Fungicides Market CAGR 3.6%, Size and Share, Industry Growth and Trends Analysis, Forecast 2027

Fungicides are the biocidal chemical components or organisms utilized to kill the parasitic fungi or the spores as fungi can cause severe damage in the agriculture farms. Fungicide is a type of pesticide used to protect plants and prevent it from diseases. They can be used to control the rusting and blights. They can protect tubers, vegetables and fruits in the storage areas and are directly used on plants in yields, field crops and cereals. Fungicides are also known as antimycotic due to the nature of preventing plants from being damaged.

The global fungicides market is divided into six regions, such as North America, Middle East, South America, Africa, Europe, and Asia Pacific.

According to market research study, the global fungicides market is predicted to be growing at a CAGR of over 3.6% from 2021 to 2027.

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Competitive Section:

The global fungicides market report offers detailed information on several market vendors, including Adama Ltd., BASF SE, Bayer AG, FMC Corporation, Nufarm Limited, Sumitomo Chemical Company, Syngenta AG, among others.

Drivers:

Rising awareness and novel product launches is anticipated to aid the growth of the global fungicides market. According to BASF in 2019, a growing agro-chemical company gained registration for its novel active component Revysol fungicides from U.S, EPA.

Furthermore, changing climatic conditions and atmospheric moisture is anticipated to boost the growth of the global fungicides market.

Restraint:

Growing resistance of fungus against the crops is anticipated to hinder the growth of the global fungicides market.

Regional Insights:

Asia Pacific is anticipated to witness the robust growth in the global fungicides market owing to the rice cultivation and rising post-harvest damages. As per FAO, the minimal production loss of post-harvest produce is accounted to be 5% in developing countries and 7% in the commercialized countries annually.

Moreover, North America is anticipated to witness significant growth in the global fungicides market owing to the development of novel and innovative products.

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