The global fungicidesmarket is expected to gain impetus from the rising awareness about thebenefits of consuming fruits and vegetables. The World Health Organization(WHO) declared that worldwide, approximately 1.7 million deaths occur becauseof the lack of consumption of fruits and vegetables. Fortune Business Insights™ mentioned this information in a newreport, titled, “Fungicides Market Size,Share & Industry Analysis, By Type (Chemical and Biological), Crop Type(Cereals, Oilseeds & Pulses, Fruits & Vegetables, and Others),Application Method (Foliar, Chemigation, Seed, and Others), and RegionalForecast, 2020 – 2027.” The report further states that fungicides marketsize was USD 18.29 billion in 2019and is projected to reach USD 26.50billion by 2027, exhibiting a CAGR of 4.78% during the forecast period(2020-2027).
Theemergence of COVID-19 pandemic has brought the production processes of variousindustries to a standstill. Even though there are relaxations in the lockdownmeasures, certain norms, such as social distancing and reduction of workforceare mandatory to adopt. However, we will soon be able to get back to our normallives by cooperating with the regulatory bodies. Our reports would aid infinding the best strategy that you can currently follow to gain a competitiveedge in the market.
To get to know more about the short-term and long-termimpacts of COVID-19 on the market, please visit: https://www.fortunebusinessinsights.com/fungicides-market-103267
This Report Answers the Following Questions:
· Which segment is expected to leadthe market?
· What are the challenges andopportunities in the market?
· How will the companies generatemore sales of fungicides in the near future?
· What are the significant strategiesadopted by key players?
· What are the growth drivers,hindrances, and market dynamics?
Drivers & Restraints-
High Demand for Fungicides Equipped with Novel ActiveIngredients to Boost Growth
The areasunder the cultivation of fruits & vegetables is surging rapidly backed bythe changes in the food structure worldwide. The persistent changes in croppingpatterns are also propelling the demand for fungicides equipped with novelactive ingredients. Syngenta, for instance, unveiled its latest fungicides consistingof pydiflumetofen. It is called MIRAVIS Duo. Several manufacturers are nowadaysaiming to develop new products to cater to the needs of the masses.
However, thepresent situation of COVID-19 is impacting many countries severely. It isanticipated to affect the price dynamics and availability of all cropprotection chemicals. It has also created disruptions in the supply chain. Thisfactor may hamper the fungicides market growth in the near future.
Segment-
Chemicals Segment to Dominate Backed by Their Ability to ShowImmediate Effects
In terms oftype, the market is bifurcated into biological and chemical. Out of these, thechemical segment procured 88.42% fungicides market share in 2019 and isexpected to dominate in the coming years. This growth is attributable to the abilityof chemicals to prevent the growth of fungi and kill their spores. Chemicalinfused fungicides also exhibit immediate effect in controlling damages. They arecapable of covering several hectares of land. Some of the most preferredchemicals are chloronitriles, strobilurins, inorganic, triazoles, and dithiocarbamates.
Regional Analysis-
Asia Pacific to Remain at the Forefront Owing to GrowingAgriculture Industry
Based ongeography, Asia Pacific generated USD 5.25 billion revenue in 2019 and is setto remain in the leading position throughout the forthcoming years. This islikely to occur because of the increasing post-harvest losses, rising ricecultivation, and the expansion of the agriculture industry in this region. Australia,India, and China are the major contributors to the growth of this market inthis region. China is considered to be the leading consumer of fungicide, worldwide.Europe, on the other hand, is set to grow considerably stoked by the presenceof numerous industry giants, such as Bayer, BASF, and Syngenta in this region.
Competitive Landscape-
Key Players Focus on Launching New Products & Acquiring OtherCompanies to Surge Sales
The markethouses more than 40,000 companies that are frequently engaging in research anddevelopment activities to unveil innovative fungicides. Some of them are also consideringthe mergers and acquisitions strategy to strengthen their position in themarket. Below are two of the latest industry developments:
· December2019: FMC announced that its new Rayora fungicide receivedthe Environmental Protection Age (EPA) registration. The new product would helpin preventing and curing dollar spots.
· February2019: UPL completed the acquisition of Arysta LifeScience.The total deal was worth USD 4.2 billion. It would help the company to strengthenits position in the market of agricultural solutions.
FortuneBusiness Insights™ lists out the names of all the prominent fungicides manufacturersoperating in the market. They are as follows:
• BASF SE - Germany
• Bayer AG. – Germany
• Corteva Inc. – United States
• Syngenta AG – Switzerland
• FMC Corporation – United States
• UPL Ltd. – India
• ADAMA Ltd.– Isarel
• Sumitomo Chemical Co., Ltd. – Japan
• Nufarm Limited – Australia
• Isagro SpA – Italy
