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Key Trends Shaping The Fungicides Market

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By Author: Kerry Fido
Total Articles: 12
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The global fungicides market is estimated to be valued at USD 18.7 billion in 2019 and is projected to reach USD 24.5 billion by 2025, recording a CAGR of 4.6%. The fungicides market has high growth potential in emerging markets, such as Asia Pacific, South America, and Rest of the World (RoW), which is attributed to the changing climatic conditions and increasing area under high-value crops. In addition, the launch of new products in developing countries is projected to drive the growth of the market.

By mode of application, the fungicides market is segmented into soil treatment, foliar spray, seed treatment, chemigation, and post-harvest. Foliar is a leading segment in the fungicides market. The foliar application of fungicides increases the quality and yield potential in plants. The technique of applying fungicides directly to the leaves of the plants is known as the foliar application method. The foliar application ensures uniform application of fungicide solutions.

On the basis of type, the fungicides market is segmented into biological and chemical. The biological segment is further subsegmented as botanicals and microbials. The chemical segment is also further subsegmented into triazoles, dithiocarbamates, strobilurins, phenylamides, chloronitriles, and other chemical fungicides. The biological fungicides segment is projected to witness the fastest growth during the forecast period. Biological fungicides or biofungicides comprise beneficial microorganisms that are used to control fungal diseases. Many of these beneficial microorganisms are naturally found in soil. Biofungicides are mostly used before the occurrence of diseases. Their efficiency increases if used in combination with good agricultural practices. Biofungicides have different modes of action, such as competition/exclusion, antibiosis, parasitism, induced resistance, and plant growth promotion.

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Based on crop type, the fungicides market is segmented into cereals & grains, oilseeds & pulses, fruits & vegetables, and other crop types. The cereals & grains segment is projected to witness the fastest growth during the forecast period. This growth is attributed to the high consumption of fungicides for these crops, particularly in the Asian and North American countries. In addition, due to the increasing demand for crops, such as corn, wheat, and rice, across industries, the consumption of fungicides is projected to increase the yield potential of these cereals. The global coarse cereals production volume is projected to reach 1,321 million tons by 2020, 18% more than during the base period, with significant growth projected in Argentina, Brazil, China, Russia, Ukraine, and the US.

Based on form, the fungicides market is segmented into liquid and dry. The liquid segment projected to drive the market growth during the forecast period, in terms of value. Liquid forms of fungicides increase the phytotoxicity potential of plants, resulting in a wide application of liquid fungicides, globally. Asia Pacific dominated the liquid fungicides market due to the higher adoption of SC and EC formulations in countries, such as China, India, Japan, Vietnam, and Australia, for application in various crops, which include cereals (particularly rice) and fruits & vegetables.

RoW is projected to drive the market growth during the forecast period, in terms of value. Key countries that play a key role in the growth of the fungicides market in this region are South Africa, Turkey, and other countries (Israel, Kenya, Nigeria, and Egypt). The climatic conditions of these countries help in the cultivation of diverse crops such as wheat, corn, rice, fruits, and vegetables, which are the major agriculture crops cultivated in this region. The requirement for fungicides is projected to increase due to the rising demand for agricultural produce in these countries. In addition, the climatic conditions of these countries favor the cultivation of diverse crops. Coffee, corn, rice, and fruits & vegetables are the major agricultural crops cultivated. The demand for fungicides is projected to increase due to the increasing demand for agricultural products in the region.

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

Key players such as BASF SE (Germany), Bayer AG (Germany), Syngenta AG (Switzerland), Corteva, Inc. (US), FMC Corporation (US), and ADAMA Agricultural Solutions (Israel) in the fungicides market are focusing on new product launches, expansions & investments, acquisitions, agreements, joint ventures, collaborations, approvals, and partnerships to expand their global footprint.

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