The landscape of the fungicides market features the presence of several players of global standing who are competing against one another based on their product portfolio. Transparency Market Research (TMR) observes that the marketplace is increasingly fragmented with none having a substantial share in the global fungicides market. Well-entrenched players in the global fungicides market include names such as Syngenta AG, Nufarm Ltd., Bayer AG, Adama Agricultural Solutions Ltd., Cheminova A/S, and DuPont. Several top players have been unveiling advanced solutions that allow control of a wide range of major crop diseases, in order to ascertain their stronghold in the global fungicides market.
The global fungicides market stood at approximately US$12.37 bn in 2016 and is projected to reach a worth of over US$18.22 bn by the end of 2025. During the forecast period of 2017–2025, the market is anticipated to clock CAGR of 4.4%.
Among the various key crop types, fruits and vegetables held the major share of 40.0% in the global fungicides market in 2016. This was attributed to the extensive application of fungicides in improving the yield of fruits and vegetable world over.
Regionally, Asia Pacific held the major share vis-à-vis volume of the global fungicides market in 2016. In the years ahead, the regional market for fungicides will rise at the most attractive growth rate till 2025. Rapid strides made by the agriculture industry in the region are expected to boost the market.
Role of Fungicides in Managing Crop Diseases to propel Market’ Growth
The global drive for the fungicides market stemmed from the rising need for pesticides to control a wide variety of diseases in crops that are of commercial importance. Fungal diseases in the growing plants are a substantial source of loss of economic value. The use of fungicides has emerged as one of the key methods to improving yield and enhancing post-harvest economic value in various parts of the world.
The role of fungicides in the management of the plant and crop diseases has increased over the past several years among growers and agriculturists, thereby propelling growth in the fungicides market.
Advent of Efficacious Formulations paves way for Product Innovations
The demand for fungicides that offer broad-spectrum protection to corn and soybean diseases is rising among agriculturists, thus boosting the market. The advent of modern farming techniques is catalyzing the expansion of the global fungicides market. However, some plants and crops where fungicides were applied have resulted in health risks in humans, especially due to the presence of harmful chemicals in fungicides such as sulfur. This has dampened the prospects of the global fungicides market to an extent.
Nevertheless, rising focus of chemical manufacturers on improving the effectiveness of treatments and advancements in method of application is opening lucrative avenues in the fungicides market. The need for more efficacious formulations that allow ease of handling and storage, and application in the fungicides market paves way to product innovations. In recent years, bio-based fungicides have gathered some steam, thus unlocking lucrative avenues for chemical manufacturers in fungicides market.
The study presented here is based on a report by Transparency Market Research (TMR) 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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