Fungicides Market: Key Highlights
· In termsof value, the global fungicides market is anticipated to expand ata CAGR of ~4% from 2019 to 2027.
· Fungicidesare used to control disease attacks on crops from fungi. Fungicides play avital role in increasing crop production by protecting the crops from fungalattack, primarily delicate food crops such as fruits and vegetables.
· In termsof product, the triazole segment accounted for a major share of the fungicidesmarket in 2018, owing to its broad spectrum of applications onvarious crops. However, the mancozeb segment is expected to expand at a rapidpace during the forecast period, owing to its cost effectiveness and ease ofavailability.
· Thefruits & vegetables crop segment dominated the global fungicides marketin 2018, due to the large consumption of fungicides in thecultivation of these crops and rise in the area harvested for fruits andvegetables.
· Thefungicides market in Asia Pacific is estimated to expand at a CAGR of ~4% duringthe forecast period, owing to a rise in the adoption of fungicides amongfarmers and governmental support for the usage of fungicides.
Need for Efficient Pesticides to Drive GlobalFungicides Market
· Theglobal population has been increasing rapidly, while the arable land isdecreasing day-by-day. Global population rose from 7.2 billion in 2015 to 7.5billion in 2019. Rapid expansion of the population has ledto an increase in food security concerns.
· Percapita agricultural land has been decreasing at a rapid pace. It is necessaryto find ways to increase crop yield in order to ensure food security.
· Fungi isthe most prevalent reason for crop loss. Therefore, fungicides play a vitalrole in enhancing productivity, improving quality through the reduction ofblemishes on crops, and expanding the storage life of harvested crops
· Increasein awareness among end users regarding efficient agrochemicals, includingfungicides, and rise in financial support from the private and public sectors,are estimated to fuel the demand for fungicides during the forecast period.
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Availability of Numerous Ecofriendly Substitutesfor Synthetic Fungicides
· Excessiveuse of synthetic fungicides leads to degradation of the environment.Furthermore, inappropriate use of fungicides can result in the development ofresistance against fungicides in fungi. These limitations of syntheticfungicides can be overcome through the use of bio-based fungicides. Thesuperior characteristics of biopesticides over conventional chemical pesticidesare driving the popularity of bio-pesticides, including bio-fungicides.
· Thus, theglobal fungicides market is projected to undergo a major transformation withthe rise of low-toxicity substitutes such as bio-based fungicides, nematicides,herbicides, and insecticides.
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Asia Pacific Highly Lucrative Market for Fungicides
· In termsof value, Asia Pacific held a major share of ~25% of the globalfungicides market in 2018.
· China,India, and Australia are the leading agriculture-based economies in AsiaPacific. The governments of these countries are encouraging end users to availefficient crop protection products such as fungicides through awareness programsand financial support via subsidies.
· The shiftof harvesting from cereal crops to cash crops such as fruits and vegetables,primarily in China and India, and increase in the number of food storage andtransportation facilities are likely to positively impact the demand forfungicides in Asia Pacific.
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Global Fungicides Market – Key Developments
· In June2019, the U.S. Environmental Protection Agency (EPA) approved theregistration of Revysol, a fungicide offered by BASF SE. The fungicide containsa new active ingredient.
· In 2019, FMCCorporation launched a new fungicide called Lucento, in the U.S. This newfungicide is approved by the U.S. EPA for use on corn, soybean, peanuts, sugarbeet, and wheat crops. The Lucento fungicide has a strong action on diseasesthat have developed resistance to strobilurin.
Global Fungicides Market – Competition Landscape
· Theglobal fungicides market is consolidated; the top five players account for ~60% shareof the market share.
· Keyplayers operating in the global fungicides market are SyngentaInternational AG, Bayer AG, BASF SE, ADAMA Ltd., Quimetal Industrial S.A.,Corteva Agriscience, Nufarm Ltd., FMC Corporation, Pl Industries, SumitomoChemical Co., Ltd., and UPL.
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