Nematicide Market is Estimated to Register a Promising CAGR of 3.3%, During
The global nematicide market is expected to witness several challenges and opportunities in the near future. The market is expected to reach an evaluation of US$1326.99 mn by 2025, clocking a slow but steady 3.3% CAGR. Nematicides are witnessing a growing demand in many regions, thanks to their proven effectiveness, growing adoption of advanced farming techniques, and advent of bio-nematicides are expected to drive growth. On the other hand, the global nematicide market is also expected to some major challenges as it has come under increasing scrutiny of lawmakers. Major products in the market like Aldicarb were ban for use in the EU recently. Additionally, major companies like Dow Chemicals were also fined recently to the tune of $600 million in damages recently. However, despite the severe challenges, the nematicide market is expected to result steady growth, thanks to several new opportunities.
The nematicide market is witnessing several challenges due to toxic nature of some chemical products, especially in regions like the EU. However, the good news for the nematicide market is there are several natural alternatives to the existing products. For example, a polysulfide made up of garlic is known to be environment-friendly and was recently approved in the EU for use. Additionally, new products such as Neem cake, come from natural ingredients easily obtained from a Neem tree. Moreover, research has also paved way for carnivorous fungi to be used in controlling nematodes. This has resulted in several new opportunities in the nematicide market, making way for steady growth, despite several challenges.
The information Presented in this Review is Based on Press-Release by TMR
The rapid expansion in urbanization and erosion of soil quality, and increasing demand for food products are leading to growing pressure on farming. Additionally, growing commercialization and large-scale farming have shown promise in improving yields in a cost-effective manner. Furthermore, several governments around the world are encouraging food security measures and the use of bio-nematicides with favorable legislator environment. These factors are expected to help the expansion of the global nematicide market, which is still in its nascent stages.