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Global Fungicides Market rising demand for fungicides in non-crop applications such as ornamental plants and turf is projected to fuel the market growth

04-12-2019 09:55 AM CET | Industry, Real Estate & Construction

Press release from: Allied Market Research

Fungicides Market

Fungicides Market

The Global Fungicides Market is expected to generate sales of $ 16.2 billion in 2020, with an average annual growth rate of 5.4% over the period 2014-2020. High growth areas such as triazole and strobilurin are expected to contribute significantly to the growth of the global global disinfectant market.

Triazole, which contains preventive and post-infection treatment agents, shows higher consumption compared to other disinfectants available worldwide. Strobilurin is another disinfectant widely adopted due to its ability to mutate and its ability to treat a wide variety of plant pathogens. Concerns about the environmental and human health implications of synthetic disinfectants, on the other hand, have increased interest in farmers' bio-based disinfectants worldwide.

In the United States, the Food and Drug Administration (FDA) prohibits use of Carbendazim fungicides from 2012 as it has been shown to cause serious health problems such as infertility and cancer. Pesticide companies are also interested in innovating new bio-based fungicide remedies through research and development.

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Key Findings of Fungicide Market
• Triazoles fungicide is expected to remain dominant throughout the forecast period with preventive and post infective usage
• Chloronitriles segment is expected to grow at a CAGR of 5.3% during the forecast period, highest among all, in terms of value
• Germany closely follows Francein terms of consumption of fungicides and currently holds about 14% share of consumption in Europe

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Geographically, Europeis the dominant market where fungicide usage is significantly high in production of fruits and vegetables along with wheat and vineyard. Franceis the largest consumer of fungicides, within Europe, with ideal wet conditions for the spread of fungicides, especially Septoria tritici blotch (STB). In the U.S., fungicide is widely used in the production of apple, potato, pecan and blueberry. The country holds around 80% market share of the North America region. Asia-pacific region has significant growth potential for fungicide as it is a major hub of cereals and grains production. Spread of awareness about the appropriate usage of fungicide among the farmers in the region would further accelerate the growth of Asia-Pacific fungicide market.

Companies operating in this market focus on product launches as part of their growth strategy; for instance, in 2014, BASF launched a new fungicide in the U.S., namely, PRIAXOR. Key companies profiled in the report are BASF, Bayer AG, Monsanto, DOW Agriscience LLC, Syngenta AG, Cheminova A/S, FMC Corporation, Adama Agricultural Solutions Ltd, E.I Du Pont de Numerous and Company and Nufarm Ltd.

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Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.

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