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Nematicides Market Projected to Garner Significant Revenues by 2025 | Key Players are Bayer AG, Syngenta Crop Protection AG, Corteva Agriscience, BASF SE

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Nematicides Market Projected to Garner Significant Revenues by 2025 | Key Players are Bayer AG, Syngenta Crop Protection AG, Corteva Agriscience, BASF SE

October 30
06:06 2020
Nematicides Market Projected to Garner Significant Revenues by 2025 | Key Players are Bayer AG, Syngenta Crop Protection AG, Corteva Agriscience, BASF SE

MarketsandMarkets™
Growing demand for biological products and increasing number of product launches catering to the requirement of crop-specific nematodes drive the growth of 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.

Nematicides Market

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).

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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.

Nematicides Market Dynamics:

Driver: Strong demand for high-value crops

High-value agricultural products are generally defined as agricultural products with a high economic value per kilogram (or pound), per hectare, or per calorie, which includes fruits, vegetables, meat, eggs, milk, and fishes. The key factors driving the demand for high-value crops (fruits, vegetables, and plantation crops) are the rise in the income of consumers, rapid urbanization, and the increase in awareness about health benefits associated with fruits & vegetables. Besides, an increase in foreign direct investment (FDI) has led to a surge in the production of high-value crops. The demand for nematodes is mostly found in high-value crops, such as pome fruits, grapes, cotton, tomato, maize, cotton, and other vegetable and ornamental crops, as they improve the crop quality and yield.

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.

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North America to be the largest market for nematicides during the forecast period.

The region is a host to some of the major players in the nematicides market such as BASF SE (Germany), Bayer AG (Germany), Syngenta (Switzerland), and Nufarm Ltd (Australia) who actively invest on new product launches that would cater to nematode attacks on field crops such as soybean, corn, and cotton which are majorly produced in countries such as the US and Mexico. The acreage which is being brought under field crops is growing due to increased international and domestic demand for these field crops. The adoption of genetically modified seeds has also increased the cases of nematode infestation on crops such as soybean and corn, thereby driving growth in the market.

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