Fungicides Market Research Report—Global Forecast till 2028

Fungicides Market Research Report: Information by Type (Chemical Fungicides [Benzimidazoles, Dithiocarbamates, Triazoles, Phenylamides, and Others] and Biofungicides), Crop Type (Cereals & Grains, Oilseeds & Pulses, Fruits & Vegetables, and Others), Mode of Application (Seeds Treatment, Soil Treatment, Foliar, and Others), and Region (North America, Asia-Pacific, Europe, and Rest of the World) —Forecast till 2028

ID: MRFR/AGR/3405-CR | August 2022 | Region: Global | 110 Pages         

Fungicides Market

Fungicides Market Size is anticipated to reach USD 23,898.02 million by 2028, registering a CAGR of 4.24% during 2021–2028.

Segmentation

By Type Chemical Fungicides Bio Fungicides
By Crop Type Cereals & Grains Oilseeds & Pulses Fruits & Vegetables Others
By Mode of Application Seeds Treatment Soil Treatment Foliar Others
By Region North America Europe Asia-Pacific Rest of the World

Key Players

  • 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)
  • American Vanguard Corporation (US)

Drivers

  • Rising Prevalence Of Fungal Diseases
  • Increasing Need To Reduce Crop Loss
  • Growing Adoption Of Organic Farming
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Fungicides Market Overview


The fungicides market is projected to register a CAGR of 4.24% and reach a value of USD 23,898.02 million by 2028. Fungicides are used to inhibit or kill the growth of fungi. Diseases such as powdery mildews, cereal stem diseases, rusts, smuts, leaf spot diseases, late blight/downy mildew, rice diseases, fruit rots, and cereal seed-borne diseases, among others can be controlled with fungicides. They are also used to control many postharvest diseases. Fungi can cause reduced yield and quality of the agriculture. Fungicides damage the fungal cell membranes or interfere with energy production within fungal cells. The demand for fungicides is increasing rapidly over the last few years across the globe. Increasing prevalence of fungal diseases in agriculture, which is anticipated to act as a major market driver during the forecast period. Product innovation is anticipated to create an opportunity for market players operating in fungicides market. However, risks associated with fungicides is anticipated to restrict the growth of the global market during the forecast period.


COVID-19 Impact Analysis


The rapid proliferation of the COVID-19 pandemic has resulted in a global crisis. Impacting over 195 countries, the pandemic has already created an economic downfall worldwide. The global pandemic is deemed to create a chaotic environment, resulting in a global recession. With the rapidly increasing number of cases, the global fungicides market is getting affected in many ways.


The supply chain of the fungicides market comprises manufacturers, distributors, and consumers. The COVID-19 pandemic has impacted the agricultural supply chain, as many countries were under lockdown and had sealed their borders to curb the spread of the virus. The COVID-19 outbreak flipped the growth switch in every sector of the economy, and the agricultural supply chain is no exception. As the global economy struggles with the pandemic situation, its impact on the global trade and supply chain is growing owing to the rapid weakening of global investment flows. The reduced demand for commodities and raw materials is creating uncertainty in the transportation industry. Strict containment measures imposed by governments of various countries and preventive measures to control the impact of the outbreak had led to a significant restriction in transportation, driving a knock-on effect globally. This trend is expected to continue owing to the uncertainty in the global market and measures to address the supply/demand imbalance.


Transportation is crucial in the supply chain of the fungicides market as it is responsible for transferring goods such as fungicides products from the manufacturers to the consumers. The pandemic has bought the transportation of goods to a near halt across the globe to stop the spread of the virus. Trucking has emerged as a significant chokepoint in the global supply chains for everything from food to medical supplies as governments take stringent steps to contain the pandemic, restricting the movement of vehicles and people to drive them. Though the governments in various countries have allowed the transportation of both essential and non-essential goods within the countries, the situation is very different at ground levels.


Secondly, the availability of the workforce is seen to be disrupting the supply chain of the global fungicides market as the lockdown and the spread of the virus is pushing people to stay indoors. The performance of the fungicides product manufacturers and the transportation of the goods are interdependent. If the manufacturing activity gets halted, the transportation and, by extension, the supply chain gets halted. The loading and unloading of the agricultural products and downstream transportation, which requires a lot of manpower, is also heavily impacted due to the pandemic. From the manufacturing factory gate to the warehouse or from the warehouse to the farmers, the entire supply chain is severely threatened due to the COVID-19 outbreak.


