Fungicide Market- Global Industry Analysis Growth, Trends, and Forecasts (2023- 2029)

Fungicides Market was valued at US$ 18.54 Bn. in 2022 and is expected to reach US$ 24.90 Bn. by 2029, at a CAGR of 4.3% during a forecast period.
Fungicides Market Overview:
Fungi are a major cause of crop damage all around the world. Viruses, nematodes, and bacteria are examples of pathogens. Pathogens cause symptoms similar to crop damage, which can also be caused by abiotic (non-living) factors such as nutrient inadequacy and air pollution, as well as insects. Pesticides used for plant protection include fungicides, herbicides, and insecticides. A fungicide is a chemical that is used to control fungal illness by suppressing or killing the fungus that causes the disease. Fusarium and Verticillium wilt are two vascular fungal crop diseases. Fungicides do not control diseases produced by other organisms, problems induced by other variables such as abiotic conditions, or insect damage. As a result, before using a fungicide on plants, it is vital to first ascertain the origin of the symptoms.To know about the Research Methodology :- Request Free Sample Report

COVID-19 impact:

The COVID-19 pandemic also had a significant influence on the fungicides business due to factory halts, lockdowns, virus attacks on individuals, and other factors. Because of transportation barriers, the products are not transported to the endpoints, and the supply of fungicides products is stopped importing and exporting, resulting in a drop in fungicides product output. Following the conclusion of the lockdown, the fungicides market grows fast because to the increasing use of fungicides in farming to fight fungal diseases.
Fungicides Market Dynamics:
The growing global population base and growing demand for food production are driving the growth of the fungicide market. Fungicides are often used in the production of fruits, vegetables and rice. Fungicides destroy or inhibit the growth of fungi and bacteria on crops, thereby increasing crop yields. In addition, due to the health benefits of vegetables and fruits, poultry farming practices, and the increase in the number of new fungicide products released, the consumption of vegetables and fruits has increased, all of which have promoted the growth of the fungicide market. In addition, the current climate change scenarios and the increasing prevalence of various crop diseases are driving the demand for new products to limit the development of fungi and bacteria on crops. This factor is driving the growth of the fungicide market.

Fungicides are one of the most often used pesticides because they destroy fungus and their spores, reduce blights, rust, and mildews, and protect crops from fungal diseases, decreasing damage. However, because fungicides cannot prevent crop losses from all illnesses, it is crucial to establish the source of the disease. For example, the chemical cannot prevent crop losses caused by insects and abiotic conditions. As a result, agricultural communities keep the farming committee up to date on the use of certain chemicals for various pest management strategies.

The rising consumer health concerns and diet programmers are driving up demand for the highest quality veggies on the market. Additionally, improved technologies used by farmers to increase crop efficiency are contributing to the growth of the Fungicides Market. On the contrary, rising soil toxicity risks and stringent government restrictions for product approval are expected to limit the growth of the Fungicides Market. Despite this, the growing popularity of bio-based fungicides is expected to give profitable prospects for the Fungicides Market throughout the anticipated period.
Fungicides Market segment analysis:
Based on product type, Inorganics segment held largest market share of xx% in 2021, owing to its features like it is fast acting fertilizer, easy to use, this fertilizer having low cost, pet friendliness. Another advantage that inorganic fertilizers are helpful in precise content of nutrients is guaranteed by law. Inorganic growth or external growth required alliances, mergers, joint ventures and franchising, and acquisitions. Inorganic growth provides a fast way to enter new markets and product categories, which is helpful for improving the inorganics segment growth.

Based on application, Cereals & Grains segment held largest market share of xx% in 2021.The Cereals and grains are provide more proteins than meat, mail, egg, this segment is making the important protein source over the half of the world population. The main reason behind the increasing the segment is to increase the population and increasing demand for food materials. This rising the demand for usage of crop protection chemicals are helpful to increases the demand for innovative fungicides.
Regional Insight:
APAC region held largest market share of xx% in 2021. Asia Pacific has an agrarian economy, with countries like Indonesia, India, Thailand, South Korea, and Japan relying heavily on crop production each year. Crop care chemicals, such as fungicides and other pesticides, are in great demand. However, governments in these countries, in collaboration with agricultural communities, are constantly attempting to instil the concept of modern farming, in which farmers and their committees are aware of the use of various chemicals, crop type, soil conditions, and the application of fungicides on a regular basis. This will have a greater influence on crop productivity while requiring less investment.

