A report from Kline & Co. indicates that since 2009 nematicide use has increased by 20 percent since 2009, they announced on Monday.
In 2014, the consulting firm stated that annual earning breached the $1 billion threshold, and it is expected that the market will continue to grow. With a compound annual growth rate of 2.7 percent, they predict annual sales of nematicides will reach approximately $1.3 billion in 2024.
This is a form of pesticide that targets parasitic nematodes in plants. Currently, three global leaders in the market use 70 percent of nematicides: the U.S., Brazil and Japan.
The firm expects that seed treatments based in nematicides will continue to grow.
"The idea of a package of products used instead of methyl bromide has now taken hold and found acceptance," Industry Manager of Kline's Agrochemicals and Specialty Pesticides Practice Dennis Fugate said. "The traditional split between high cost, low acreage fumigants and lower cost higher acreage contact nematicides has been altered by the relatively new nematicidal treatments of corn and soybeans. This fundamental change has blended nematicides and seed treatment, formerly separate segments, and provided major growth and a new awareness of seed treatment as a standalone segment."
He also stated that the blending of seed treatment and the use of these chemicals allowed for growth to be facilitated.
Organizations in this story
Kline & Company 35 Waterview Blvd Parsippany-Troy Hills, NJ 07054
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