November 2022, Market Research Future has published a Report on the Global Fungicides Market
Market Research Future has recognized the following companies as the key players in the global market: BASF SE (Germany), Bayer AG (Germany), Sumitomo Chemical Co., Ltd (Japan), ADAMA Agricultural Solutions Ltd (China), Corteva, Inc. (US), Nufarm Limited (Australia), Nippon Soda Co. Ltd (Japan), Syngenta AG (Switzerland), FMC Corporation (US), and American Vanguard Corporation (US).
The global fungicides market is projected to be valued at USD 23,898.02 million by 2028, recording a CAGR of 4.24% during the forecast period. The global market is expected to register a notable growth rate during the forecast period. The increasing prevalence of fungal diseases, increasing need to reduce crop loss, and growing adoption of organic farming are the major factors for the rising growth of the global fungicides market. Additionally, increasing product innovations provides growth opportunities to the market for the forecast period. However, risks associated with fungicides are hampering the growth of the market.
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The global fungicides market has been segmented based on type, crop type, mode of application, and region.
Based on type the global market has been segmented into chemical fungicides and biofungicides. The chemical fungicides segment accounted for the largest market share of 87.60% in 2020 and is projected to register a 4.12% CAGR during the forecast period. Chemical fungicides segment is further segmented as benzimidazoles, dithiocarbamates, triazoles, phenylamides, and others. Chemical fungicides are the biocidal materials which helps in killing or preventing the growth of the fungi and their developmental spores. These fungicides controls the deadly fungal infections of the plants such as mildews, rusts and blights. There are various types of chemical fungicides such as benzimidazoles, dithiocarbamates, triazoles, phenylamides.
Based on crop type, the global fungicides market has been segmented into cereals & grains, oilseeds & pulses, fruits & vegetables, and others. The cereals & grains segment accounted for the largest market share of 40.86% in 2020 and is projected to register a 4.14% CAGR during the forecast period. In farming, fungicides are commonly used for treating cereals and grains. In wheat, the early growth stagings for foliar fungicides are usually done for protecting from leaf spot diseases such as septoria nodorum blotch, tanspot and septoria tritici blotch. These diseases are trash-borne, owing to which they tend to migrate up from the bottom to the top. Moreover, intensive use of fungicides for controlling major diseases in wheat such as septoria leaf blotch, powdery mildew and eyespot has over the years been found to develop resistance in fungicide in relation to benzimidazols, DMIs and strobilurins.
Based on mode of application, the global fungicides market has been segmented into Fungicides, foliar, soil treatment, and others. The Fungicides segment accounted for the largest market share of 48.41% in 2020 and is projected to register a 3.88% CAGR during the forecast period. Fungicides are applied to seed prior to planting for providing effective protection against many seed and soil-borne plant pathogens. Fungicide treatment protects seeds against the various seed rots and seedling blights that occur during storage or after planting. Fungicidal Fungicides is divided into three categories, depending on the nature and purpose of the treatment. These categories are seed disinfection, seed disinfestation, and seed protection.
On the basis of region, the global fungicides market has been categorized as North America, Europe, Asia-Pacific, and Rest of the World. As per MRFR analysis, Asia-Pacific constituted a dominant share of the market in 2020. North America was the second-largest market in 2020 and is projected to exhibit a CAGR of 4.05% during the review period. The widespread use of fungicides began in the US in the early 1900s with sulfur spraying. The US government offers several provisions to promote organic agriculture in the country. The ongoing COVID-19 outbreak positively impacted the organic sector in 2020 as customers have continued to concentrate on healthy and clean food, thereby increasing organic food demand significantly. In 2020, US organic food sales increased to USD 50.1 billion, a 4.6% growth compared to the previous year. Such trends are likely to fuel the demand for the North America market in the coming years. Europe accounted market share of 23.07% of the global fungicides market in terms of value in 2020. Spain, Italy, and France were the key contributors to the growth of the European fungicides market in 2020, with market shares of 13.74%, 14.37%, and 16.08%, respectively. The market in Germany is projected to register a growth rate of 4.02% during the forecast period 2021 to 2028. The increasing number of vineyards and growing production of grapes in the country is contributing to the increased demand for fungicides in France. Moreover, the growing trend of organic food & beverages in the region has led to the rising adoption of organic farming, which is driving the growth of the market in the region. Additionally, the establishment of the European Consortium of the Organic-Based Fertilizer Industry (ECOFI) to develop organic fertilizing technology will escalate the fungicides demand by 2028. An increase in investments inflows and government subsidies in the fertilizers sector will enhance the fungicides demand in the region. For instance, the Government of India increased subsidy allocation for fertilizers from USD 9.83 million to more than USD 11 million in 2020. In addition, the demand for organic produce and large-scale production of fruits, vegetables, and cereals in Asia-Pacific, especially in China and India, is driving the growth of the fungicides market. Moreover, key players are investing heavily in the region, further fuelling the market growth. The market in the Rest of the World consists of South Americsa and the Middle East & Africa. The market in the rest of the world accounted for a 18.92% market share in 2020 and is projected to register a growth rate of 4.46% during the forecast period. South America accounted for 63.16% of the market in the rest of the world in 2020. According to FAO, Brazil is the largest producer of sugarcane and oranges, primarily driving the demand for fungicides in the country. Increased maize production in Argentina is also contributing to market growth. In addition, expansion of cultivated land and increase in government support for the efficient use of fertilizers will positively boost the fungicides market in the region.
Key Findings of the Study: