Fungicides Market: Key Highlights
·
In terms
of value, the global fungicides market is anticipated to expand at
a CAGR of ~4% from 2019 to 2027.
·
Fungicides
are used to control disease attacks on crops from fungi. Fungicides play a
vital role in increasing crop production by protecting the crops from fungal
attack, primarily delicate food crops such as fruits and vegetables.
·
In terms
of product, the triazole segment accounted for a major share of the fungicides
market in 2018, owing to its broad spectrum of applications on
various crops. However, the mancozeb segment is expected to expand at a rapid
pace during the forecast period, owing to its cost effectiveness and ease of
availability.
·
The
fruits & vegetables crop segment dominated the global fungicides market
in 2018, due to the large consumption of fungicides in the
cultivation of these crops and rise in the area harvested for fruits and
vegetables.
·
The
fungicides market in Asia Pacific is estimated to expand at a CAGR of ~4% during
the forecast period, owing to a rise in the adoption of fungicides among
farmers and governmental support for the usage of fungicides.
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Need for Efficient Pesticides to Drive Global
Fungicides Market
·
The
global population has been increasing rapidly, while the arable land is
decreasing day-by-day. Global population rose from 7.2 billion in 2015 to 7.5
billion in 2019. Rapid expansion of the population has led
to an increase in food security concerns.
·
Per
capita agricultural land has been decreasing at a rapid pace. It is necessary
to find ways to increase crop yield in order to ensure food security.
·
Fungi is
the most prevalent reason for crop loss. Therefore, fungicides play a vital
role in enhancing productivity, improving quality through the reduction of
blemishes on crops, and expanding the storage life of harvested crops
·
Increase
in awareness among end users regarding efficient agrochemicals, including
fungicides, and rise in financial support from the private and public sectors,
are estimated to fuel the demand for fungicides during the forecast period.
Availability of Numerous Ecofriendly Substitutes
for Synthetic Fungicides
·
Excessive
use of synthetic fungicides leads to degradation of the environment.
Furthermore, inappropriate use of fungicides can result in the development of
resistance against fungicides in fungi. These limitations of synthetic
fungicides can be overcome through the use of bio-based fungicides. The superior
characteristics of biopesticides over conventional chemical pesticides are
driving the popularity of bio-pesticides, including bio-fungicides.
·
Thus, the
global fungicides market is projected to undergo a major transformation with
the rise of low-toxicity substitutes such as bio-based fungicides, nematicides,
herbicides, and insecticides.
Asia Pacific Highly Lucrative Market for Fungicides
·
In terms
of value, Asia Pacific held a major share of ~25% of the global
fungicides market in 2018.
·
China,
India, and Australia are the leading agriculture-based economies in Asia
Pacific. The governments of these countries are encouraging end users to avail
efficient crop protection products such as fungicides through awareness
programs and financial support via subsidies.
·
The shift
of harvesting from cereal crops to cash crops such as fruits and vegetables,
primarily in China and India, and increase in the number of food storage and
transportation facilities are likely to positively impact the demand for
fungicides in Asia Pacific.
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Global Fungicides Market – Key Developments
·
In June
2019, the U.S. Environmental Protection Agency (EPA) approved the
registration of Revysol, a fungicide offered by BASF SE. The fungicide contains
a new active ingredient.
·
In 2019, FMC
Corporation launched a new fungicide called Lucento, in the U.S. This new
fungicide is approved by the U.S. EPA for use on corn, soybean, peanuts, sugar
beet, and wheat crops. The Lucento fungicide has a strong action on diseases
that have developed resistance to strobilurin.
Global Fungicides Market – Competition Landscape
·
The
global fungicides market is consolidated; the top five players account for ~60% share
of the market share.
·
Key
players operating in the global fungicides market are Syngenta
International AG, Bayer AG, BASF SE, ADAMA Ltd., Quimetal Industrial S.A., Corteva
Agriscience, Nufarm Ltd., FMC Corporation, Pl Industries, Sumitomo Chemical
Co., Ltd., and UPL.
