ALBANY, New York, Feb. 13, 2020 /PRNewswire/ -- Transparency Market Research has recently published a new report that provides in-detailed insights on the overall working dynamics of the global fungicides market. The research report predicts that the global market will exhibit a healthy CAGR of ~4% for the given forecast period ranging from 2019 to 2027. With this rate of growth, the global market will reach to valuation worth around US$22.3 bn by the end of 2027. Initially, the global market was valued at US$15.3 bn in 2018.
Fungicides are mainly used for controlling disease attacks on yield and crops from fungi. They play an important role in improving the overall production rate of crops by saving them from fungal attack. Thus, there is an increasing demand for these fungicides across the globe from farmers and other stakeholders in the agricultural industry.
The global fungicides market is divided in terms of product, crop, and region.
Based on product, the global market is further segmented into mancozeb, chlorothalonil, triazoles, strobilurin, and others. Of these, the sub-segment of triazoles accounted for a larger share in the global market in the year 2018. Higher levels of efficiency on broad range of fungi and the property to mix with other fungicides are some of the key factors that are driving the growth of the segment.
There has been a fundamental transition in terms of harvesting cash crops instead of cereal crops. This is particularly evident in countries such as India and China. Considerable growth in the number of food transportation and storage facilities are helping to fuel the demand for fungicides in these nations.
Explore a report with detailed research, incisive insights, and in-depth country levels estimations. Gain business intelligence on global Fungicides Market by Product: Mancozeb, Chlorothalonil, Triazoles, Strobilurin, and Others; Crop: Fruits & Vegetables, Cereals & Grains, Oilseeds, and Others - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 – 2027 at https://www.transparencymarketresearch.com/fungicides-market.html
Global Fungicides Market – Key Driving Factors
The global population is increasing at an alarming rate. The population rose from 7.2 billion in 2015 to 7.5 billion in 2019. This has led to massive concerns about food production and security. With such growing demand, it has become even more imperative that agricultural yield stays unharmed so that it can cater to the burgeoning needs. This has thus been a pivotal factor that has helped in fueling the growth of the global fungicides market.
Another important factor that has helped in driving the growth of the global fungicides market is the increasing awareness about the use of such agrochemicals for improving the overall yield.
In addition to this, there has been a strong influx of investment and funding from both public as well as private sector that has helped in further development of the fungicides market.
A key trend that has been observed in the global fungicides market is of increasing preference towards eco-friendly alternatives for synthetic fungicides. This has prompted manufacturers to develop such products and help in improving the sustainability of their products. Moreover, these organic products are much more beneficial for the yield as well as the soil. This factor is also expected to help in pushing up the market growth.
This trend is expected to bring a fundamental transformation in the overall growth of the global market as the use of organic insecticides, herbicides, bio-based fungicides, and nematicides continues to grow.
Global Fungicides Market – Key Restraining Factors
One of the biggest restraining factor for the growth of the global fungicides market is the ill-effect of overuse of synthetic products on the environment. Synthetic fungicides are not only harmful for the crop yield, but also for the soil.
Another important restraining factor for the market growth is the resistance developed by fungi to the existing fungicides. Untimely and excessive use of these products can lead to developing fungi resistance. This makes the use of current products pointless and thus slowdown the market growth.
With respect to value, the regional segment of Asia Pacific has been a dominant one and accounted for a majority share in 2018. The growth rate of the region is expected to grow at a rapid pace in the coming years of the forecast period.
The growing use of fungicides in the region can be mainly attributed to the increasing demand for food and dwindling arable land.
Agro-based economies such as India, Australia, and China are some of the key contributors for the overall development of the Asia Pacific market. The development of agriculture industry in these nations is expected to have a positive impact on the development of the overall market.
Analyze fungicides market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.
Global Fungicides Market – Competitive Landscape
The competitive landscape of the global fungicides market is quite fragmented. This is because there are several notable brands that are operating in the global market. One of the key trend that has been observed in the competitive landscape of the fungicides market is growing focus on developing eco-friendly products that will help in improvement of crop yield.
Some of the key companies in the global market are, Sumitomo Chemical Co., Ltd., PI Industries, FMC Corporation, ADAMA Ltd., BASF SE, UPL, Corteva Agriscience, Nufarm Ltd., Quimetal Industrial S.A., and Bayer AG.
Biofungicides Market - Biofungicides market is expected to reach a valuation of USD $730 million by end of 2027. The valuation of the market stood at a meagre US$220 million in 2018.
Biopesticides Market - Global biopesticides market would grow at a CAGR of 14.2% over the period between 2019 and 2027. The total value of this market is slated to touch US$ 6.8 Bn by the end of 2027.
Microencapsulated Pesticides Market - Global microencapsulated pesticides market was valued at US$ 327.05 mn in 2017. During the forecast period from 2018 to 2026, the microencapsulated pesticides market is anticipated to rise at a CAGR of 10.4%.
Agricultural Adjuvants Market - Global agricultural adjuvants market is likely to rise at a healthy rate of 6.6 % CAGR. The market is likely to touch a market valuation of US$ 4.16 Bn through 2024.
Insecticides Market - Global insecticide market is forecast to US$23 mn by the end of 2025, from US$14.6 mn, which was its value in 2016. During this period, the market is expected to exhibit a CAGR of 5.3%.
Gain access to Market Ngage, an AI-powered, real-time business intelligence that goes beyond the archaic research solutions to solve the complex strategy challenges that organizations face today. With over 15,000+ global and country-wise reports across 50,000+ application areas, Market Ngage is your tool for research on-the-go. From tracking new investment avenues to keeping a track of your competitor's moves, Market Ngage provides you with all the essential information to up your strategic game. Power your business with Market Ngage's actionable insights and remove the guesswork in making colossal decisions.
About Transparency Market Research
Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.