Fungicides Market to Reach US$ 28.4 Bn by 2032, driven by Demand for crop yield is increasing with growing population worldwide. This has led to high demand for multiple crop care chemicals as well as fungicides to reduce crop losses.
New York, April 2023: According to a new research study by Global Insight Services (GIS), the global Fungicides Market is expected to grow rapidly over the next 10 years to reach a value of more than the US $ 28.4 Billion by 2032.
In modern farming, fungicides play a crucial role in protecting crops from fungal diseases. Changes in farming techniques and technological advancements have encouraged the farmers to engage in effective pest management. Surge in pest management practices have also increased awareness of crop saving properties of the fungicides. These are used to kill the fungus spores and to improve the quality of crops. Fungicide reduces crop losses before and after harvest along with increase in crop yield. Chemical and pharmaceutical industries are the major sources of fungicides. In addition, there is an increase in the requirement of food products owing to surge in population. The losses in food crops mainly occur due to the diseases in crops during various crop development stages. There is an increase in the usage of fungicide in floriculture, horticulture, and mainly in farming to increase the yield of crops and to protect crops from several diseases. In farming, fungicides are primarily used in cereal crops.
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Fungicides Market: Key Trends and Drivers
Multiple regions are agrarian economies including the majority of Asia Pacific, such as India, Indonesia, South Korea, and Thailand, American countries, such as Mexico, and Central and South America. These countries are widely dependent on their agricultural output as agriculture presents a significant portion of their GDP. For such countries, agricultural produce directly impacts the nation’s economy and therefore the farming committee is constantly made aware of the benefits of using various chemicals and other products to boost crop yield with least possible crop loss.
Fungicides are one of the most commonly utilized pesticides, which kill fungi and their spores, controls blights, rust and mildews or prevents crops against fungal infections, thereby reducing damages. However, since fungicides cannot prevent crop losses against all sorts of diseases, it is critically essential to understand the cause of the disease. For instance, the substance cannot control crop losses caused due to insects and abiotic factors. Therefore, agricultural communities are constantly updating the farming committee about the use of precise chemicals for various pest management measure.
Fungicides Market: Restraints & Challenges
The key restraints and challenges in the Fungicides market are:
1. Stringent government regulations: Fungicides are subject to stringent government regulations in many countries due to their potential impact on human health and the environment. This has led to a decline in the use of fungicides in some countries and regions.
2. High cost of production: The high cost of production is another major challenge facing the fungicides industry. The cost of raw materials and the need for specialized equipment and skilled labor make fungicides among the most expensive pesticides to produce.
3. Intense competition: The fungicides market is highly competitive, with a large number of multinational companies and regional players. This intense competition has led to a decline in prices and margins in recent years.
4. Slow growth of end-use markets: The slow growth of end-use markets is another challenge for the fungicides industry. The main end-use markets for fungicides, such as agriculture and horticulture, have been growing at a slow pace in recent years.
Fungicides Market Report Findings
The Dithiocarbamates segment is likely to hold a dominant Fungicides Market share and grow at a substantial CAGR during the forecast period.
By active ingredient, the Fungicides Market is segmented into Dithiocarbamates, Benzimidazoles, Chloronitriles, Triazoles, and Others. The Dithiocarbamates segment held the largest market share of xx% in 2022 and is expected to grow at a significant CAGR over the forecast period. Dithiocarbamates have been significantly in use in tobacco farming to control field disease, such as clue mold as well as seedbed. Ethylenebis-(dithiocarbamates) and N, N-dimethyl dithiocarbamate are the two commonly recognized dithiocarbamates that are used worldwide. Certain countries such as Argentina, Brazil, Canada, Chile, China, France, Germany, India, Greece, Indonesia, Cuba, and Colombia are among the largest consumers of dithiocarbamates for their tobacco farming.
The Cereals & Grains segment is likely to hold a dominant Fungicides Market share and grow at a substantial CAGR during the forecast period.
