In 2023, the global fungicides market was valued at USD 20.20 billion. The market is anticipated to expand at a compound annual growth rate (CAGR) of 4.93% from USD 21.18 billion in 2024 to USD 31.91 billion by 2032. Fortune Business InsightsTM supplied this data in their report, "Fungicides Market, 2024-2032." Our experts believe that the need to introduce new goods that will likely supplement the use of fungicidal crop safety products has been prompted by the growing resistance to fungicide products.
List of Key Players Covered in the Fungicides Market Report
- Bayer AG (Leverkusen, Germany)
- BASF SE (Ludwigshafen, Germany)
- Syngenta AG (Basel, Switzerland)
- Corteva, Inc. (Delaware, U.S.)
- FMC Corporation (Pennsylvania, U.S.)
- Sumitomo Chemicals (Tokyo, Japan)
- UPL Ltd. (Mumbai, India)
- Nufarm (Melbourne, Australia)
- ADAMA Agricultural Solutions Ltd. (Ashdod City, Israel)
- Isagro SpA (Milan, Italy)
Information Source:- https://www.fortunebusinessinsights.com/fungicides-market-103267
Report Coverage
The paper provides insightful information gleaned from our researchers' extensive investigation. To obtain the estimated market size, a thorough investigation was carried out. The information used to forecast the shares for various segments at the national, regional, and international levels comes from extensive interviews with a large number of stakeholders. Additionally, we now have access to a number of regional and international paid databases, allowing us to provide accurate information that can facilitate your business investment decisions.
Segmentation
The market can be separated into two categories based on type: chemical and biological. Because of its widespread use in developing countries, the chemical segment is expected to become a prominent one.
The global market is divided into cereals, oilseeds and pulses, fruits and vegetables, and other categories based on the type of crop.
The market is separated into foliar treatment, chemigation, seed treatments, and other categories based on the manner of application.
The market is divided geographically into South America, Asia Pacific, Europe, North America, and the Middle East and Africa.
Drivers & Restraints
Outbreak of Numerous Sickness Conditions to Elevate Demand for Products
One of the main causes of concern for agricultural production worldwide is climate change. Crop productivity is significantly impacted by changes in the climate, and crops are susceptible to pests and diseases. Consequently, this affects crop health and leads to irregularities in farming practices. This is therefore expected to support the growth of the fungicides market during the course of the forecast period.
Regional Analysis
Asia Pacific to Lead Market Growth due to Expanding Agricultural Sector
Asia Pacific now has the biggest market share for fungicides and is expected to stay that way for the duration of the forecast. The main factors driving the market in this area are the expanding agricultural sector, the rise in rice farming, and the growing post-harvest damages.
The expanding number of fungicide product launches and the increased competition for active ingredients have made the U.S. the largest market in North America.
Given the climate changes that are causing a number of diseases to start, the European market will show a high level of demand.
Competitive Landscape
Key Players Focus on Launching New Products & Acquiring Other Companies to Surge Sales
The major businesses use a variety of tactics to strengthen their market position as top fungicide manufacturers. Purchasing businesses to increase brand value among consumers is one such important tactic. Intermittently introducing novel products after a thorough analysis of the market and its target demographic is another successful tactic.
The market is made up of numerous businesses that frequently participate in research and development activities to introduce innovative fungicides. To strengthen their position in the market, a small number of them are also evaluating their procurement and partnership methods.
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Industry Development
- February 2020: BASF introduced their new fungicide, Revysol, to the Irish market. This substance has a powerful effect on disease transformations and can be used on both wheat and barley.
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