Fungicides Market Size was valued at USD 19.5 billion in 2022. The fungicides market industry is projected to grow from USD 20.3 Billion in 2023 to USD 26.0 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.24% during the forecast period (2023 - 2030). Growing Fungal Disease Prevalence and Growing Need to Minimize Crop Loss are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The fungicide market is expanding as a result of the expanding worldwide population and rising demand for food production. In the production of fruits, vegetables, and rice, fungicides are frequently utilized. Fungicides increase agricultural yields by destroying or inhibiting the growth of fungus and bacteria on crops. The consumption of vegetables and fruits has also increased as a result of the health advantages of these foods, changes in poultry farming methods, and the introduction of more innovative fungicide products, all of which have helped the fungicide market expand. The need for innovative solutions to prevent the growth of bacteria and fungi on crops is also being driven by the present climate change predictions and the rising prevalence of numerous crop diseases. The fungicide market is expanding as a result of this element.
Fungicides are among the pesticides that are used most frequently because they eliminate fungi and their spores, lessen blights, rust, and mildew, and shield crops from fungal diseases, minimizing damage. However, since not all diseases can be prevented by fungicides, it is essential to identify the disease's source. The chemical, for instance, cannot stop crop losses brought on by insects and abiotic factors. Hence, agricultural communities keep the farming committee informed about the usage of particular chemicals for different pest management techniques.
The demand for the best vegetables on the market is increasing as a result of growing consumer health concerns and diet programs. The development of the fungicides market is also being aided by new farming technologies that increase crop productivity. On the other hand, it is anticipated that the expansion of the fungicides market will be constrained by increased soil toxicity hazards and severe government regulations for product approval. Despite this, the market for fungicides is estimated to experience lucrative growth throughout the forecasted period due to the rising popularity of bio-based fungicides.
The fungicides market segmentation, based on type the market has been divided into two types: chemical fungicides and biofungicides. Chemical fungicides are divided into benzimidazoles, dithiocarbamates, triazoles, phenylamides, and others. The chemical fungicides segment held the greatest market share of 87.60% in 2020 and is estimated to grow at a CAGR of 4.12% during the forecast period, while the biofungicides sector is likely to grow at the fastest rate of 5.11% during the review period.
Figure 1: Fungicides Market, by Type, 2022 & 2030 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The fungicides market segmentation, based on crop type, the market has been divided into cereals and grains, oilseeds and pulses, fruits and vegetables, and others. The cereals and grains category held the greatest market share of 40.86% in 2020 and is predicted to grow at a 4.14% CAGR during the forecast period, while the fruits and vegetables sector is likely to grow at a 4.53% CAGR during the review period. Cereals and grains provide more protein than meat, milk, and eggs, making them a major protein source for half of the world's population. The key reason for the segment's growth is the expanding population and demand for food materials. This increased demand for crop protection chemicals helps to enhance the demand for novel fungicides.
The fungicides market has been classified into Fungicides, foliar, soil treatment, and others based on mode of application. Several different application techniques are used to apply fungicides. However, across all regions, foliar treatment is largely preferred. The uniform application and low volume requirement per hectare of the foliar treatment account for its high preference. By saving on input costs and preventing crop damage, the decreased volume needed per hectare boosts farmers' profitability. The foliar application also protects exposed plant surfaces and prevents pathogens from entering the crop. The foliar application also lessens the secondary inoculum and aids in the eradication of pre-existing infections.