With countries across the world locking down their borders, there have been minimum export-import movements, which has disrupted the crisis in the logistics space. Nationwide lockdowns and trade restrictions are expected to have a significant impact on countries such as Australia, which are highly dependent on the import of fertilizers and crop protection products from China to meet the domestic demand. China, a key producer of the agrochemicals, which accounts for approximately 35% of the global production, is also witnessing disruptions in its supply chain owing to the poor logistics due to traffic control and restrictions on public movement.


Market Dynamics


The global fungicides 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.


Drivers:



  • Rising Prevalence of Fungal Diseases


Fungal diseases are one of the key biotic stresses faced by the agricultural industry globally. The changing climatic conditions and growing resistance of pests have increased the prevalence of fungal infections such as powdery mildew, Septoria leaf spot, and Anthracnose in crops. Several high-value crops such as bananas, coffee, cacao, spices, mangoes, and nuts are affected by fungal infections. These incidences have seen a rise, especially in tropical regions. According to the Program for Monitoring Emerging Diseases, the proportion of plant disease alerts attributable to fungi has risen over the years. In 1995, disease alerts for plant-infecting fungi were less than 1% of the total alerts; this increased significantly by 2000, reaching 4% in 2005 and crossing 6% in 2010. The increasing prevalence has resulted in a rise in the demand for fungicides, thereby boosting the growth of the global fungicides market.


Restraint:



  • Risks Associated With Fungicides


Fungicides have many hidden dangers if not used properly. One side effect of fungicides is phytotoxicity. Phytotoxicity is a toxic effect on beneficial plants. Using the right type of fungicide on the right plant at the right time is very crucial, or crops can have problems. For instance, the fungicide azoxystrobin, frequently used on grapes, can kill some apple varieties, whereas trifloxystrobin is harmful to certain grape cultivars but not others. Moreover, some fungicides are growth-specific, such as triazole + QoI fungicides; these cannot be applied to soybeans later than a growth stage known as R5.


Furthermore, fungi species can become resistant to the chemicals in fungicides over time. Owing to this, higher rates or more frequent applications of fungicide results in ineffectiveness. The resistance is growing in a number of pathogens in field crops, fruits, nuts, vegetables, ornamentals, and turfgrass. Additionally, when plants develop a resistance to a common biochemical marker in a fungicide, they will be resistant to all other products within that same chemical family. Hence, this can be a restraining factor for the growth of the global fungicides market for the forecast period.


Opportunities:



  • Product Innovations


The fruits and vegetables industry has been experiencing huge growth over the past few years. The global food structure and the cropping patterns are changing majorly across the world. This has resulted in an increased demand for fungicides having novel active ingredients. Owing to the increasing demand for fungicides, many major players are introducing innovative products. For instance, BASF received registration for its new active ingredient, “Revysol,” from the US Environmental Protection Agency (EPA) in 2020. Moreover, in 2021, FMC Corporation received approval for the registration of fluindapyr from the US Environmental Protection Agency (EPA). Fluindapyr can be used in both specialty crops and turfs. Moreover, due to the growing resistance to strobilurin fungicides, manufacturers are developing strobilurins in combination with the other range of products. Thus, increasing product introductions and innovations in the market are creating huge growth opportunities for the global fungicides market for the forecast period.


Segment Overview


By Type


Based on type, the global fungicides market has been segmented into chemical fungicides and biofungicides. Chemical fungicides segment is further segmented as benzimidazoles, dithiocarbamates, triazoles, phenylamides, and others. 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, while the biofungicides segment is expected to exhibit the highest CAGR of 5.11% during the review period.


By Crop Type


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, while the fruits & vegetables segment is expected to exhibit the highest CAGR of 4.53% during the review period.


By Mode of Application


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, while the foliar segment is expected to exhibit the highest CAGR of 4.90% during the review period.


Global Fungicides Market Share, by Region, 2020 (%)
Global Fungicides Market Share, by Region, 2020 (%)
Sources: MRFR Analysis


Regional Analysis


By region, the global fungicides market has been divided into North America, Europe, Asia-Pacific, and Rest of the World. Asia-Pacific accounted for the largest market share of 30.48% 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 market in the Asia-Pacifc is expected to register the highest CAGR of 4.70% during the forecast period.


Asia-Pacific


The Asia-Pacific fungicides market is expected to be highly lucrative for manufacturers during the forecast period. The regional market accounted for a 30.48% share of the global fungicides market in 2020 and is projected to exhibit the highest growth rate of 4.70% during the forecast period. China and India are major producers of fruits, vegetables, and cereals worldwide, contributing to the growth of the fungicides market in Asia-Pacific.


