Global Fungicides Market: Growing Food Requirements Driving Uptake, observes TMR
According to a recent study by Transparency Market Research (TMR), the global fungicides market is consolidated in nature, with more than two-third of the global shares collectively owned by the top four players. The report identifies Bayer CropScience, BASF SE, Syngenta, Monsanto Company, Dow AgroSciences LLC, Cheminova A/S., and E.I. du Pont de Nemours and Company as some of the leading companies in the global market for fungicides. These key players produce their own raw material inputs and concentrate on research and development across various regions to maintain a product portfolio suited for those regions.
As per the TMR evaluations, the global fungicides market had an opportunity worth US$11.23 bn in 2014, which will expand at a CAGR of 4.4% during the forecast period of 2015 to 2023, reaching a valuation of US$16.30 bn by the end of 2023. Research and development of customized products as per the requirement of various regions will define the leader of the market in the longer run. However, large number of small players are entering the market at regional levels, which is stiffening-up the competition.
Vastly Populated Asia Pacific Most Lucrative Region
By product, the report segments the global fungicides market into chlorothalonil, mancozeb, strobilurin, metalaxyl, and others including benzimidazoles, triazols, and phenylamides. In terms of volume, the segment of mancozeb accounted for over 20% of the demand and is expected to remain prominent throughout the forecast period. This is owing to its low-cost and absence of any resistance management issues. However, phenylamides segment is also anticipated to expand the demand robustly over the course of next few years, as they can be mixed with water and consequently, are easy to apply through foliar spray, seed treatment, soil treatment, and post-harvest. By application, the report categorizes the global fungicides market into cereals and grains, oilseeds and pulses, fruits and vegetables and others including grass and ornamental plants. Out of these, fruits and vegetables segment served maximum demand and are expected to expand at an above-average rate during the forecast period, owing to its growing application to manage fungal diseases in muskmelons, grapes, apples, potato, orange, tomato, lemons, and carrots.
Geographically, the TMR report studies the opportunities available for the players in fungicides market in the regions of North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa, and rates Asia Pacific as the most lucrative region. The region accounted for 25% of the share in 2014, although North America is expected to escalate the demand quickly during the forecast period due to high demand from non-crop applications as well as fruits and vegetables segment.
Demand for Protein-rich Foods and Fibers Escalating
Escalating demand for food across the world with rapidly growing population, which makes it mandatory to increase the production as well as concentrate on food safety, is the primary driver of the global fungicides market. The change in farming practices from traditional to conventional is another important factor favoring the market’s growth rate. Government support to the methods of enhancing yield, sale of ornamental plants for outdoor and indoor applications, and non-selective fungicides are expected to further boost the demand in the global fungicides market.
According to the author of the report, “Changing lifestyle among the urban population is shifting the dietary patterns of the middle income population, with protein-rich foods and fibers gaining popularity. This is opening new opportunities for the players in this market.”
The information presented in this review is based on a Transparency Market Research report, titled, “Fungicides Market (Product - Mancozeb, Chlorothalonil, Metalaxyl, and Strobilurin; Application - Cereals and Grains, Oilseeds and Pulses, and Fruits and Vegetables) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.”
Key Segments of the Global Fungicides Market
- Fungicides Market - Product Segment Analysis
- Others (Including triazols, benzimidazoles, phenylamides, etc.)
- Fungicides Market – Application Analysis
- Cereals & grains
- Oilseeds & pulses
- Fruits & vegetables
- Others (Including ornamental plants, grass, etc.)
- Fungicides Market – Regional Analysis
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
- North America
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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