Northbrook, IL 60062 -- (SBWIRE) -- 08/17/2023 -- The global nematicide market is projected to reach USD 3.0 billion by 2027, recording a CAGR of 9.9% during the forecast period. The market is driven by the increasing demand for food, the growing awareness about the adoption of sustainable agricultural practices, and the rising incidence of nematode infestation in crops.

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The market is segmented by type, nematode type, mode of application, formulation, crop type, and region. The chemical segment is the largest segment, accounting for a market share of 60.3% in 2022. This is due to the high efficacy of chemical nematicides in controlling nematodes. However, the biological segment is the fastest growing segment, recording a CAGR of 12.5% during the forecast period. This is due to the increasing awareness about the environmental safety of biological nematicides.

The North American market is the largest market for nematicides, accounting for a market share of 31.6% in 2022. This is due to the high demand for food in the region and the growing incidence of nematode infestation in crops. The Asia Pacific market is the fastest growing market, recording a CAGR of 11.2% during the forecast period. This is due to the increasing disposable income in the region and the growing demand for organic food.

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The key players in the global nematicide market are BASF SE, Syngenta AG, Bayer AG, FMC Corporation, and UPL Ltd. These companies are focusing on developing new nematicides and expanding their product portfolio in order to maintain their market share.

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