Global Fungicides Market Insights Forecasts to 2032

• The Global Fungicides Market Size was valued at USD 19.6 Billion in 2022.
• The Market is Growing at a CAGR of 5.9% from 2022 to 2032
• The Worldwide Fungicides Market Size is expected to reach USD 34.7 Billion by 2032
• North America is expected to Grow the fastest during the forecast period

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The Global Fungicides Market is projected to exceed USD 34.7 billion by 2032, growing at a CAGR of 5.9% from 2022 to 2032. The fungicides market is expanding rapidly due to rising demand in countries that are developing, easy availability of products for crop protection, increased cultivation of high-value cash crops such as fruits and vegetables, and rising demand for food products due to rising population.

 

Market Overview

The global fungicides market is a rapidly growing industry driven by increasing demand for food production, the need to enhance crop productivity and yield, and rising concerns over crop diseases and fungi. Fungicides are chemical compounds used to prevent or control fungal diseases in crops and other plants, including fruits, vegetables, cereals, and oilseeds. The mode of application segment includes foliar spray, soil treatment, seed treatment, and others. The foliar spray segment is the largest mode of application due to its effectiveness and ease of use. The form segment includes liquid and dry forms. The liquid form segment dominates the market due to its easy application and effectiveness. Factors driving the growth of the global fungicides market include increasing demand for food, rising concerns over crop diseases and fungi, growing adoption of modern farming practices, and increasing awareness among farmers about the benefits of fungicides. However, the market is also facing challenges such as stringent regulations on the use of chemical pesticides and fungicides and the development of resistance in fungi to fungicides.

 

The major players in the global fungicides market include BASF SE, Syngenta AG, Dow AgroSciences LLC, Bayer CropScience AG, FMC Corporation, Nufarm Limited, and Sumitomo Chemical Company Limited, among others.

 

For instance, Syngenta introduces the TYMIRIUM technology platform brand in August 2022. A brand-new nematicide and fungicide technological advances is being developed for seed as well as soil applications. It is simple to use and effective in controlling nematodes and fungal diseases.

 

Report Coverage

This research report categorizes the market for the global fungicides market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the fungicides market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the fungicides market.

 

Driving Factors

Continuous research and development in the fungicides sector have led to the development of more effective and efficient fungicides, which are driving the growth of the market. With the advent of new technologies, the fungicides industry has witnessed a significant transformation in recent years. Advancements in formulation technologies, such as nanotechnology, have led to the development of more efficient and targeted fungicides. For instance, nanoemulsions and nanocapsules have been developed to enhance the efficacy of fungicides, reduce the number of active ingredients required, and minimize the impact on the environment.

 

The use of fungicides can help farmers protect their crops from fungal diseases, thereby increasing crop productivity and yield. In addition, fungicides can help farmers produce high-quality crops that meet market demand, thereby increasing their profitability. Moreover, the increasing prevalence of fungicide-resistant fungi is further driving the demand for newer, more effective fungicides. The fungicides industry is developing new technologies, such as RNAi and nanotechnology, to combat fungicide resistance and develop more effective and efficient fungicides. These are the primary factors expected to drive the fungicides market during the duration of the forecast.

 

Restraining Factors

The use of fungicides is heavily regulated by various government agencies worldwide. The registration process for new fungicides is complex and time-consuming, and strict regulations regarding the use and disposal of fungicides can limit their adoption and increase production costs. Developing new fungicides is a costly and time-consuming process that requires significant investment in research and development. This cost is passed on to farmers, who may be reluctant to adopt newer, more expensive fungicides. The overuse of fungicides can lead to the development of resistant fungi, reducing the effectiveness of existing fungicides and increasing the need for newer, more effective products. This challenge can make it difficult for fungicide manufacturers to keep pace with the evolving needs of farmers.

 

Market Segmentation

 

The Global Fungicides Market share is classified into type, mode of application, and form.

• The chemical fungicides segment is expected to hold the largest share of the global fungicides market over the projected period.

Based on the type, the global fungicides market is segmented into chemical and biologicals. Among these, the chemical fungicides segment is expected to hold the largest share of the global fungicides market over the projected period. The growth can be attributed to the widespread adoption of chemical fungicides by farmers worldwide due to their high efficacy and effectiveness in controlling fungal diseases. Chemical fungicides are synthetic compounds that are designed to prevent or inhibit the growth of fungi. Chemical fungicides can be further classified into several categories based on their mode of action, including contact, systemic, and translaminar fungicides. Contact fungicides act on the surface of the plant and prevent fungal spores from germinating. Systemic fungicides, on the other hand, are absorbed by the plant and provide protection from within. Translaminar fungicides are absorbed by the upper layer of leaves and provide protection to both sides of the leaves.

