Bionematicides Market to Clock Value US$203.5 Mn by 2023, Demand Bolstered by Increasing Crop Infestation - TMR

A key strategy developed by players in the global bionematicides market to outshine their rivals is product improvement along with expanding manufacturing capacity. They are focusing hard on delivering highly efficient eco-friendly products and expanding manufacturing product portfolio to steal a march over competitors. Regulating costs with delivering quality services is a key strategy of most businesses present in the global bionematicides market.

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According to experts from Transparency Market Research, 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.

Among the various crops in the market, growing consumption of fruits and vegetables is expected to boost the global bionematicides market. This is because of the rising demand for exotic and tropical fruits and vegetables. Region wise, North America is expected to be leading the global bionematicides market in the coming years. This is attributed to a flourishing agriculture biotechnology in the region and also the rising acceptance of bio pesticides over chemical pesticides.

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Rapid Emergence of Organic Agriculture Industry Stokes Demand in Bionematicides Market

Bionematicides are the biological substances which are widely utilized in the treatment of nematode infestation in crops. These are mainly produced by microorganisms such as fungi and bacteria and also inert materials. The bacterial and fungal spores in the bionematicides help in paralyzing and germinating the organism when is in contact. Bionematicides can be found in the form of powder and liquid. Such bio-based substance has the capability of improving the yield and quality of agricultural products. Such factors are driving the global bionematicides market. Apart from these, growing demand for food, coupled with burgeoning population, augments demand in the global bionematicides market.

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Furthermore, apart from increasing crop production, bionematicides also help in their preservation. They are eco-friendly and considered as an ideal replacement of conventional chemical or synthetic pesticides. Rising use of biological, such as bio-fertilizers and bio-pesticides, increasing crop infestation especially by nematodes, and growing governments' initiatives in pest and disease management are factors fueling the global bionematicides market. In addition, rising government regulations against conventional nematicides is also boosting the market. Furthermore, rapid emergence of agriculture industry across the world is also boosting the global bionematicides market.

Low Activity of Bionematicides Hinders Global Bionematicides Market Growth

A few challenges hindering the growth of the global bionematicides market are low activity and limited efficacy of bionematicides, and high chances of getting affected by various environmental factors. Nonetheless, the persistent demand from the agriculture industry and growing adoption of bionematicides in farming are believed to help overcome these challenges in the near future.

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The review is based on a market research report by TMR, titled, "Bionematicides Market (Crop - Cotton, Corn, Soybean, and Fruits & Vegetables (Leafy Vegetables, Tomato, and Pepper), Oil Crops, Cereals, and Pulses) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023".

The segmentation of global bionematicides market is based on:

Crop

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