North Ameica


North America held a reasonable share of around 27.52% in the overall fungicides market by value in 2020 and is estimated to grow with a fair rate of 4.05% by 2028, owing to the contraction in the consumption from the US. This contraction signifies a combination of low international prices for most crops and unfavorable weather conditions in key agricultural and fertilizer-consuming areas (e.g., central US). However, the demand is anticipated to recover in the near term, presuming a return to standard meteorological conditions and the expansion of cereal areas within the region. Additionally, high population densities and concerns toward food security, and the growing need for better field productivity will primarily drive the fungicides market in the near future.   


Competitive Landscape


The market comprises tier-1, tier-2, and local players. The tier-1 and tier-2 players have a global reach and diverse product portfolios. Companies such as BASF SE, Bayer AG, Sumitomo Chemical Co., Ltd, Nufarm Limited, and Syngenta AG dominate the global market due to brand reputation, product differentiation, financial stability, and diversified regional presence.


Prominent players in the global fungicides market include 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).


Recent Developments


Few developments that occurred in recent times influencing the market growth of fungicides are listed below:



  • In November 2021, Bayer launched Prosaro PRO 400 SC and Minuet fungicides in the market. The launch was aimed at increasing the company's portfolio.

  • In October 2021, Syngenta AG acquired Valagro, a leading biological company. This acquisition strengthened Syngenta's biological crop protection business.

  • In October 2021, American Vanguard Corporation acquired AgNova Technologies Pty Ltd. This acquisition extended its crop protection portfolio.

  • In March 2020, Nufarm launched a new systemic fungicide Tamiz in Brazil. The new product is a high-tech solution for difficult to control diseases that strike the shoots of corn, wheat, beans, and coffee plants.

  • In September 2020, Nufarm and Sumitomo Chemical signed an agreement on the new fungicide compound 'metyltetraprole' for the European market. The new compound was trademarked by "Pavecto," and both companies agreed to explore the distribution of Pavecto-based solutions for Germany, the UK, and Poland.


Scope of the Report


Global Fungicides Market, by Type



  • Chemical Fungicides

    • Benzimidazoles

    • Dithiocarbamates

    • Triazoles

    • Phenylamides

    • Others



  • Biofungicides


Global Fungicides Market, by Crop Type



  • Cereals & Grains

  • Oilseeds & Pulses

  • Fruits & Vegetables

  • Others


Global Fungicides Market, by Mode of Application



  • Seeds Treatment

  • Soil Treatment

  • Foliar

  • Others


Global Fungicides Market, by Region



  • North America

    • US

      • Canada

      • Mexico





  • Europe

    • UK

      • Germany

      • France

      • Spain

      • Italy

      • Rest of Europe





  • Asia-Pacific

    • China

    • India

    • Japan

    • Australia & New Zealand

    • Rest of Asia-Pacific



  • Rest of the World

    • South America

    • Middle East

    • Africa




Intended Audience



  • Fungicides Manufacturers

  • Raw Material Suppliers

  • Retailers, Wholesalers, and Distributors

  • Governments, Associations, and Industrial Bodies

  • Investors and Trade Experts



Report Scope:

Report Attribute/Metric Details
  Market Size   USD 23898.02 Million
  CAGR   4.24%
  Base Year   2020
  Forecast Period   2021–2028
  Historical Data   2019
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, 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 Rest of the World (RoW)
  Key Vendors   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)
  Key Market Opportunities   Product Innovations
  Key Market Drivers   Rising Prevalence Of Fungal Diseases, Increasing Need To Reduce Crop Loss, Growing Adoption Of Organic Farming


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Frequently Asked Questions (FAQ) :

Fungicides market is expected to touch a value of USD 23898.02 Million by 2028.

Fungicides market is expected to register a CAGR of 4.24% from 2028

Bayer Cropscience AG, American Vanguard Corporation, Bioworks Inc, Marrone Bio Innovations Inc., DowDupont, FMC Corporation, Natural Industries, UPL Limited, Nippon Soda Co. Ltd, Sumitomo Chemical Co., Ltd, Isagro Spa, BASF SE, ADAMA Agricultural Solutions Ltd, Syngenta AG, and Nufarm Limited are major players of the global fungicides market.

Organic cultivation and precision farming can boost the global fungicides market revenue in the coming years.

Asia-Pacific is predicted to dominate the global fungicides market till 2028.

Rising prevalence of fungal diseases is the major driver of the global fungicides market.