Triazole Fungicides Market to Grow with a CAGR of 4.06% Globally through 2028
Surge in research and development activities is expected to drive the Global
Triazole Fungicides Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Triazole
Fungicides Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Triazole Fungicides Market stood
at USD3.95 billion in 2022 and is anticipated to grow with a CAGR of 4.06% during 2023-2028. The initiatives taken by government based on Triazole
Fungicides has led to favorable market conditions for the Global Triazole
Fungicides Market. Several factors contribute to the growth of various Triazole
Fungicides market products.
Governments
worldwide have implemented strict regulations to ensure the safe and
responsible use of triazole fungicides, aiming to minimize any potential harm
to the environment and non-target organisms. For instance, the US Environmental
Protection Agency (EPA) diligently conducts periodic reviews and comprehensive
assessments of triazole fungicides, including Tebuconazole, to ensure their
continued safety and effectiveness.
In addition to
regulatory oversight, government agencies also carry out thorough risk
assessments to evaluate the potential impacts of triazole fungicides on both
human health and the environment. For example, the European Food Safety
Authority (EFSA) has undertaken extensive pesticide risk assessments
specifically focused on several triazole fungicides. By conducting these
in-depth evaluations, the EFSA aims to provide valuable insights into the
potential risks associated with the use of these fungicides and inform
regulatory decisions to safeguard public health and the environment.
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In the
agrochemical industry, research and development (R&D) is of utmost
importance in driving innovation and continuously improving existing products.
R&D plays a pivotal role in the development of new formulations of
fungicides that are not only highly effective in combating plant diseases but
also environmentally friendly and adaptable to various cropping systems. These
advancements in R&D are significantly contributing to the growth of the
triazole fungicides market, meeting the evolving needs of farmers and ensuring
sustainable crop protection practices for a thriving agricultural sector.
The Global
Triazole Fungicides Market is segmented into type, application, regional
distribution, and company.
Based on its application, the field crops segment held
the largest share in the market. The growing demand for agricultural production
is primarily fueled by the shifting dietary preferences of consumers towards
fresh farm produce. With an increasing preference for organically grown and
locally sourced crops, the need for effective fungicides has become even more
crucial. These fungicides play a vital role in ensuring the health and yield of
these crops, protecting them from detrimental fungal diseases that can
significantly impact their quality and quantity. By safeguarding the crops,
these fungicides contribute to the overall sustainability and resilience of the
agricultural industry, meeting the rising demand for nutritious and
high-quality food in a changing world.
Based on region, Asia Pacific segment is expected to
grow during the forecast period.
The triazole fungicides market in the region is
experiencing significant growth due to multiple factors. Firstly, the easy
availability of crop protection products has been a major contributing factor.
This availability ensures that farmers have access to the necessary tools to
protect their crops effectively. Additionally, the expanding area of farmland
under cultivation has led to an increased demand for fungicides. As farmers
strive to maximize crop yields and meet the growing demands of the market, the
need for efficient and reliable fungicides has become crucial. The triazole
fungicides, with their proven effectiveness and broad-spectrum activity, have
emerged as a preferred choice for farmers looking to achieve high-value crop
yields.
Major
companies operating in Global Triazole Fungicides Market are:
- BASF SE
- Marrone Bio Innovations, Inc.
- Adama Agricultural Solutions Ltd
- Nufarm Agriculture Inc
- Nippon Soda Co., Ltd.
- The Dow Chemical Company
- SEIPASA, S.A.
- Syngenta Crop Protection AG
- FMC Corporation
- LANXESS AG
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“Growing application of triazole fungicides in various
end user industries are key drivers of the triazole fungicides market. Growth
in competitive landscape and presence of well-established companies in the
market who are dedicated to enhance their productivity of triazole fungicides
with every passing year are anticipated to register an impressive growth to Global
Triazole Fungicides Market in the forecast period.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Global Triazole Fungicides Market By Type
(Propiconazole, Tebuconazole, Difenoconazole, Others), By Application (Field
Crops, Fruit Trees, Vegetables, Others), By
Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Triazole 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 Triazole Fungicides Market.
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