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Bionematicides Market : Industry Insights With Key Company Profiles - Forecast To 2023

News   •   Aug 29, 2017 03:23 EDT

Global Bionematicides Market: Snapshot

Owing to escalating population, the demand for food is forever incrementing. However, rapid urbanization is leading to reduction in arable land, which in turn is augmenting the demand for nematicides, a type of pesticide that eradicates parasites such as nematodes and helps in significantly increasing the crop production as well as preservation. Bionematicides, which are eco-friendly, have quickly grown as an ideal alternative against conventional synthetic pesticides, and are given appropriate support from several governments.

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Consequently, the demand in the global bionematicides market is expected to expand at a CAGR of 4.2% during the forecast period of 2015 to 2023, reaching a valuation of US$203.5 mn by the end of 2023, considerably up from its estimated valuation of US$140.5 mn in 2014. Apart from growing need to increase crop yield and government support, the bionematicides market is also favored by factors such as growth of biocontrol solutions, increasing use of biologicals such as biopesticides and biofertilizers. On the other hand, limited range and issues pertaining to the activity of bionematicides is expected to hinder the market from achieving its true potential in the near future.

Fruits and Vegetables Remains Most Lucrative Segment

On the basis of crop type, the global bionematicides market is segment into cotton, soybean, corn, fruits and vegetables, and other including oil crops, pulses, and cereals. The fruits and vegetables segment is further sub-segmented into leafy vegetables, pepper, tomato, and ther fruits and vegetables such as potato, banana, and citrus. Among these, the fruits and vegetables segment currently serves the maximum demand, accounting for 25% share of demand in 2014, and is expected to remain most prominent throughout the forecast period, which is a reflection of increasing consumption of fruits and vegetables and growing demand for tropical and exotic fruits and vegetables, especially from the emerging economies across the world. The cotton and other crop segment is also anticipated to increment the demand in the near future.

North America Continues to Serve Maximum Demand

Geographically, the report takes stock of all major regions including Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. Currently, North America served 30% of the demand in the global bionematicides market, primarily gaining demand from the developed countries of the U.S. and Canada. This high demand from North America is a result of growing acceptance of biopesticides over chemical pesticides, increasing popularity of agriculture biotechnology such as yield enhances and microbe-based pest control, and stringent regulations against chemical pesticides in the U.S. Europe currently is the second most profitable region, although heavily populated region of Asia Pacific is expected to escalate the demand for bionematicides in the near future.

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The global bionematicides market reflects fragmented competitive landscape, wherein leading companies are challenged by the presence of several local vendors who provide cheaper products. In 2015, top five players managed only 55% of the market shares, while the rest of the pie was distributed among regional vendors. Some of the key players in the global bionematicides market are Dow AgroSciences LLC, Monsanto Company, BASF SE, Bayer CropScience AG, Valent BioSciences Corporation, Syngenta AG, FMC Corporation, Certis USA LLC, Novozymes, and Marrone Bio Innovations, Inc.