Fungicides Market is Projected to Garner Significant Revenues by 2025

The fungicides market is estimated to account for a value of USD 18.7 billion in 2019 and is projected to grow at a CAGR of 4.6% from 2019, to reach a value of USD 24.5 billion by 2025. The global fungicides market is projected to witness significant growth due to factors such as the increase in demand for food security by the growing population, advancement in farming practices & techniques, and changing climatic conditions that favors disease occurrence. Fungicides are highly used for destroying harmful fungi affecting the crop yield. Thus, the need for fungicides to minimize crop loss is increasing across the world.

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By crop type, the cereals & grains segment is projected to be the fastest-growing segment in the fungicides market during the forecast period.

The growth in population and the consequent rise in demand for food materials have led to an increase in the need for crop protection chemicals, thereby increasing the demand for innovative fungicides solutions across regions. However, the demand for fungicides in various regions is projected to remain high due to the increasing number of crop types grown in abundance. For instance, the US is a leading producer of cereals and grains, while Europe is known for its wide-scale production of fruits and vegetables. The cereals & grains segment accounted for the largest market share in 2018, followed by the fruits & vegetable segment.

By type, the biological segment is projected to be the fastest-growing segment in the fungicides market during the forecast period.

Biological fungicides or biofungicides comprise beneficial microorganisms that are used to control fungal diseases. Many of these beneficial microorganisms are naturally found in the soil. Biofungicides are mostly used before the occurrence of disease. Their efficiency increases if used in combination with good agricultural practices. Biofungicides have different modes of action, such as competition/exclusion, antibiosis, parasitism, induced resistance, and plant growth promotion. Also, the over-use of chemical fungicides has harmful effects on the environment and thus, the fungicides market for biologicals is projected to grow at a higher CAGR from 2019 to 2025.

By form, the liquid segment is projected to dominate the fungicides market during the forecast period.

Liquid forms can be water-based, oil-based, polymer-based, or their combinations. Water-soluble liquids (SL) are liquid formulations based on technical material, which are insoluble in water and contain 36%–85% technical material and solvent. Water-based forms, such as suspension concentrates, suspo-emulsions, liquid concentrates, and capsule suspensions, require the addition of inert ingredients, which include stabilizers, stickers, surfactants, coloring agents, antifreeze compounds, suspending agents (such as bentone), and additional nutrients.

By mode of application, the post-harvest segment is projected to be the fastest-growing segment in the fungicides market during the forecast period.

Fungal infections contribute significantly to post-harvest losses in crops. The method is designed to reduce the amount of fungicides used and problems related to wastewater disposal. Fruits & vegetables are largely damaged after harvest by fungi and bacteria. Many chemicals are used as a spray or dip. Post-harvest fungicides are most frequently applied as aqueous suspensions.

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By mode of action, the systemic segment is projected to dominate the fungicides market during the forecast period.

Systemic fungicides are the most commonly used fungicides, as they tend to affect a single biochemical pathway within the pathogen, and hence, are called site-specific. On entry into the crop plant, they can move to a certain extent within the crop to the site of infection. Systemic fungicides can be used as protectants, eradicants, or both. Fungi may readily develop resistance to systemic fungicides, as they usually have a specific site of action in the target fungus.

Key players in this market include BASF SE (Germany), Bayer AG (Germany), Corteva, Inc. (US), Syngenta AG (Switzerland), FMC Corporation (US), and UPL Ltd. (India). These major players in this market are focusing on increasing their presence through expansions & investments, mergers & acquisitions, partnerships, joint ventures, and agreements. These companies have a strong presence in North America, Asia Pacific, and Europe. They also have manufacturing facilities and strong distribution networks across these regions.

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