- Increasing demand for organic formulations and subsequent focus of manufacturers on boosting their production of bio-based fungicides creates increment opportunities in the fungicides market
- The growing trend of farmers opting for cash crops instead of cereal crops supplements the expansion of the market
WILMINGTON, Del., Sept. 9, 2022 /PRNewswire/ — Rising awareness pertaining to health benefits of consuming fresh fruits and vegetables has propelled an increase in their demand. Changing dietary patterns of consumers, most prominently in developing economies, have boosted the consumption of fruits and vegetables. On the back of these trends, the fungicides market is anticipated to rise at a CAGR of 4 % over the forecast period of 2019 to 2027.
Manufacturers and leading market players are focusing on increasing their manufacturing capacities in order to fulfil the rising demands from agricultural farmers. Moreover, the emergence of new types of solutions, such as weather-based decision spray models, is also expected to create new revenue generation opportunities in the fungicides market in near future. These next gen decision-based spraying models can help farmers in making precise decisions for spraying fungicides, based on weather conditions.
Players in the fungicides market are also focusing on overcoming various challenges faced by cereal farmers, including risk of contamination through soil-borne diseases, changing volumes of crop yields, and dearth of natural resources. The players are engaged in the development of novel fungicides that can offer enhanced disease control, and enable farmers to achieve a high volume of healthy cereal crops.
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Fungicides Market – Key Findings of the Report
- Shift of Farmers to Cash Crops from Cereal Crops: In leading agrarian economies like India and China, farmers are focusing on harvesting cash crops, such as sugarcane, cotton, jute, oilseeds, etc., instead of cereal crops. This has also triggered an increased demand for fungicides and pesticides to protect these delicate and highly profitable crops from pests and fungi.
- Rising Demand for Triazole Solutions: Triazole products display the ability to work on different types of harmful fungi. Furthermore, these products also mix well with other fungicides, increasing the scope for their application. Based on these factors, the demand for triazole fungicides is expected to rise in coming years.
- Increasing Demand for Eco-Friendly Products: Increasing awareness amongst consumers as well as farmers about damages done to the environment by excessive usage of synthetic and chemical-based pesticides and fungicides is boosting the demand for bio-based fungicide products. This trend is also leading to an increased shift from conventional fungicides to bio-fungicides.
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Fungicides Market – Growth Drivers
- Growing global population and increasing demand for fruits and vegetables, along with cereal crops, is fueling the growth of fungicides market
- Rising demand for agrochemical products made from organic compounds and formulations creates new revenue grab opportunities for the market players
- Emergence and growing popularity of weather-based decision spraying models catalyze the growth of the fungicides market
Fungicides Market – Key Players
The leading players operating in the fungicides market are PI Industries, ADAMA Ltd., UPL, Nufarm Ltd., Bayer AG, Sumitomo Chemical Co., Ltd., FMC Corporation, BASF SE, Corteva Agriscience, and Quimetal Industrial S.A.
Fungicides Market – Regional Growth Dynamics
Asia Pacific accounted for a significant share of the fungicides market in the base year of 2018. The recent report projects that the region will continue to expand at a stellar rate over the forecast period of 2019 to 2027. Some of the key factors for the expansion of this regional market include rising utilization of fungicides and pesticides, as well as an exponential rise in the demand for food products.
Exploding population, increasing popularity of processed food products in emerging economies, and rise in the awareness regarding the benefits of applying fungicides amongst regional farmers, are also contributing to the growth and expansion of Asia Pacific fungicides market.
Fungicides Market: Market Segmentation
Fungicides Market, by Product
- Others (including Metalaxyl and Chloronitrile)
Fungicides Market, by Crop
- Fruits & Vegetables
- Cereals & Grains
- Oilseeds & Pulses
- Others (Ornamentals, Lawns, etc.)
Fungicides Market, by Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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