Fungicides Market to Grow with a CAGR of 5.92% through 2028
Climate change and fungal disease proliferation is expected
to drive the Global Fungicides Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Fungicides
Market – Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Fungicides Market stood at USD 19.89 billion in 2022 and is anticipated to grow with a CAGR of 5.92% in the forecast
period, 2024-2028. Fungicides, which are chemical or biological agents designed
to combat fungal diseases in crops, play a pivotal role in ensuring food
security and safeguarding agricultural productivity. One of the most fundamental drivers of the fungicides
market is the ever-growing global population. As the world's population
continues to expand, so does the demand for food. To meet this increasing
demand, farmers need to enhance crop yields and protect their harvests from
fungal diseases that can lead to substantial losses. Fungicides provide a
crucial tool in this regard, allowing farmers to maximize their yields and
contribute to global food security.
Modern farming practices have evolved significantly
over the years, with a greater emphasis on precision agriculture and intensive
cultivation methods. These practices often involve the cultivation of
high-value cash crops and the use of specialized equipment. However, such
practices can also make crops more susceptible to fungal pathogens.
Consequently, the need for fungicides has grown in tandem with the expansion of
these agricultural practices. Climate change has brought about shifts in
weather patterns and increased instances of extreme weather events. These
changes can create favorable conditions for the proliferation of fungal
diseases in crops. Rising temperatures, increased humidity, and altered
precipitation patterns can all contribute to the spread of fungal pathogens. As
a result, farmers are increasingly turning to fungicides as a means of
mitigating the risks posed by climate change and protecting their crops.
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In recent years, there has been a growing awareness of
the environmental and health impacts associated with the excessive use of
chemical pesticides, including fungicides. This has led to a shift towards more
sustainable and environmentally friendly agricultural practices. Biofungicides,
which are derived from natural sources such as microorganisms, plant extracts,
and beneficial insects, have gained prominence as a greener alternative to
chemical fungicides. This shift towards sustainable agriculture is expected to
drive the growth of the biofungicides segment within the fungicides market.
The Global Fungicides Market is segmented into Product,
Application, Regional Distribution, And Company.
Based on the Product, Triazoles &
Diazoles emerged as the dominant segment in the global market for Global
Fungicides Market in 2022. These fungicides have been widely produced and are
readily available in the market, making them accessible to a large number of
farmers globally.Triazoles and diazoles are effective against a wide spectrum
of fungal pathogens, including both foliar and soil-borne diseases. They are
versatile and can be used on various crops, including cereals, fruits,
vegetables, and ornamentals, making them suitable for a broad range of
agricultural applications. Their systemic nature allows these fungicides to
move within the plant, reaching different parts of the crop, including the
leaves, stems, and even roots. This provides comprehensive protection and
reduces the need for frequent reapplications. Triazoles and diazoles typically
offer longer-lasting protection compared to some other fungicide classes. Their
residual activity means they can continue to protect crops even after application,
reducing the risk of disease outbreaks.
Based on the Application, the Cereals & Grains
segment emerged as the dominant player in the global market for Global
Fungicides Market in 2022. Cereals and grains are a fundamental component of
global food security. Any significant loss in their production due to fungal
diseases can have severe consequences for food availability and prices.
Fungicides play a critical role in ensuring a stable and reliable supply of
these essential food commodities. The economic significance of cereal and grain
crops cannot be overstated. They are not only vital for food production but
also used as feedstock for livestock and as raw materials in various
industries, including the production of biofuels. Protecting the health and
yield of these crops is essential for maintaining economic stability.
Cereals and grains, such as wheat, rice, corn, and
barley, are some of the most widely cultivated crops globally. They serve as
staple food sources for billions of people. Due to their large-scale
production, the demand for fungicides to protect these crops from fungal
diseases is substantial. Cereals and grains are particularly vulnerable to a
variety of fungal pathogens, including rusts, smuts, and blights. These
diseases can significantly reduce crop yields and quality if not effectively
managed. As a result, farmers rely heavily on fungicides to protect their
cereal and grain crops.
Asia-pacific emerged as the dominant
player in the global Fungicides Market in 2022, holding the largest market share. The Asia-Pacific
region is home to some of the world's most populous countries, including China
and India, which have vast agricultural sectors. The sheer scale of
agricultural production in these countries creates a substantial demand for
fungicides to protect crops from fungal diseases. Asia-Pacific is characterized
by a wide variety of crops grown across different climatic zones. This diversity
in crop cultivation increases the need for fungicides to combat a range of
fungal pathogens that thrive under varying environmental conditions. With a
rapidly growing population, the Asia-Pacific region faces increasing pressure
to enhance food production. Fungicides play a crucial role in safeguarding crop
yields and quality, which is essential to meet the rising demand for food and
ensure food security.
Major companies operating in Global Fungicides
Market are:
- Nufarm Ltd.
- FMC Corporation
- Cheminova A/S
- Bayer CropScience
- Syngenta AG
- Dow AgroSciences
- Lanxess AG
- Monsanto
- Adama Agricultural Solutions
- Simonis B.V
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“The global
fungicides market is poised for substantial growth in the coming years. the
increasing global population and growing food demand necessitate higher
agricultural productivity, which, in turn, requires effective fungal disease
management through fungicides. changing climate patterns are likely to lead to
more favorable conditions for fungal pathogens, accentuating the need for
robust disease control measures. Additionally, the adoption of advanced
agricultural practices, including precision farming and sustainable techniques,
will drive the demand for fungicides that align with these approaches. The rise
of biological fungicides and the development of innovative, eco-friendly
solutions further indicate a shift towards sustainable crop protection methods.”
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Fungicides Market - Global Industry Size, Share,
Trends, Opportunity, and Forecast, 2018-2028 Segmented By Product (Lump Fungicides,
Fungicides Briquettes, Japanese Fungicides, Sugar Fungicides, Others), By
Application (Outdoor Activities, Restaurant Business, Metallurgical Fuel,
Industrial Fuel, Filtration, Others) Region and Competition”, has evaluated
the future growth potential of Global Fungicides Market and provides statistics
& information on market size, structure and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Fungicides Market.F
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