Market Overview:
The Global Fungicides Market size is expected to grow from USD 20.45 billion in 2022 to USD 28.64 billion by 2030, at a CAGR of 4.3% during the forecast period (2023-2030).
Fungicidesare pesticides widely used to eliminate fungi, control rust, mildew, and blight, and protect crops from fungal infections. They are particularly in demand for high-value crops such as grapes, pome fruits, cotton, tomatoes, maize, and vegetables. The market for fungicides is driven by the increasing prevalence of crop diseases, changing environmental conditions, farmers' health concerns, and growing awareness of their benefits. Factors such as improving crop quality and yield, adoption of advanced farming technologies, and the popularity of bio-based fertilizers are driving the growth of the fungicide market.
Top Key Players Covered in The Fungicides Market:
- Sumitomo Chemical Co. Ltd (Japan)
- PI Industries (India)
- FMC Corporation (USA)
- ADAMA Ltd. (Israel)
- BASF SE(Germany)
- UPL(India)
- Bayer AG (Germany)
- Syngenta AG(Switzerland)
- The Dow Chemical Company (US)
- Cheminova A/S(Denmark)
- Chemtura Corporation (US)
- Bioworks Inc (United States)
- American Vanguard Corporation (US) And Other Major Players.
Market Dynamics and Factors:
To mitigate crop losses caused by fungi, farmers are increasingly relying on fungicides. These include bio fungicides, dithiocarbamate, benzimidazoles, triazoles, and diazoles, which are widely used to protect crops from fungal infections and enhance yield. As a result, the rise in fungal diseases and climate-related changes are propelling the growth of the fungicide market.
In recent years, there has been a significant increase in the demand for organic products. To meet this growing demand, growers and manufacturers are adopting organic and precision farming techniques and maximizing the use of bio fungicides for crop growth. Additionally, urbanization has accelerated the adoption of biological fungicides, aiming to increase crop revenue, prevent losses from fungal attacks, and cultivate natural and chemical-free products. The rising demand for biofungicides and the implementation of precision farming methods to enhance crop quality and yield are expected to create favorable prospects for the fungicides market in the coming years.
The Fungicides Market Report Highlight:
- By type, the biological fungicides segment is anticipated to dominate the market over the forecast period. Biofungicides harness beneficial microorganisms found in the soil to inhibit fungal growth. They are applied preventively and are most effective when paired with sound agricultural practices.
- By crop type, the cereals and grains segment is anticipated to dominate the market over the forecast period. The increasing global population and demand for food have led to higher use of fungicides on cereals and grains to protect crops. This trend is expected to continue due to the widespread cultivation of these crops across many regions.
- By mode of application, the post-harvest segment is expected to dominate the market over the forecast period. The post-harvest segment aims to minimize fungicide usage and address wastewater disposal issues. Growers commonly employ fungicides in post-harvest activities to prevent fungal growth during storage, handling, transportation, and distribution. This has contributed to the significant expansion of this segment.
- Asia Pacific region is anticipated to dominate the market over the forecast period. The agrarian economies in the Asia Pacific region heavily rely on crop yields each year. The governments and agricultural committees in these nations are actively promoting advanced technologies and modern farming methods to educate farmers and their committees about the appropriate use of various chemicals, application techniques, soil conditions, timing, and suitable crop types.
Key Industry Development:
In May 2023, FMC Corporation and Syngenta commercialized breakthrough technology that transforms grass weed control in rice in Asia. FMC Corporation and Syngenta Crop Protection announced an agreement to bring to market a breakthrough technology to control weeds in rice in Asia. The new active ingredient, tetflupyrolimet, was discovered and developed by FMC with support from Syngenta for development in rice. It is the first major herbicide with a novel mode of action (DHODH – HRAC Group 28) in more than three decades, providing relief to farmers challenged by increasing weed resistance to existing herbicides.
Fungicides Market Segmentation:
By Type
- Chemical
- Biological
By Crop type
- Cereals and Grains
- Oilseeds and Pulses
- Fruits and Vegetables
By Mode of Application
- Seed treatment
- Foliar spray
- Soil treatment
- Post-harvest
For this report, Introspective Market Research has segmented the Fungicides Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
North America
- US
- Canada
- Mexico
Eastern Europe
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Russia
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- South Korea
- Malaysia
- Thailand
- Vietnam
- The Philippines
- Australia
- New Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Bahrain
- Kuwait
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
