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"Global Fungicides Market was valued at USD XX Bn in 2019 and it is expected to reach more than USD 24.30 Bn by 2028, likely to grow with the CAGR of 4.4% during the forecast period."
The fungal infection is one of the topmost causes of crop diseases worldwide. Fungicides are used for both prevention and control of fungal diseases that are affecting crops and their yield. The fungicides take a significant portion in the pesticide market with a share of approximately 27%.
Rapid Rising Demand for Fruits and Vegetables, Led By Changing Dietary Patterns, Is Anticipated To Drive the Demand for Fungicides over the Forecast Period
The global fungicides market is primarily driven by surging demand for vegetables & fruits across the globe, on a daily basis. Furthermore, the post-harvest diseases in fruit and vegetables are caused due to fungi and bacteria affecting quality and quantity of crops, thus growers are controlling these diseases using fungicides which is further expected to drive growth of the global fungicides market over the forecast period. The growing population and shrinking agricultural land are expected to boost the demand for fungicides over the next few years. The demand for fruits and vegetables from France and the U.S. is likely to fuel the market growth in future years.
The growing focus on disease control of crops, the popularity of bio-Based fungicide pesticides, flourishing horticulture industry and adoption of new farming practices are the growth drivers of the fungicide market.
However, the rising demand for organic food products will limit the use of fungicides in crop production, restricting the growth of the fungicides market. While Bio-Based fungicides offer new opportunities for the fungicide market.
The Cereals & Grains By Crop Type Segment Accounted For The Largest Market Share In 2019.
The cereals & grains expected to grow at a significant rate around over the forecast period owing to the increased awareness regarding their nutritional benefits. Increasing pressure of crop yield to fulfill the population demand drives the market of cereal & grain segment. While the fruits and vegetable segment is the second-largest application segment. The fungicides reduce the growth of pathogens so that the plant tissues provide carbohydrates to the grain are protected from damage. The growth in population and the consequent rise in the demand for food materials has also led to an increase in the demand for crop protection chemicals, thereby increasing the demand for innovative fungicides solutions across all regions. However, the demand for fungicides in a specific region is driven by the crop types that are grown abundantly there. For instance, the US is the leader in cereals & grains production, while Europe is known for its wide-scale production of fruits & vegetables.
The Triazoles Segment Is Projected To Be The Fastest-Growing Segment In The Fungicides Market During The Forecast Period.
Triazoles comprise preventive and post-infective curative properties, hence it is the most widely used fungicide. The triazole was the largest leading product segment of the global fungicides market in 2019. It accounted for more than a 15% share of the total market. It is one of the active curative ingredients that are extensively used for each compound and it also has the ability to reduce the production of pathogens that play a role in fungi sterol production. Thus, it is expected to witness the fastest growth in the near future. Triazole fungicide is crucial for controlling fungal infection in plants and crops. They can eliminate fungal spores, also known as fungi. Its widespread usage has resulted from its efficiency in tackling a range of fungal diseases.
Asia Pacific to Dominate the Global Fungicides Market during the Forecast Period
The Asia Pacific dominated the fungicides market in 2019 and it accounted for a significant share over 20% of the market in terms of value in 2019. It is also projected to experience lucrative growth in the near future. This growth is attributed to the rapidly growing demand for fungicides in China and India and increasing the population in countries of Asia Pacific. Furthermore the leading fungicide companies have adopted high market penetration strategies for enhancing the agricultural growth and productivity, and the decrease in arable land are the main factors influencing the growth of the fungicides market in the Asia Pacific.
Moreover, North America and Latin America are likely to grow at a significant rate due to the increasing consumption rate of fruits and veggies in the U.S, Brazil, and Argentina.
Prominent players operating in the global fungicides market are FMC Corporation, Sumitomo Chemical Co.Ltd.,Bayer AG, PI Industries,ADAMA Ltd.,Quimetal Industrial S.A.,Nufarm Ltd.,BASF SE,UPL ltd.,Corteva Agriscience.
Fungicides Market Key segments:
Fungicides Market, By Product
- Synthetic Fungicides
- Bio Fungicides
- Others (including Metalaxyl and Chloronitrile)
Fungicides Market, By Crop Type
- Fruits & Vegetables
- Cereals & Grains
- Oilseeds & Pulses
- Others (Ornamentals, Lawns, etc.)
Fungicides Market, By Region
- North America
- Asia pacific
- Middle east and Africa
- Latin America