By crop type, the Fungicides Market is segmented into Cereals & Grains, Oilseeds & Pulses, Fruits & Vegetables, and Others. Cereals and grains held the largest share of 65.5% in terms of volume in 2019. In cereals and grains, application of the substance needs utmost understanding of the disease types in order to be fruitful for both the farmers and the overall grains industry. Accurate identification of the crop symptoms enables farmers to apply precise amount of fungicides in order to refrain the spread of pathogens. Grains and cereals need constant monitoring across all seasons and understanding of cultivar resistance is considered to be the best approach towards ceasing fungal infections in grains. The use of the substance in adequate permissible quantity ensures the protection of plant tissues by controlling growth of pathogens. The two significantly followed methods of application of fungicides to cereals are through direct foliar spray into stems or leaves and by application in furrow. Spraying of the substance during stem elongation is considered to be the most effective method of application. If any pathogens are detected at an early stage, the application of the substance at that initial stage helps to prevent the spread of the disease.
The Asia Pacific region is estimated to exhibit the highest growth rate during the Fungicides Market forecast period.
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. Asia-Pacific is among the largest consumer of fungicides in the market. During the study period, there was increased investment in R&D for manufacturing novel, innovative, and cost-efficient solutions against fungi in crops in the region. The region’s high production potential for grains, cereals, and vegetables increased the demand for fungicides in the market. Fungicides, especially SDHI fungicides, are often used in combination with other chemicals, mainly for seed treatments in the region. For instance, carboxin is often used with thiram for seed treatment of various crops, such as soybean, groundnut, cotton, and potato. The increased demand for food among the growing population can be attributed to the need to enhance crop yield.
In India, several government agencies, such as the Ministry of Agriculture and Farmers Welfare, the Department of Biotechnology (DBT), and the Ministry of Science and Technology, have been promoting the research, development, and commercialization of bio-based fungicide.
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The key players in the market are Adama Ltd., BASF SE, Bayer AG, FMC Corporation, Corteva Inc., Novo Nordisk AG, Nufarm Ltd., Sumitomo Chemical Company, Syngenta AG and Tata Chemicals Ltd.
Recent Developments in the Fungicides Market:
- In August 2022: Syngenta launched the TYMIRIUM technology platform brand. It is a novel nematicide and fungicide technology under development for seed and soil applications. It is easy to use and highly performs in controlling nematodes and fungal diseases.
- In May 2022: Corteva Agriscience launched Zorvec Encantia, a new fungicide for potatoes targeting late blight, a harmful pathogen currently threatening local potato growth.
- In May 2022: UPL acquired OptiCHOS, a naturally derived fungicide for its Natural Plant Protection (NPP) business unit, and will help the company expand its global presence through increased product offerings.
- In September 2021: Corteva signed an agreement with Gaiago to develop and distribute biofungicide solutions globally. Through this agreement, Corteva received the global testing license and commercial rights for novel biofungicide technology that can help protect grapevines, potatoes, and vegetables against pathogens.
Fungicides Market Report Coverage
- The report offers a comprehensive quantitative as well as qualitative analysis of the current global Fungicides Market outlook and estimations from 2022 to 2032, which helps to recognize the prevalent opportunities.
- A thorough analysis of market trends and restraints is provided.
- Region-wise, as well as country-wise conditions, are broadly evaluated in this report.
- The forecasts in this report are made by examining the recent trends along with future Fungicides Market potential from 2022 to 2032 in terms of revenue.
- Porter’s five forces analysis, SWOT analysis, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the Fungicides Market are also analyzed.
- Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the global surface disinfectants industry.
Global Fungicides Market Segmentation
By Product & Services
- mHealth Apps
- Medical Apps
- Fitness Apps
- Connected Medical Devices
- Vital Signs Monitoring Devices
- Peak Flow Meters
- Sleep Apnea Monitors
- Multiparameter Trackers
- Fetal Monitoring Devices
- Neurological Monitoring Devices
- Remote Monitoring Services
- Diagnosis & Consultation Services
- Treatment Services
- Healthcare System Strengthening Services
- Fitness & Wellness Services
- Prevention Services
- Healthcare Providers & Payers
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Rest of World
- Latin America
- Middle East
- AgaMatrix, Inc. (US)
- AIRSTRIP TECHNOLOGIES, INC. (US)
- Apple Inc. (US)
- AT&T Inc. (US)
- athenahealth, Inc. (US)
- iHealth Labs, Inc. (US)
- Koninklijke Philips N.V. (Netherlands)
- Medtronic (US)
- OMRON HEALTHCARE Co., Ltd. (Japan)
- TrueCare24, Inc. (US)