Bionematicides Market size is projected to touch USD 209.1 million by 2024; according to a new research report by Global Market Insights Inc.
Diminished fertile farming land availability due to rapid industrialization has driven bionematicides market size significantly. Furthermore, crops are highly infested by nematodes owing to propel industry growth by 2024. Strict environmental legislations favoring bio based and organic fertilizers over chemical will further complement growth. These bio fertilizers owing to its ability to improve yield laterally with being ecofriendly are appropriate for application.
By 2050, global population might reach 9 billion, which will increase food demand. Consequently, this will increase yielding fertilizers, seed &crop management demand to increase crop yield. In addition, rising consumer awareness and demand for food produced from organic or bio based fertilizers will boost bionematicides market share over the forecast timeframe. Also, agricultural trade is forecast to inflate in coming years, resulting in business growth.
Slow product action on large pests along with little shell life may hinder bionematicide adoption. In addition, inadequate product variety for several crop may negatively impact bionematicides market size by 2024. Nevertheless, enduring R&D towards biotic nematodes control is likely to boost the market for bioneaticides. Arkansas Fungus, Pochonia chlamydospora and Paecilomyces lilacinus are recognized as parasites of the nematodes egg stage. As a result, two biocontrol products are presented for nematode control on cotton, namely Linnaeus and Gossypium hirsutum.
Key insights from the report include:
Global bionematicides market size may hit USD 209.1 million by 2024, with projected growth more than 4%.
In 2015, bionematicides market for cotton crop generated revenue more than USD 800 thousand. Nematodes leads to over USD 80 billion crop yield losses across the globe, including cotton. Booming bio based fertilizer applications and farmer’s preference for sustainable farming to prevent lance nematodes, sting and root knot in crops will propel industry growth.
In 2015, fruits &vegetable crop was valued at over USD 41 million. Escalating demand organic and bio based fruits &vegetables demand globally is offering a positive bionematicides market outlook.
Bionematicides market for soybean should exceed USD 14.5 million over the forecast timeframe.
In 2015, U.S. bionematicides market was dominant regional industry and accounted more than 30% of global volume. The regional growth was mainly propelled increasing bio pesticides preference over chemicals. For instance, the Department of Environmental Toxicology (U.S.) puts emphasis on bio pesticides for crop protection.
Asia Pacific, led by China, India and Japan bionematicides market was valued more than USD 23 million in 2015. Rapid industrialization, demographic shifts, overpopulation, affordability, sustainability, environmental concerns and climate change are vital factors propelling bionematicides market. Furthermore, farming is one amongst the predominant economic contributor of Asian countries and is also reinforced by the government organization in the form loan and subsidies for promoting sustainable farming.
Global bionematicides market share is fairly consolidated with five major players accounting more than 50% of global volume in 2015. Major industry participants are BASF SE, Dow AgroSciences, Monsanto Company, Bayer CropScience, Syngenta AG, LAM International and Marrone Bio Innovations.
Global Market Insights has segmented the bionematicides industry on the basis of product and region:
Global Bionematicides Type Analysis (Volume: Kilograms; Revenue: USD Thousand, 2013 - 2024)
Global Bionematicides Regional Analysis (Volume: Kilograms; Revenue: USD Thousand, 2013 - 2024)