The molluscicides market is estimated at USD 587.8 million in 2018 and is projected to reach USD 727.8 million by 2023. It is projected to grow at a CAGR of 4.4% from 2018 to 2023. The market is primarily driven the increased commercial production of horticulture crops such as fruits, vegetables, herbs, and nuts in recent years. The demand for such crops of refined and varied characteristics has been increasing worldwide, thereby increasing the market for molluscicides products.
The key players profiled in this report are as follows:
- Lonza Group (Switzerland)
- Bayer CropScience (Germany)
- American Vanguard Corporation (US)
- BASF (Germany)
- Adama Agricultural Solutions (Israel)
- Marrone Bio Innovations (US)
- De Sangosse (UK)
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Molluscicide resistance is the natural ability of mollusks to survive exposure to strong active chemicals due to genetic modification and exhibit low susceptibility levels. Attaining this is the major challenge faced by the molluscicides industry.
On the basis of application, the agricultural segment is projected to grow at the higher CAGR. Snails impact most horticulture crops; this necessitates the adoption of agrochemicals for slug and snail control. Moreover, since the investment in production is usually higher in horticulture as compared to field crops, the growth in the horticulture industry becomes a driver for the market for molluscicides.
Based on type, the biological molluscicides segment is projected to be the fastest-growing segment during the forecast period. The increasing awareness about biological crop protection products has not only resulted in increased use of snail and slug control products but has also led to awareness about the potential for more profitable opportunities with minimum loss.
Based on form, the pellets segment is projected to be the fastest-growing segment during the forecast period. Pellet formulations are usually recommended for small as well large cures, as dusting powders are ready for use; are more easily applied compared to other methods; are easily supplied; and are available in proper small packs, which are reasonably priced and easy to use.
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Asia Pacific is projected to be the fastest-growing market between 2018 and 2023. The usage of molluscicides is increasing gradually in developing economies due to continued growth in the major Asia Pacific economies and the increasing awareness about the use and benefits of molluscicides. The dominant form of agriculture in this region is wet-rice cultivation. These crops require a large amount of molluscicides. Thus, as food production is projected to increase in this region, so is the consumption of molluscicides.