Global nematicide market value to reach USD 1.34 billion by 2020
According to the "Global Nematicide Market Trends and Forecast Report (through 2020)", by 2020, the global nematicide market value will reach USD 1.34 billion, with a compound annual growth rate of 3.2%. The insecticide market is an important component of the pesticide sector and is expected to hold a dominant position in the entire agrochemical industry from 2015 to 2020.
As the output of agricultural products in developing countries increases, the use of agrochemical products also rises accordingly. Demand for agrochemical products in the Asia-Pacific region, especially in China, Japan and India, will increase. Increasingly intensive agricultural activity and domestic demand have driven the demand for nematicides in these regions. With the rapid expansion of the global population and urbanisation, more and more agricultural land is being converted into industrial areas, reducing the global area of arable land, and maximising food output from limited land to meet the needs of a growing population has become an urgent priority. Therefore, nematicides are widely used around the world to increase yields, which has also driven demand for nematicides.
In 2015, North America was the largest market region for nematicides. The Asia-Pacific region will become the fastest-growing region during the forecast period. The market is mainly driven by a growing population and demand for food.