess pesticides, which then damage the crops. Thus, improper use and illegal import-export of pesticides, and lack of proper government regulations have resulted in pesticide residue issues and excessive application of toxic pesticides, thereby hindering the growth of the crop protection chemicals market.

Asia Pacific is projected to grow at the highest CAGR during the forecast period

The market for nematicides is projected to grow at the highest CAGR in the Asia Pacific region owing to the growing nematode infestation in vegetables such as tomatoes, potatoes, carrots, peas, and cauliflower in the major vegetable-growing countries such as China and India. The regulatory scenario in the Asia Pacific region is comparatively more favorable for the launch of nematicides as compared to that of Europe and North America. There is also growing awareness among farmers about the use of bionematicides since the market for organic farming, and sustainable agriculture is growing with more consumers demanding organic fruits & vegetables.