 

• The foliar spray segment holds the largest share of the global fungicides market.

On the basis of mode of application, the global fungicides market is segmented into seed treatment, soil treatment, foliar spray, post-harvest. Among these, the foliar spray segment holds the largest share of the global fungicides market. The growth can be attributed to the widespread use of the foliar spray in controlling fungal diseases in crops. Foliar spray is often preferred due to its ease of application, rapid absorption by the plant, and effectiveness in controlling fungal diseases. This segment involves applying fungicides directly to the leaves of the plant, where fungal diseases are most prevalent. Foliar sprays are effective in controlling fungal diseases such as powdery mildew, rust, and leaf spot, and are widely used in crops such as fruits, vegetables, and cereals.

 

• The liquid segment is anticipated to hold the largest share of the global fungicides market over the forecast period.

Based on the form, the global fungicides market is segmented into dry and liquid. Among these, the liquid segment is anticipated to hold the largest share of the global fungicides market over the forecast period. The growth can be attributed to the ease of application and greater effectiveness of liquid formulations in controlling fungal diseases. Liquid formulations can be easily sprayed on plants, providing better coverage and penetration into the plant tissues. The preference for liquid formulations is expected to continue due to their ease of application and higher efficacy in controlling fungal diseases.

 

Regional Segment Analysis of the Fungicides Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

 

Asia Pacific is estimated to hold the largest share of the global fungicides market during the predicted timeframe.

 

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Asia-Pacific holds the largest market share of the global fungicides market, with China and India being the major contributors to this growth. The increasing population and the need to produce more food to feed the growing population are driving the demand for fungicides in the region. Additionally, the adoption of modern agricultural practices and the need to control crop losses due to fungal diseases are also driving the growth of the fungicides market in the region. The use of high-yielding crop varieties, improved irrigation facilities, and the use of fertilizers and pesticides have contributed to the growth of the fungicides market in the region. China and India are the major contributors to the growth of the fungicides market in the Asia-Pacific. China is the largest market for fungicides in the region, with a high demand for fungicides in crop production. India is the second-largest market for fungicides in the region, with a high demand for fungicides in crop production.

 

North America is expected to grow at the fastest rate in the global fungicides market over the forecast period. The region comprises the United States and Canada, which are major producers of crops such as corn, soybean, wheat, and cotton, among others. The increasing demand for high-quality crops and the need to control crop losses due to fungal diseases are driving the growth of the fungicides market in the region. The adoption of modern agricultural practices such as integrated pest management (IPM) and precision agriculture has also increased the demand for fungicides in North America. IPM is a sustainable approach to managing pests and diseases, including fungi, by using a combination of pest control methods, including the use of fungicides. Precision agriculture involves the use of technology to optimize crop production, including the use of fungicides to control fungal diseases and improve crop yields.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global fungicides along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

• BAYER AG
• BASF SE
• SYNGENTA AG
• Corteva Agriscience
• FMC CORPORATION
• Sumitomo Chemical Co., Ltd.
• UPL LIMITED
• NIPPON SODA CO, LTD.
• Nufarm
• Isagro S.P.A
• ADAMA
• Marrone Bio Innovations, Inc
• Nissan Chemical Corporation
• Koppert
• Nutrichem Co Ltd
• Others

 

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

 

Recent Developments

• In March 2023, Adavelt active has been commercialised by Corteva Agriscience, with product registrations in three countries: Australia, Canada, and South Korea. Adavelt active is an innovative fungicide with an innovative mode of action that protects against a wide range of crop-damaging diseases.

 

• In January 2023, Crystal Crop Protection has introduced the Mentor fungicide for paddy farmers. The product not only controls sheath blight, but it also improves the overall health of the paddy crop, resulting in increased yield and higher quality produce.

 

• In November 2022, Indigo Agriculture has introduced biotrinsic X19 for the 2023 growing season. It is the first biological fungicide based on the microbe Kosakonia cowanii in the industry.

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Fungicides Market based on the below-mentioned segments:

 

Global Fungicides Market, By Type

• Chemical
• Biologicals

 

Global Fungicides Market, By Mode of Application

• Seed Treatment
• Soil Treatment
• Foliar Spray
• Post-Harvest

 

Global Fungicides Market, By Form

• Dry
• Liquid

 

Global Fungicides Market, By Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa