New York, US , Aug. 10, 2022 (GLOBE NEWSWIRE) -- Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), "Fungicides Market by Type, Crop Type, Mode of Application, and Region - Forecast till 2028”, the market is projected to grow at steady CAGR of 4.24% between 2020 and 2028 to reach USD 23,898.02 million by 2028.
Market USP Covered:
Market Drivers:
Various regions have agrarian countries such as the Asia Pacific consisting of Indonesia, India, Thailand, and South Korea. These countries mostly rely on their agricultural output, which in turn represents a substantial portion of the GDP. For these countries, agricultural produce has a direct impact on the economy. Therefore, the farming committees are being educated about the benefits of utilizing efficient chemicals and products that can bolster crop yield with minimum possible crop loss. One great example of such a product is a fungicide.
Fungicides are significantly used in a variety of crop types, like cereals and grains, oilseeds, pulses, and fruits and vegetables. Government bodies worldwide are trying to spread awareness among farmers about the importance of fungicides and various pesticides along with information matrices, like the amount to be used per crop type, assessing the infection types, and the time interval between consecutive dosages. This helps ensure safe and efficient farming practices, leading to optimum benefits.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 23898.02 Million |
| CAGR | 4.24% (2020–2028) |
| Base Year | 2019 |
| Forecast Period | 2020-2028 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | by Type, Crop Type, Mode of Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The High Susceptibility of Plants to Fungal Diseases |
| Rising Instances of Fungal Attacks on Crops |
Market Competitive Landscape:
The important companies in the fungicides market are
- BASF SE (Germany)
- Bayer AG (Germany)
- Sumitomo Chemical Co. Ltd (Japan)
- ADAMA Agricultural Solutions Ltd (China)
- Corteva, Inc. (US)
- Nufarm Limited (Australia)
- Nippon Soda Co. Ltd (Japan)
- Syngenta AG (Switzerland)
- FMC Corporation (US)
- American Vanguard Corporation (US)
Most vendors active in the market are focused on entering strategic collaborations and partnerships with local distributors to become a major part of the agricultural associations. This allows them to educate farmers and their communities about the effectiveness of fungicides in terms of crop production. These companies also set up meetings with local communities to enhance their knowledge level regarding the benefits of high-quality fungicides while establishing a long-term relationship with them.
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Market Restraints:
Lower awareness levels, as well as less commercialization of agricultural coatings, curb the market growth. Agricultural coatings have substantial application costs, which restricts their use.
COVID 19 Analysis
The fungicides market has been significantly affected by the COVID-19 outbreak. Given the pandemic scenario, numerous countries had to go under lockdown, to control the rising cases. Owing to this, the demand and supply chain has been disrupted, which has affected the worldwide market. The infrastructural projects, manufacturing units, industries, and various operations had to be put on hold owing to the pandemic situation.
The volatile costs of raw materials and the decline in the production rate of various crops as the pandemic continues to spread will challenge the worldwide market. On the bright side, the situation is getting back to normal, which means that the market in the future will see better growth.
Market Segmentation
By Type
The various types of fungicides in the market are chemical fungicides as well as bio fungicides. Chemical fungicides come in various types, namely dithiocarbamates, benzimidazoles, phenylamides, triazoles, and more.
In 2020, the chemical fungicides segment accumulated a share of 87.60% in the market and will be soaring at a rate of 4.12% between 2020 and 2027. Meanwhile, the bio fungicides segment is will record the fastest CAGR of 5.11% in the given period.
By Crop Type
Depending on crop type, the fungicides market can be considered for fruits & vegetables, oilseeds & pulses, cereals & grains, and more. The cereals & grains segment, with the biggest share of 40.86% in 2020, is in the lead and will be obtaining a 4.14% CAGR over the forecast period. on the other hand, the fruits & vegetable section can clock the highest growth rate of 4.53% from 2020 to 2027.
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By Mode of Application
The modes of application of fungicides are soil treatment, foliar, seeds treatment, and others.
The Fungicides section holds the highest share of 48.41% and could thrive at a rate of 3.88% over the following years. The foliar segment can expect to achieve the highest CAGR of 4.90% during the conjectured period.
Regional Insights
In 2020, the Asia Pacific market share came to 30.48% while North America came a close second that year. It is likely that the North American market will garner a CAGR of 4.05% in the coming years, while the Asia Pacific market will achieve the highest expansion rate of 4.70%, expects MRFR.
The Asia Pacific has been quite lucrative for fungicide manufacturers. The APAC market is largely backed by rapidly emerging countries like China and India, which are the top producers of vegetables, cereals, and fruit. The governments of these economies and various agricultural communities are encouraging the use of modern farming practices, spreading awareness among farmers about the use-cases of different chemicals, soil conditions, application of fungicides, and crop types. This should create a significant impact on the total crop output albeit with lower investment.
North America, in 2020, garnered a reasonable portion of nearly 27.52% in the fungicides market. The regional market can presumably achieve a healthy growth rate of 4.05% by 2028, given the robust demand for fungicides in the US. The demand has been mounting in the country owing to the low global prices for a majority of the crops and the unpredictable weather conditions. These unfavorable conditions are prevalent in most fertilizer-consuming and agricultural areas in the country. The soaring demand for cereals in the region, substantial population densities, and heightened concerns with regard to food security will also bolster the market value in the region.
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