The molluscicides market is estimated at USD 587.8 million in 2018 and is projected to reach USD 727.8 million by 2023, at a CAGR of 4.4% during the forecast period. This market is driven by factors such as the increasing demand for crop protection chemicals for mollusks due to high demand for horticulture crops such as fruits and vegetables that are mostly affected by from slugs and snails. The high level of rainfastness among recent molluscicides, such as Bayluscide and Draza Forte, manufactured by Bayer Crop Science AG (Germany), acts as a key driver in strengthening the product sales. Several studies indicate that growers are more likely to prefer molluscicides at higher costs and from major agrochemical companies to cheaper generic metaldehyde alternatives.
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On the basis of application, the agricultural segment is projected to grow at the highest CAGR from 2018 to 2023. The agriculture industry is rapidly growing as a result of high demand for cereals & grains and fruits & vegetables globally. Owing to this, the demand for crop protection chemicals is increasing rapidly.
Based on type, the market for biological molluscicides is projected to grow at the highest CAGR from 2018 to 2023. The introduction of eco-friendly molluscicides, i.e., biological molluscicides products, is a recent trend witnessed in the crop protection market due to the adverse effects of chemical molluscicides on the environment.
On the basis of form, the pellets segment is projected to grow at the higher CAGR during the study period. Pellet molluscicides are cheaper and easier to apply to crops as compared to liquids and gels. The pellet form of molluscicides is also preferred by end consumers, as it is less likely to pollute the environment than the liquid ones; for liquid tends to spread more easily in water bodies than the powder form.
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The Asia Pacific region is projected to be the fastest-growing market for molluscicides from 2018 to 2023. The key markets in the Asia Pacific region include China, India, Japan, and Australia & New Zealand. The molluscicides market is boosted by the increasing agricultural and horticultural trade due to the rising demand for fruits, vegetables, and grains in the region. The rising awareness about mollusk control and the demand for eco-friendly molluscicides is also fueling the demand for these products.
Companies are adopting new technologies such as wet extrusion to develop newer chemical and biological molluscicide products that are more stable, that can withstand rain, and are less harmful to the environment. For instance, BASF launched Nemaslug, a biological molluscicide. This biological molluscicide is a host-specific product, i.e., it only kills snails and other mollusks without harming other animals, insects, or larvae.
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