The competitive landscape of the global bionematicides market is moderately consolidated with five major players dominating the market. Transparency Market Research (TMR) profiled these players as Bayer CropScience AG, Monsanto Company, Syngenta AG, BASF SE and Dow AgroSciences LLC.
These players are adopting several strategies such as mergers and acquisitions, collaborations and business expansions to remain competitive in the global bionematicides market. Along with this, players are focusing on delivering efficient eco-friendly products and expanding their manufacturing portfolio to outline their competitors.
According to market report by TMR, the global bionematicides market is expected to gain revenue worth US$203.5 Mn by the end of 2023. Experts project this growth to occur at a promising CAGR of 4.2% during the forecast period from 2015 to 2023.
Based on crops, the fruits and vegetables segment are expected to hold maximum share in the global bionematicides market owing to a surge in demand for exotic and tropical fruits and vegetables in recent time. Geographically, Asia Pacific is likely to dominate the global bionematicides market during the forecast period as the region exhibits concerns over the rising population and rapid industrialization. Apart from this, countries like India, Japan, and China are the key agro-based countries that the reason demand for the bionematicides is anticipated to remain high in the region.
Surge in Demand for Chemical Free Product to Boost Market Growth
The bionematicides market is expected to rise at a significant pace in the coming few years. This is mainly because of the increasing demand for the chemical free agro product. Bionematicides are bio based nematicides which helps in protecting crops from fungus, insects, and nematodes. One of the main reasons behind the growing popularity if of bionematicides over conventional is their eco-friendly property. Apart from this, bionematicides are considered safer for soil and also help in improving crop quality.
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Significant increase in rise in agriculturally based technology is a strong factor expected to drive the global bionematicides market in the coming few years. Along with this, rise in number of populations coupled with rapidly spreading urbanization is a prominent factor expected to boost the demand for bionematicides. This is because of their ability to improve crop production and quality.
However, factors like lower efficacy of the bionematicides is a prominent factor expected to hindering growth of the global bionematicides market during the forecast period. This can be elaborated as, use of chemicals with high reactiveness has boosted resistance power of insects owing to these mild and organic bionematicides have lesser impact of the pests. Nevertheless, to overcome this, players in the bionematicides market are considering improving bionematicides as a vital factor to overcome this hindrance.
Rise in Health Conscious Population to Propel Market
Government in both developing and developed countries are emphasising on the use of bio based nematicides to overcome several ill effects of chemical on human life, this is a strong factor expected to offer new opportunities in the bionematicides market. Further, diminished fertile farming land availability, rise in health-conscious people, environmental legislations and ability of bionematicides to improve yield are some important growth factors.