The fungicides market is projected to grow at a CAGR of 4.6% from 2019 to 2025
NEW YORK, Feb. 12, 2020 /PRNewswire/ --
The fungicides market is projected to grow at a CAGR of 4.6% from 2019 to 2025.
The global fungicides market is estimated to be valued at USD 18.7 billion in 2019 and is projected to reach USD 24.5 billion by 2025, recording a CAGR of 4.6%. Factors such as the changing climatic conditions and the rising demand for high-value crops, particularly fruits & vegetables, are projected to drive the growth of this market. The development of biofungicides with the least or no effect on the environment provides growth opportunities for manufacturers in the fungicides market.
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The biological segment is projected to grow at the highest CAGR during the forecast period.
Biological fungicides or biofungicides comprise beneficial microorganisms that are used to control fungal diseases.Many of these beneficial microorganisms are naturally found in the soil.
Biofungicides are mostly used before the occurrence of disease.Their efficiency increases if used in combination with good agricultural practices.
Most biological fungicides are labeled for use on edible crops, such as herbs and vegetables. Biological fungicides help in improving the nutrient uptake of certain elements and also can be used in rotation with conventional fungicides to reduce the risk of resistance development.
The cereals & grains segment is projected account for the largest market during the forecast period.
By crop type, the fungicides market is segmented as cereals & grains, oilseeds & pulses, fruits & vegetables, and other crop types.The dominance of the cereals & grains segment is attributed to the increasing consumption of fungicides for these crops, particularly in the Asian and North American countries.
In addition, due to the increasing demand for crops, such as corn, wheat, rice, and sorghum, across various industries, the consumption of crop protection chemicals is projected to increase for improving the yield of these cereals.Due to these factors, the segment is projected to grow at the highest CAGR during the forecast period.
Asia Pacific held the largest share in the fungicides market for the cereals & grains segment, majorly due to the high production of crops, including corn, wheat, and rice, in countries such as the US, China, India, and Japan.
The liquid segment is projected to grow at the highest CAGR during the forecast period.
By form, the fungicides market is segmented into liquid and dry.Water-based forms such as suspension concentrate and liquid concentrates require the addition of inert ingredients to increase the efficiency of the fungicide.
Liquid forms of fungicides increase the phytotoxicity potential of plants, resulting in a wide application of liquid fungicides, globally. Due to these factors, the segment is projected to grow at the highest CAGR during the forecast period.
The Asia Pacific market is estimated to account for the largest market share due to the high adoption of innovative fungicides for improving the yield of crops in the region.
According to the FAOSTAT, the Asia Pacific region contributed to more than 60% of the global population in 2017, with China and India being two of the most populous countries in the world.Hence, the increase in food demand in this region has led to a surge in the use of fungicides.
There are more global players in the market that are focusing on entering the Asia Pacific region through the adoption of strategies, such as mergers & acquisitions or partnerships. The Asia Pacific fungicides market is projected to grow at the highest rate due to the increase in demand from countries such as India and China.
Break-up of Primaries
• By Company Type: Tier 1- 50%, Tier 2–30%, and Tier 3–20%
• By Designation: C-level - 30%, D-level - 50%, and Others* - 20%
• By Region: Asia Pacific – 50%, South America – 15%, North America – 10%, Europe – 10%, Rest of the World (RoW)** – 15%
*Others include sales managers, marketing managers, and product managers.
** RoW includes South Africa, Turkey, and others in RoW.
Leading players profiled in this report
• BASF SE (Germany)
• Bayer AG (Germany)
• Corteva, Inc. (US)
• Syngenta AG (Switzerland)
• FMC Corporation (US)
• UPL Ltd. (India)
• Sumitomo Chemical Co., Ltd. (Japan)
• Nippon Soda Co., Ltd. (Japan)
• Isagro S.p.A (Italy)
• Nufarm (Australia)
• ADAMA Agricultural Solutions Ltd. (Israel)
• Nissan Chemical Corporation (Japan)
• Marrone Bio Innovations, Inc. (US)
• Koppert Biological Systems (Netherlands)
• Bioworks, Inc. (US)
• STK Bio-ag Technologies (Israel)
• Verdesian Life Sciences (US)
• Seipasa S.A. (Spain)
• Ishihara Sangyo Kaisha, Ltd. (Japan)
• Nutrichem (China)
Research Coverage
This report segments the fungicides market, on the basis of type, crop type, mode of action, form, mode of application, and region. In terms of insights, this research report focuses on various levels of analyses—competitive landscape, end-use analysis, and company profiles—which together comprise and discuss the basic views on the emerging & high-growth segments of the fungicides market, the high-growth regions, countries, government initiatives, market disruption, drivers, restraints, opportunities, and challenges.
Reasons to buy this report
• To get a comprehensive overview of the fungicides market
• To gain wide-ranging information about the top players in this industry, their product portfolios, and key strategies adopted by them
• To gain insights about the major countries/regions, in which the fungicides market is flourishing
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