Transparency Market Research has published a new report titled “Bionematicides Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 – 2023.” According to the report, the global bionematicides market was valued at US$ 140.5 Mn in 2014 and is likely to reach US$ 203.5 Mn in 2023, expanding at a CAGR of 4.2% between 2015 and 2023.Bionematicides are used to prevent or treat crop infestation by nematodes.Bionematicides generally comprises bacterial or fungal spores and inert material. Spores included in the bionematicide germinate and paralyze the organism after coming in contact with it. It is available in liquid and powder form. The advantages of bionematicides include no resistance development, no residues, and no resurgence.
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High level of crop infestation by nematodes is expected to drive growth of the bionematicides market globally. Nematodes infect almost all types of crops across the globe that leads to loss of yield. Optimum pest and disease management would be essential to increase resource efficiency and ensure food security. Additionally, stringent environmental regulations against chemical/traditional nematicides are anticipated to propel the bionematicides market further. However, the efficacy and activity of bionematicides is low and can be affected by various environmental and process factors such as the time of administration. This fact is expected to act as a restraining factor for growth of the bionematicides market. Emerging organic agriculture industry across the globe is projected to be an important opportunity for market players during the forecast period.
In terms of volume, fruits & vegetables held a significant share of the global bionematicides market in 2014. The segment accounted for more than 25% share of the market in 2014. It is anticipated to maintain its share by growing at the fastest rate in the near future. Corn is likely to be the second fastest growing segment in the global bionematicides market during the forecast period. Cotton and other crop segments are estimated to grow at a moderate to sluggish rate in the next few years. Others application segment includes oil crops, cereals, pulses, etc.
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In terms of volume, North America dominated the global bionematicides market with more than 30% share in 2014. North America was followed by Europe and Asia Pacific in terms of volume. Latin America followed Asia Pacific in terms of demand with a significant market share; however, it is expected to grow at a moderate rate during the forecast period. Demand for bionematicides in the Middle East & Africa is estimated to increase at the lowest rate in the next few years.