Fungicide Market Global Key Players, Demands, Trends, Growth Rate, Size, Share, Form, Crop Type and Forecasts to 2027

The global fungicides market will be valued at USD 20.8 Billion in 2022. It is projected to reach USD 28.0 Billion by 2027, recording a CAGR of 6.1% during the forecast period. Plant-parasitic fungi are one of the major biotic stresses in successful crop cultivation, productivity, and overall crop production. Besides inflicting direct losses in crop yields, plant-parasitic fungi also play a significant role in disease complexes involving other pathogens.

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High-value agricultural products are generally defined as agricultural goods with a high economic value per kilogram, per hectare, or per calorie, and include products such as fruits, vegetables, meat, eggs, milk, and fish. Key factors encouraging a surge in demand for high-value crops, such as tomatoes, spinach, corn, soybean, and vegetables, include the rise in income, decreasing availability of arable land, decreasing land under organic farming and the increase in awareness about the health benefits associated with the consumption of fruits & vegetables. Fungicides are mostly utilized in permanent croplands, on which fruits, vegetables, tree nuts, ornamentals, and plantation crops are grown. The demand for fungicides is mostly found in high-value crops, such as pome fruits, grapes, cotton, tomato, maize, cotton, and other vegetable and ornamental crops, as they improve the crop quality and yield.

Europe has significant utilization of fungicides for fruit and vegetable
Agriculture in Europe is driven by the adoption of advanced technologies for farming and the introduction of regulations for innovative agricultural products. Most of the arable farmland in Europe is used for cereal production. There has been a significant utilization of fungicides for fruit and vegetable crops in this region for their effectiveness over pathogens. Rapeseed, wheat, rye, and triticale are winter crops in the EU, whereas maize, sunflowers, rice, soybeans, potatoes, and sugar beets are summer crops. Barley is widely available in both winter and spring varieties. In 2020, the highest production was of common wheat (120 million ton), followed by grain maize and corn-cob mix (67.8 million ton), barley (54.7 million ton), oats (8.5 million ton), rye (9.5 million ton) and other crops (26.9) in Europe.
BASF introduced a new fungicide in the European countries, INITIUM, in France, UK, Germany, The Netherlands, Macedonia, Lithuania, Latvia, Hungary, Italy, Belgium and Turkey. In the preparation of approval procedures, BASF conducted extensive research and a comprehensive study on the safety profiling of the IITIUM. INITIUM is found a suitable activity in crops such as grapes, tomatoes, leafy vegetables, bulb vegetables, potatoes, hops and ornamentals from diseases such as mildews and blights.

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Foliar spray mode of application had the largest market share in mode of application segment
Foliar spray is beneficial to plants because it increases their absorption of nutrients, minerals, and water. Foliar spray is successfully used to a wide variety of plants, including fruit trees, tomatoes, and countless other species in between. Theoretically, foliar feeding promotes healthy stomata, which improves plant respiration. Foliar nutrition has the distinct advantage of being able to intervene quickly because the results are seen much more quickly than with soil applications. The nutrients are promptly absorbed by the plant.

They nearly instantly enter the leaf's metabolism, which is where the plant most desperately needs these nutrients. Another justification for choosing foliar nutrition over soil fertilizer is that at critical times it is important that the nutrients get to the damaged areas as soon as possible if the plant has shortages. Foliar treatments make up for the unpredictable and variable soil absorption that causes these inadequacies. The leaves' CEC, or cation exchange capacity, is comparable to that of the root as in actuality, the absorption potential of both the leaf and the root is similar. As a result, leaves may absorb lots of nutrients. Foliar treatments are therefore a more intriguing way to administer both trace and important elements. Deficits and growth stunting can be avoided in this way. Consequently, a well-fed plant is stronger, healthier and is less susceptible to disease thus having a higher level of natural disease resistance. Foliar treatments of elements, such as calcium, copper, and silicon, are advised to further boost this natural resistance as these dietary components fortify the plant.

Fruits &vegetables segment to grow at the highest CAGR during the forecast period
Fruits &vegetables are high-value crops grown on a large scale in greenhouses and open fields. Due to an increase in nematode infection on many commodities, including carrots, potatoes, and tomatoes, the vegetable segment currently occupies a majority share in the market. Nematode-infected roots become damaged and deformed, which lowers the product's quality and yield. Nematodes also intensify the negative effects of bacteria and fungi. Vegetable growers use nematicides to control worms and avoid crop losses. The need for bio-based nematicides is expected to rise over the coming years as farmers increasingly want to raise organic fruits, vegetables, and cereals. The need for huge investment in crop production and a change in food consumption habits has urged growers to shift to specialty crop production. For instance, according to The Economic Times, an Indian-origin newspaper, the export demand for vegetables has increased by roughly 20% in Q1 2020-2021 compared to the pre-COVID-19 level (2019).
Moreover, according to Vegetable Growers Weekly, a US-based news magazine, fresh produce such as frozen fruits and vegetables, shelf-stable fruits, and shelf-stable vegetables generated USD 7.1 billion in sales in May 2021, up to USD 790 million from the previous year. Therefore, the increasing demand for high-value crops is driving the growth of the nematicides market.

Through the years, the growth in the urban population has led to an increase in the demand for fresh fruits and vegetables. There is an increase in the loss of fruits and vegetable production in Asia Pacific, due to the increased instances of insect pest outbreaks. According to FAO, 20-25% of the harvest produce is decayed by pathogens during postharvest handling, especially in developing countries. Countries such as China and India export a large share of fruits produced to various countries. The appearance plays a significant role in the marketability of fruits and vegetables. The quality of the product tends to be assumed based on appearance.

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Break-up of Primaries:
• By Company Type: Tier 1 - 50.0%, Tier 2 -25.0%, Tier 3 - 25.0%
• By Designation: Managers-45.0%, CXOs -10.0%, and Executives -35.0%
• By Region: Europe -45%, Asia Pacific - 25%, North America -15%, RoW - 15%

Leading players profiled in this report:
• BASF SE (Germany)
• BAYER AG (Germany)
• Corteva Agriscience (US)
• SYNGENTA AG (Switzerland)
• FMC CORPORATION (US)
• UPL LIMITED (India)
• Sumitomo Chemical Co., Ltd. (Japan)
• NIPPON SODA CO, LTD. (Japan)
• Isagro S.P.A (Italy)
• Nufarm (Australia)
• ADAMA (Israel)
• Nissan Chemical Corporation (Japan)
• Marrone Bio Innovations, Inc (US)
• Koppert (Netherlands)
• BioWorks, Inc (US)
• STK Bio-Ag (Philippines)
• Verdesian Life Sciences (US)
• Seipasa (Spain)
• ISHIHARO SANGYO KAISHA, LTD. (Japan)
• Nutrichem Co Ltd (China)
• Atticus LLC (US)
• BOF Agrochemical Company (China)
• Shimejito (Portugal)
• Terramera Inc. (Canada)
• Botano Health (Israel)

Research Coverage:
The report segments the fungicide market based on type, form, mode of action, mode of application, crop type, and region. In terms of insights, this report has focused on various levels of analyses-the competitive landscape, end-use analysis, and company profiles, which together comprise and discuss views on the emerging and high-growth segments of the fungicides market, high-growth regions, countries, government initiatives, drivers, restraints, opportunities, and challenges.

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