Copper Fungicides Market Segments, Drivers Forecast 2022-28

According to Precision Business Insights (PBI) latest report the global copper fungicides market was valued at USD 845.6 million in 2021, growing at a significant CAGR of 6.3% over 2022-2028. Growing government support for the pharmaceutical and biotechnology industries creates demand for the copper fungicides market. Increased research and development in life sciences coupled with massive public and private funding in this sector are boosting the growth of the global copper fungicides market. Owing to the increasing incidence of fungal diseases and the expanding use of organic farming, the market for copper fungicides has seen tremendous expansion. The demand for organic inputs is also growing with the increasing adoption of organic agriculture. Copper fungicides are used widely in organic farming. However, the market for copper fungicides is expected to be hampered by hazards related to phytotoxicity. On the other hand, government laws governing the use of harmful agrochemicals and poor conditions caused by the COVID-19 outbreak are impeding market expansion.

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Conventional Farming Segment Dominates the Copper Fungicides Market:
The copper fungicides market is segmented into organic and conventional farming by type. Inorganic farming copper fungicides held the larger market share in 2021 and can reach a value of USD 595.9 million by 2028. This can be credited to its affordable price and high-performance value. Popular inorganic copper fungicides include copper oxychloride, copper hydroxide, cuprous oxide, and the Bordeaux mixture. However, the organic copper fungicides segment is touted to register the highest growth by the end of the forecast period.

Europe Leads Copper Fungicides Market:
The Europe region accounts for the majority share in the global copper fungicides market. An increasing trend toward horticulture will help in the growth of the copper fungicide industry, followed. Emerging economies such as APAC are expected to register the highest growth rate over the forecast period. The APAC area, on the other hand, is predicted to grow at a higher CAGR throughout the assessment period, which will be profitable for manufacturers. Due to their large vegetable and fruit production, China and India will be the largest consumers of copper fungicides.

Strategic New Product Launches, Mergers, Acquisitions and Agreements are the key strategies adopted by market players:
Global copper fungicides market further reveals that the key players increasingly adopting strategies such as launch of newer products, product launches, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region. For instance, In December 2021, Albaugh, LLC of Ankeny, Iowa and Rotam AgroSciences Limited a company headquartered in Hong Kong and publicly listed on the Taiwan stock exchange, have entered into an agreement under which Albaugh will acquire all outstanding shares in Rotam through a merger between the holding company of Rotam and an entity in the Albaugh group of companies. In November 2021, Nufarm announced the launch of NuBio umbrella brand. To provide customers with better guidance in their purchasing decisions, the company is now bringing together its entire range of biological products under the NuBio umbrella brand. The NuBio portfolio currently contains more than 15 products, with the biostimulant Go K Up to be added in the first quarter.

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The copper fungicides market is segmented based on type, application, and geography.
Based on the Type, the market is segmented into the following:
• Conventional Farming
• Organic farming

Based on the Application, the market is segmented into the following:
• Fruits & Vegetables
• Cereals & Grains
• Pulses & Oilseeds

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

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Key player's profiles in the copper fungicides market report are IQV Agro, Albaugh, Nufarm, Spiess-Urania Chemicals, Isagro, ADAMA, Certis USA, UPL, Bayer, Zhejiang Hisun, Jiangxi Heyi, Synthos Agro, Quimetal Chile, NORDOX.

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