By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. Throughout the projected period, the Asia-Pacific fungicides market is expected to be extremely profitable for manufacturers. In 2020, the regional market accounted for 30.48% of the worldwide fungicides market and is expected to grow at the fastest rate of 4.70% during the forecast period. China and India are key producers of fruits, vegetables, and grains worldwide, which contributes to the growth of the Asia-Pacific fungicides market.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: FUNGICIDES MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe fungicides market accounts for the second-largest market share, because of its expanding use in grain crops. Further, the Germany fungicides market held the largest market share, and the UK fungicides market was the fastest growing market in the European region
The Asia-Pacific Fungicides Market is expected to grow at the fastest CAGR from 2022 to 2030 as a result of the decline in US consumption. This is a result of a confluence of factors, including poor crop prices globally and adverse weather in major agricultural and fertilizer-consuming regions (e.g., central US). Nonetheless, it is projected that the need will increase again soon, assuming that the weather returns to normal and that the region's grain fields expand. Moreover, China’s fungicides market held the largest market share, and the Indian fungicides market was the fastest growing market in the North American region
The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for fungicides. In addition, market participants are launching new products, entering into contracts, acquiring companies, increasing investments, and working with other organizations, among other significant market developments, in an effort to expand their footprint. To grow and survive in a more cutthroat and competitive market climate, competitors in the fungicides business must provide affordable products.
Manufacturing locally to cut operating costs is one of the main business methods used by manufacturers in the fungicides industry to benefit customers and increase the market sector. The fungicides sector has recently given medicine some of the most important advantages. Major players in the fungicides market, including BASF SE (Germany), Bayer AG (Germany), Sumitomo Chemical Co. Ltd (Japan), ADAMA Agricultural Solutions Ltd (China), and others, are attempting to increase market demand by funding R&D initiatives.
Syngenta AG, headquartered in Basel, Switzerland, is a provider of agricultural research and technology, including seeds and insecticides. ChemChina, a Chinese state-owned enterprise, owns it. Syngenta was formed in 2000 by the combination of Novartis and AstraZeneca's agrichemical operations and was acquired by China National Chemical Company (ChemChina) in 2017. Syngenta Crop Protection, Syngenta Seeds, Adama, and Syngenta Group China are its business units. In June 2020, Syngenta introduced the TYMIRIUM technology platform brand. It is a brand-new nematicide and fungicide technology in the works for seed and soil applications. It is simple to apply and effective in controlling nematodes and fungal infections.
Bayer AG is a German multinational pharmaceutical and biotechnology corporation and one of the world's largest pharmaceutical corporations. Bayer, headquartered in Leverkusen, sells pharmaceuticals, consumer healthcare items, agricultural chemicals, seeds, and biotechnology products. The company's stock market index is the EURO STOXX 50. In November 2021, Bayer will introduce the fungicides Prosaro PRO 400 SC and Minuet to the market. The introduction was intended to broaden the company's offering.
Fungicides Industry Developments
In October 2021, AgNova Technologies Pty Ltd. was purchased by American Vanguard Company. Its crop protection offering was increased by this acquisition.
In March 2020, Tamiz, a brand-new systemic fungicide, was introduced by Nufarm in Brazil. The new medicine is a cutting-edge treatment for illnesses that affect the shoots of corn, wheat, beans, and coffee plants and are challenging to control.
In September 2020, Nufarm and Sumitomo Chemical inked a contract regarding the novel fungicide "metyltetraprole" for the European market. The businesses agreed to look into the possibility of distributing Pavecto-based products in Germany, the UK, and Poland. "Pavecto" trademarked the new compound.
| Report Attribute/Metric | Details |
| Market Size2022 | USD 19.5 billion |
| Market Size 2023 | USD 20.3 billion |
| Market Size 2030 | USD 26.0 billion |
| Compound Annual Growth Rate (CAGR) | 4.24% (2023-2030) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2030 |
| Historical Data | 2019- 2021 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Crop Type, Mode of Application and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | 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). |
| Key Market Opportunities | New Product Development |
| Key Market Dynamics | Developing Fungal Disease Prevalence, Increasing Crop Loss Needs, Expanding Organic Farming Acceptance |
Fungicides Market Highlights:
Frequently Asked Questions (FAQ) :
The fungicides market size was valued at USD 19.5 Billion in 2022.
The market is projected to grow at a CAGR of 26.0% during the forecast period, 2023-2030.
Asia Pacific had the largest share in the market
The key players in the market are BASF SE (Germany), Bayer AG (Germany), Sumitomo Chemical Co. Ltd (Japan), ADAMA Agricultural Solutions Ltd (China)
The cereals and grains fungicides category dominated the market in 2022.
The chemical fungicides had the largest share in the market.
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