Published: Jun, 2019
The global fungicides market is anticipated to showcase a healthy growth in coming years, as reported by Transparency Market Research (TMR). A large pool of vendors are present in the global fungicides market. Due to this, the market is currently fragmented, and no particular vendor holds a substantial share in the global market. Established players operating in the global fungicides market are leveraging advanced solutions that enable control of most crop diseases. This is a key strategy invested into by players to gain a foothold in the global fungicides market.
Further, vendors operating in the global fungicides market are seen focusing on growth and marketing schemes such as mergers and acquisitions, and launch of new products. Market players are also seen adopting sustainable practices and integrated pest management techniques in order to improve yield or produce of crops using the product.
Prominent vendors in the global fungicides market include Syngenta AG, Bayer CropScience AG, BASF SE, DowDupont Inc., and Nufarm Ltd.
According to TMR’s analysis, the global fungicides market is projected to clock in a 4.4% CAGR over the forecast period 2017 to 2025. The market was estimated to stand at a value of US$12.37 bn in 2016, and is expected to reach US$18.22 bn over the forecast tenure.
Among the crop type, the segment of fruits and vegetables is expected remain at the fore over the forecast period. This could be accounted to the increased spending of consumers on quality products. In terms of geographical segmentation, Asia Pacific fungicides market is anticipated to take on a lead over the prediction period 2017 to 2025.
Use of Biological Fungicides to Emerge as Leading Trend
We have seen a change in consumer preference for recyclable and ecological materials in recent years. This is one of the main drivers of sustainable market growth in packaging. Research and funding agencies around the world have made the development of bio-pesticides or ecological agricultural products a priority. Growing profits in organic agriculture influence farmers to seek to control plant health problems by synthetic chemical alternatives.
The use of sustainable packaging materials has expanded globally, in the context of global environmental concerns regarding sustainable development and application by various governments of strict legislation. During the forecast period, demand for alternative materials such as bioplastics will probably grow on the global sustainable packaging market.
Increasing Food Safety Standards to Bolster Fungicides Market
The growing concerns about disease control are expected to lead to the global market for fungicides. Shrinking arable land and increasing food demand are projected to increase fungicide demand and thus drive the global fungicide market. Moreover, the growing demand for fungicides is projected to fuel market growth over the forecast period in non-crop applications such as ornamental plants and turf In addition, it has been estimated that increasing awareness about the benefits of fungicides among farmers worldwide will give market players a lucrative opportunity during the forecast period on the global fungicide market.
But toxicity caused by the fungicide consumption and the strict laws for the use of certain cultivated fungicides may impede the growth of the market over the projected period. However, guidelines introduced for the management of fungicidal resistance by the Food Research & Action Center (FRAC) are expected to provide new pathways in the near future for major players in the global fungicides market in coming years.
This review is based on TMR’s report titled, “Fungicides Market (Product - Mancozeb, Chlorothalonil, and Metalaxyl, Strobilurin; Crop - Oilseeds & Pulses, Cereals & Grains, and Fruits & Vegetables) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017–2025.”
The global fungicides market is segmented based on:
- Oilseeds & Pulses
- Cereals & Grains
- Fruits & Vegetables
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
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