Fungicides Market: Global Industry Analysis and Forecast (2024-2030)

Fungicides Market Overview:

Fungi are a common cause of crop damage, reducing yield, quality, and profitability. As a result, fungicides are applied to crops at various phases of development to eradicate undesirable fungi that diminish production. Global fungicides market growth is expected to be driven by rising disease outbreaks as a result of changing climatic circumstances, as well as an increase in the cultivation of high-value crops. As a result, there is a growing global demand for fungicides to decrease crop loss.

 

 

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Key Trends:

 

Low or no consumption of fruits and vegetables, according to the World Health Organization (WHO), is one of the top 10 risk factors for global mortality, accounting for almost 1.7 million deaths globally. Thus, integrating fruits and vegetables in one's regular diet may help in the prevention of major non-communicable diseases (NCDs) such as Parkinson's disease, strokes, the majority of heart illnesses, the majority of malignancies, diabetes, chronic renal disease, cataracts, and others.

 

Rising health consciousness has resulted in increased demand for fruits and vegetables in both developed and developing economies such as China, Germany, Brazil, India, and others. As a result, growers all over the world are focusing their efforts on producing fruit and vegetables while simultaneously preserving them with fungicides to meet export quality standards, which has also driven the demand in the global fungicides market.

 

Fungicides Market Dynamics:

The fungicides market is being driven by global population growth, which demands increased agricultural production, as well as rising plant diseases, a limited agricultural area, and the adoption of advanced farming techniques. The fungicides market is being driven by different market players adopting innovative strategies to get a competitive advantage over other businesses and secure a larger market share.

Companies are substantially investing in facility expansion plans, research and development, collaborating, and agreements. Syngenta, for example, recently announced the release of their latest fungicides including pydiflumetofen. MIRAVIS Duo is the name given to it. Over the forecast period, all of these factors are expected to drive fungicides market growth.

 

The harmful effects of fungicides on human health and the environment, however, are limiting the fungicides market's growth and development. Also, market development is expected to be limited by the popularity of organic farming and the advent of genetically engineered plants.

 

Fungicides Market Segment Analysis:

Based on Product Types: In 2020, the global market for triazoles was worth US $2.40 billion, with triazoles accounting for 17% of the total market share. It is expected to reach US $3.4 billion by 2027, with a 4.5% CAGR during the forecast period, and to maintain its dominance over the forecast period.

 

 

The fungicide Strobilurins is extracted from the naturally occurring Basidiomycete Strobilurustanacellus. These fungicides are less harmful to both the environment and humans. The global market for Strobilurins fungicides was worth US $2.40 billion in 2020 and is expected to reach US $3.30 billion by 2027, growing at a CAGR of 4.2% from 2020 to 2027.

 

Fungicides Market Regional Insights:

In 2020, Europe was dominant among all the regions accounting for xx% of the overall market share in terms of revenue thanks to the wide use of fungicides in agriculture. Wheat cultivation is prevalent in Europe, and it is one of the continent's most important agro-economic sectors. Fungicides are also used in vineyards and fruit and vegetable farms. The European fungicides market generated US $5.70 billion in sales in 2020 and is expected to grow at a CAGR of 4.60% to US $8.20 billion by 2027.

 

North America is the second-largest revenue contributor to the global fungicides market, with a CAGR of 4.7% expected over the forecast period.

 

Geographically, Asia Pacific fungicides market generated US $5.25 billion in revenue in 2020 and is expected to maintain its lead over the forecast period. This is likely driven by the rising post-harvest losses, increased rice cultivation, and the expansion of the agricultural industry in this region. Rice, sugar beets, fruits and vegetables, cereals, and grains are among the major crops grown in Asia. The region consumes 90% of the world's rice production. The major contributors to the growth of this market in this region are Australia, India, and China. China is usually recognized as the world's largest fungicide consumer.

 

Recent Advancements:

 

• In September 2020, Dhanuka Agritech, one of India's major agricultural companies, announced the launch of two new fungicide treatments, KIRARI for controlling downy mildew in grapes and NISSODIUM for controlling powdery mildew in grapes.
• In August 2020, FMC Corporation, a chemical manufacturing firm based in the United States, announced the launch of its new Xyway 3D fungicide, which is the first of its type at-plant fungicide that offers season-long and inside-out disease protection from planting to harvest.
• In July 2020, Syngenta AG, a Swiss agrochemical business, has announced the launch of three new fungicides: Ascernity, Posterity XT, and Posterity Forte, which will protect against diseases like dollar spot, spring dead spot, anthracnose, and a wide patch on golf course turf.
• In May 2020, BASF SE, the world's largest chemical company based in Germany, has announced the launch of its new Melyra fungicide powered by Revysol, which is specifically designed for Chinese clients.
• In April 2020, Sonata, a biological fungicide based on Bacillus pumilis for wine and table grapes that are also certified for use in organic farming, was also announced by Bayer AG, one of the world's leading drug manufacturers.
• In March 2020, Corteva Inc., a large American agricultural chemical manufacturing company based in the United States, has introduced a new range of cereal applications for sale in France.
• In March 2020, In Japan, Sumitomo Chemical Company Limited announced the launch of KANAME Flowable, a new horticultural fungicide.

 

Volumes of Fungicides Imported to India:

 

Over nine thousand metric tonnes of fungicides were imported into India from other countries in the financial year 2021, a rise over the previous year. In recent years, the country's import volume of an important agrochemical has remained constant. However, a detailed analysis of it is covered in the report.

 

The objective of the report is to present a comprehensive analysis of the Fungicides Market to the stakeholders in the industry. The report provides trends that are most dominant in the Fungicides Market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.

 

The qualitative and quantitative data provided in the Fungicides Market report is to help understand which market segments, regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the Fungicides Market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the market.

The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals are existing, who they are, and how their product quality is in the Market. The report also analyses if the Fungicides Market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly if the market is dominated by a few players, etc.

 

The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the Fungicides Market is aided by legal factors.

 

Fungicides Market Scope:

Fungicides Market
Market Size in 2023	USD 23.40 Bn.
Market Size in 2030	USD 32.07 Bn.
CAGR (2024-2030)	4.6%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	by Product Type Dithiocarbamates Benzimidazoles Chloronitriles Triazoles Phenylamides Strobilurins Others
	by Application Cereals and Grains Oilseeds and Pulses Fruits and Vegetables Others
Regional Scope	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

Fungicides Market Key Players

• BASF SE (Germany)
• Bayer AG (Germany)
• Corteva Inc. (United States)
• Syngenta AG (Switzerland)
• FMC Corporation (United States)
• UPL Ltd. (India)
• Adama Ltd. (Israel)
• Sumitomo Chemical Co. Ltd. (Japan)
• Nufarm Limited (Australia)
• Isagro SpA (Italy)
• Dhanuka Agritech (India)
• Nippon Soda Co. Ltd. (Japan)
• AMVAC Chemical Corporation (United States)
• Nissan Chemical Corporation (Japan)
• Others