Dublin, Nov. 22, 2022 (GLOBE NEWSWIRE) -- The "Fungicide Market by Type (Chemical, Biologicals), Mode of Application (Seed Treatment, Soil Treatment, Foliar Spray, Post-Harvest), Mode of Action (Contact, Systemic), Form (Dry, Liquid), Crop Type, and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global fungicides market will be valued at USD 20.8 Billion in 2022. It is projected to reach USD 28.0 Billion by 2027, recording a CAGR of 6.1% during the forecast period. Plant-parasitic fungi are one of the major biotic stresses in successful crop cultivation, productivity, and overall crop production. Besides inflicting direct losses in crop yields, plant-parasitic fungi also play a significant role in disease complexes involving other pathogens.
High-value agricultural products are generally defined as agricultural goods with a high economic value per kilogram, per hectare, or per calorie, and include products such as fruits, vegetables, meat, eggs, milk, and fish. Key factors encouraging a surge in demand for high-value crops, such as tomatoes, spinach, corn, soybean, and vegetables, include the rise in income, decreasing availability of arable land, decreasing land under organic farming and the increase in awareness about the health benefits associated with the consumption of fruits & vegetables. Fungicides are mostly utilized in permanent croplands, on which fruits, vegetables, tree nuts, ornamentals, and plantation crops are grown. The demand for fungicides is mostly found in high-value crops, such as pome fruits, grapes, cotton, tomato, maize, cotton, and other vegetable and ornamental crops, as they improve crop quality and yield.
Europe has significant utilization of fungicides for fruit and vegetable
Agriculture in Europe is driven by the adoption of advanced technologies for farming and the introduction of regulations for innovative agricultural products. Most of the arable farmland in Europe is used for cereal production. There has been a significant utilization of fungicides for fruit and vegetable crops in this region for their effectiveness over pathogens. Rapeseed, wheat, rye, and triticale are winter crops in the EU, whereas maize, sunflowers, rice, soybeans, potatoes, and sugar beets are summer crops. Barley is widely available in both winter and spring varieties. In 2020, the highest production was of common wheat (120 million ton), followed by grain maize and corn-cob mix (67.8 million tons), barley (54.7 million tons), oats (8.5 million tons), rye (9.5 million tons) and other crops (26.9) in Europe.
BASF introduced a new fungicide in the European countries, INITIUM, in France, UK, Germany, The Netherlands, Macedonia, Lithuania, Latvia, Hungary, Italy, Belgium and Turkey. In the preparation of approval procedures, BASF conducted extensive research and a comprehensive study on the safety profiling of the IITIUM. INITIUM is found a suitable activity in crops such as grapes, tomatoes, leafy vegetables, bulb vegetables, potatoes, hops and ornamentals from diseases such as mildews and blights.
Foliar spray mode of application had the largest market share in mode of application segment
Foliar spray is beneficial to plants because it increases their absorption of nutrients, minerals, and water. Foliar spray is successfully used to a wide variety of plants, including fruit trees, tomatoes, and countless other species in between. Theoretically, foliar feeding promotes healthy stomata, which improves plant respiration. Foliar nutrition has the distinct advantage of being able to intervene quickly because the results are seen much more quickly than with soil applications. The nutrients are promptly absorbed by the plant. They nearly instantly enter the leaf's metabolism, which is where the plant most desperately needs these nutrients. Another justification for choosing foliar nutrition over soil fertiliser is that at critical times it is important that the nutrients get to the damaged areas as soon as possible if the plant has shortages.
Market Dynamics
Drivers
- Rising Temperatures and Changing Climate Conditions Leading to Outbreak of Crop Diseases
- Diverse Phytopathogenic Fungi Threaten the Food Supply and Security
- Growing Launches of Novel Fungicide Products
Restraints
- Risk of Exceeding MRLS
- Growing Resistance to Fungicides
- Fungicide Residue Problems
Opportunities
- Need for Soil Replenishment Caused by Limited Crop Rotation Practices
- Application of Biological Fungicides to Boost Demand
Challenges
- Higher Resistance to Crop Protection Products
- Lack of Awareness and Low Utilization of Biologicals
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Fungicides Market, by Type
8 Fungicides Market, by Formulation
9 Fungicides Market, by Mode of Action
10 Fungicides Market, by Mode of Application
11 Fungicides Market, by Crop Type
12 Fungicides Market, by Region
13 Competitive Landscape
14 Company Profiles
15 Adjacent & Related Markets
16 Appendix
Companies Mentioned
- Adama
- Atticus, LLC
- BASF SE
- Bayer AG
- Bioworks Inc.
- Bof Agrochemicals Co. Ltd.
- Botanohealth
- Corteva Agriscience
- Fmc Corporation
- Isagro S.P.A
- Ishihara Sangyo Kaisha, Ltd.
- Koppert
- Marrone Bio Innovations, Inc.
- Nippon Soda Co, Ltd.
- Nissan Chemical Corporation
- Nufarm
- Nutrichem
- Seipasa SA
- Shimejito Urban Farms
- Stk Bio-AG Technologies
- Sumitomo Chemicals
- Syngenta AG
- Terramera
- Upl Ltd.
- Verdesian Life Sciences
For more information about this report visit https://www.researchandmarkets.com/r/q8e3rg
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