Mancozeb Market worth $1.57 Billion by 2030 - Exclusive Report by The Insight Partners

Pune, India, Nov. 01, 2023 (GLOBE NEWSWIRE) -- According to our new research study, “Mancozeb Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Form, Mode of Application, Crop Type, and Geography,” the mancozeb market was valued at US$ 1.15 Billion in 2022 and is projected to reach US$ 1.57 Billion by 2030; it is expected to record a CAGR of 4% from 2022 to 2030. The projected growth of the market is attributed to demand from the agriculture industry.

In 2022, Asia Pacific held the largest share of the global mancozeb market and is expected to record the highest CAGR in the global mancozeb market during the forecast period. The demand for mancozeb is directly proportional to the region's expansion of the agriculture industry.

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Mancozeb Market: Competition Landscape

Hebei Enge Biotech Co Ltd, Ningbo Generic Chemical Co Ltd, Natursim Science Co Ltd, UPL Ltd, Coromandel International Ltd, Zhejiang Rayfull Chemicals Co Ltd, Indofil Industries Ltd, Limin Group Co Ltd, Sumitomo Chemical Co Ltd, and Corteva Inc are a few of the major players working in the global mancozeb market. Furthermore, players operating in the global mancozeb market are focusing on strategies such as investments in research and development activities.

Mancozeb Market Report Scope, Segmentations, Regional & Country Scope:

Growing Demand for Fruits & Vegetables

Poor diet is one of the major causes of malnutrition and diseases across the world. Micronutrients and dietary fibers are essential for health, and fruits & vegetables are essential components of a healthy lifestyle. Thus, their demand is growing with the rising awareness about healthy diets. The World Health Organization (WHO) and the Food and Agriculture Organization (FAO) recommend a minimum consumption of 400 g of fruits & vegetables per person per day. This diet would be beneficial in preventing chronic diseases such as heart disease, diabetes, cancer, and obesity. It is likely to prevent and alleviate several micronutrient deficiencies. An inadequate intake of fruits & vegetables is estimated to lead to 14% of the deaths from gastrointestinal cancer worldwide, 11% of those from ischemic heart disease, and 9% of those caused by stroke.

In 2021, the United Nations (UN) announced the International Year of Fruits & Vegetables. The United Nations General Assembly aims to raise awareness of the nutritional and health benefits of fruits & vegetables and their contribution to a balanced and healthy diet and improved lifestyle. Many countries and international organizations have implemented various action plans to increase the production and consumption of fruits & vegetables and make them more economically accessible to consumers. For instance, in 2014, FAO and WHO announced the Rome Declaration on Nutrition and the Framework for Action. This action plan mainly focuses on promoting healthy dietary patterns by providing year-round access to safe and nutritious fruits & vegetables, pulses, whole grains, and animal-source foods such as fish while limiting the consumption of processed foods that negatively affect nutrition and health. According to the US Department of Agriculture, the overall quantity of vegetables available for consumption in the US increased from 371.6 pounds per capita in 2019 to 382.5 pounds per capita in 2020.

Countries such as China and India are among the largest producers of fruits & vegetables. According to the Agricultural & Processed Food Products Export Development Authority (APEDA), during 2022–2023, India exported fresh fruits & vegetables worth US$ 1,635.95 million, comprising fruits worth US$ 770.70 million and vegetables worth US$ 865.24 million. Thus, the growing fruit & vegetable consumption due to consumers' shift toward healthy diets is bolstering the demand for chemicals applied for the protection of crops from pests. Mancozeb is a nonsystemic fungicide used to control a wide range of fungal diseases in various crops, including fruits & vegetables. It is a broad-spectrum fungicide, meaning that it is effective against a wide range of fungal pathogens. Consumers are becoming more aware of the importance of eating a healthy diet, and fruits & vegetables are a key component of a healthy diet. Thus, the growing demand for fruits & vegetables is putting a strain on agricultural production systems. Farmers are under pressure to produce more food with fewer resources. Mancozeb helps farmers increase their crop yields by protecting them from fungal disease. Mancozeb is a relatively inexpensive and effective fungicide. These factors make mancozeb a popular choice for farmers looking to protect their crops from fungal disease.

Mancozeb Market: Segmental Overview

Based on form, the mancozeb market is bifurcated into dry and liquid. The dry segment registered the largest market share in the global mancozeb market in 2022. Dry mancozeb provides advantages such as shelf-stable and easy-to-store nature. Unlike liquid formulations, dry mancozeb is less prone to degradation and has a longer shelf life, making it a convenient choice for manufacturers and end users.

Based on the Mode of Application, the mancozeb market is segregated into foliar spray, soil treatment, and seed treatment. Foliar spray applications of mancozeb are widely used in agriculture and horticulture to protect plants from fungal diseases. It can be used on various crops, such as potatoes, tomatoes, wheat, lettuce, and rice.

Based on crop type, the mancozeb market is segmented into fruits & vegetables, cereals & grains, oilseeds & pulses, turf & ornamentals, and others. The fruits & vegetables segment accounted for the largest market share in the global mancozeb market in 2022. In fruit & vegetable farming, mancozeb is used to combat a wide array of fungal pathogens. Fungal diseases such as blight, mildew, and rust can severely damage fruits & vegetables, leading to significant yield losses.

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Impact of COVID-19 Pandemic on Mancozeb Market

In 2020, various industries had to slow down their operations due to disruptions in value chains caused by the shutdown of national and international boundaries. The COVID-19 pandemic caused supply chain disruptions in chemical & materials and hampered the growth of the mancozeb market. The adverse effect of the pandemic on the agriculture industry negatively impacted the demand for mancozeb.

However, various economies have commenced their operations, owing to which the demand for mancozeb started increasing. The increasing use of mancozeb as a crop protection chemical is expected to offer more growth opportunities for the global mancozeb market during the forecast period.

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