Global bionematicides market is witnessing heavy demand due to rapid industrialization resulting in the depletion of fertile agricultural land. High level of crop infestation by nematodes in agricultural produce is boosting demand for eco-friendly bionematicides as it enhances the quantity and quality of crops. Also, strict government regulations against the use of chemical nematicides will further surge bionematicides industry growth.
The worldwide population is expected to hit 9 billion mark by 2050, which presents a key challenge to meet the demand for food across the globe. This will generate a greater need for high yielding bio fertilizers, seed, crop management, and improved crop yielding, which will propel bionematicides market in farming application over the years to come. According to Global Market Insights, Inc., “Bionematicides Industry size is anticipated to grow at a CAGR of more than 4% over the period of 2016-2024.”
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Based on the crops, bionematicides market is mainly segmented into soybean, corn, cotton, and fruits & vegetables. Corn industry will grow at an annual growth rate of more than 4.5% over the period of 2016 to 2024, owing to the growing demand of bionematicides to improve crop productivity and reduce plant diseases. Fruits & vegetables crop collected a revenue of around USD 41 million in 2015, is projected to grow noticeably over the coming timeframe. The shifting trends towards the consumption of bio-based and organic fruits & vegetables will also favorably impact bionematicides market value.
The cotton crop was worth more than USD 800 thousand in 2015 and is predicted to exhibit significant growth rate over the coming seven years. Bionematicides are prominently used to control the various nematodes such as sting, root knot, lance and cyst, which collectively reduced the crop revenue by USD 80 billion.
Taking into account the regional landscape, Asia Pacific bionematicides industry is predicted to register an annual growth rate of more than 4% over the coming period of 2016 to 2024, mainly driven by the increasing population as well as industrialization. Moreover, sustainability, demographic shifts, and rising environmental concerns will also be the attributing factors toward market growth. The government is supporting the farmers by providing subsidies and loans to promote sustainable farming. India, China, and Japan will contribute considerably towards the APAC bionematicides industry share.
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North America bionematicides market will exhibit considerable growth rate over the coming seven years. U.S., having dominated the regional industry share by collecting worth USD 42 million in 2015, is expected to generate considerable revenue over the coming years. The primary attributing factor towards the market growth is the escalating usage of bio-pesticides as opposed to chemical pesticides. Additionally, shifting trends towards agricultural biotechnology like microbe-based pest control will enhance bionematicides industry share.
Market players are expected to invest heavily in the development activities over the coming years, and will adopt important growth strategies such as acquisitions and collaborations. Key industry participants in bionematicides market are Monsanto Company, Dow AgroSciences LLC., BASF SE, Bayer CropScience AG, and Syngenta AG. Other prominent market players include Marrone Bio Innovations, Inc., Valent BioSciences Corporation, Ecoman Biotech Co., Ltd., Certis USA LLC., and LAM International.
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