The United States has the largest agricultural economy in North America, with corn, wheat, soybeans, alfalfa, and coffee all contributing significantly to annual production. The tropical zones of North America are excellent for the production of bananas, sugarcane, oranges, coffee, and cocoa, all of which require extensive care and periodic monitoring to ensure that they are not contaminated with fungi or other illnesses.

Recent developments:

Dhanuka Agritech, one of India's largest agricultural enterprises, announced the release of two new fungicide treatments in September 2021: KIRARI for reducing downy mildew in grapes and NISSODIUM for controlling powdery mildew in grapes.

In August 2021, FMC Corporation, a chemical manufacturing company based in the United States, announced the release of their new Xyway 3D fungicide, the first of its kind at-plant fungicide that provides season-long and inside-out disease protection from planting to harvest.

In July 2021, Syngenta AG, a Swiss agrochemical company, announced the release of three new fungicides: Ascernity, Posterity XT, and Posterity Forte, which would protect golf course turf from diseases such as dollar spot, spring dead spot, anthracnose, and a wide patch.

BASF SE, the world's largest chemical business headquartered in Germany, announced the launch of its new Melyra fungicide driven by Revysol in May 2020.

The objective of the report is to present a comprehensive analysis of the Fungicides market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Fungicides market dynamics, structure by analyzing the market segments and projects the Fungicides market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Fungicides market make the report investor’s guide.
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Fungicides Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 18.54 Bn.


Forecast Period 2023 to 2029 CAGR:
4.3 %
Market Size in 2029:
US $ 24.90Bn.


 Segments Covered:
by Product Type
Inorganics
Benzimidazoles
Dithiocarbamates
Triazoles & Diazoles
Biofungicides
Others


by Application
Cereals & Grains
Oilseeds & Pulses
Fruits & Vegetables
Others


by Mode of action
Contact
Systemic


by Form
Liquid
Dry



Fungicides Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest)
Key Players are:
1.BASF SE
2.Bayer AG.
3.Corteva Inc.
4.Syngenta AG
5.FMC Corporation
6.UPL Ltd.
7.Adama Ltd.
8.Sumitomo Chemical Co. Ltd.
9.Nufarm Limited
10.Isagro SpA
11.Dhanuka Agritech
12.Nippon Soda Co. Ltd.
13.Lanxess
14.AMVAC Chemical Corporation
15.Nissan Chemical Corporation
16.Ishihara Sangyo Kaisha Ltd.
17.Tata Chemicals Ltd.
18.Novo Nordisk A/S

Frequently Asked Questions:

1. Which region has the largest share in Global Fungicides Market?
Ans: Asia Pacific region held the highest share in 2022.

2. What is the growth rate of Global Fungicides Market?
Ans: The Global Fungicides Market is growing at a CAGR of 4.3% during forecasting period 2023-2029.

3. What is scope of the Global Fungicides market report?
Ans: Global Fungicides Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Fungicides market?
Ans: The important key players in the Global Fungicides Market are – BASF SE, Bayer AG., Corteva Inc., Syngenta AG, FMC Corporation, UPL Ltd., Adama Ltd., Sumitomo Chemical Co. Ltd., Nufarm Limited, Isagro SpA, Dhanuka Agritech, Nippon Soda Co. Ltd., Lanxess, AMVAC Chemical Corporation, Nissan Chemical Corporation, Ishihara Sangyo Kaisha Ltd., Tata Chemicals Ltd., and Novo Nordisk A/S

5. What is the study period of this market?
Ans: The Global Fungicides Market is studied from 2022 to 2029.