Global Fungicide Market Forecasted to Reach $28 Billion by 2027 Driven by Rising Organic Farming Trends and Research Investment

The "Fungicide Market by Type (Chemical, Biologicals), Mode of Application (Seed Treatment, Soil Treatment, Foliar Spray, Post-Harvest), Mode of Action (Contact, Systemic), Form (Dry, Liquid), Crop Type, and Region" report by MarketsandMarkets projects a substantial growth trajectory for the global fungicide market. Estimated at $20.8 billion in 2022, the market is anticipated to achieve $28 billion by 2027, demonstrating a steady CAGR of 6.1% during the forecast period. The surge is attributed to various factors, including the increasing adoption of organic farming practices globally, thereby creating a demand for effective crop protection solutions like fungicides.

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Key insights extracted from the comprehensive report indicate several notable trends and developments within the fungicide market:

Innovation in Brazil's Fungicide Industry:

Brazil, renowned for its thriving agricultural sector, has witnessed a surge in fungicide research and development activities. Major players are focusing on the development of fungicidal mixture products to combat soybean fungal diseases, such as Asian rust spores, which have displayed increased resistance to conventional treatments. Agreements between prominent companies, like Sumitomo Chemical Company and Bayer, emphasize the importance of innovative solutions to tackle prevalent crop diseases, contributing to Brazil's evolving agricultural landscape.

Seed Treatment Driving Market Growth:

The demand for seed coating and treatment has significantly bolstered the fungicide market. Seed treatment acts as an effective preventive measure against soil and seed-borne pathogens, safeguarding seeds from various fungal infestations. Active ingredients like metalaxyl, captan, and thiram are commonly utilized in seed treatment fungicides, providing protection against pathogens such as pythium, phytophthora, and fusarium, thereby ensuring healthy crop germination and growth.

Rising Preference for Systemic Fungicides:

The preference for systemic fungicides is on the rise, owing to their ability to provide curative disease control, internal protection, and translocation to hidden plant parts. These fungicides, with their translaminar mode of action, exhibit effectiveness against a wide spectrum of pathogens. Unlike contact fungicides, systemic variants are absorbed by the plants, granting comprehensive protection against various fungi infections. Moreover, their ability to translocate within the plant enhances their efficacy in shielding crops from potential fungal attacks.

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Asia-Pacific Spearheading Market Expansion:

The Asia-Pacific region, encompassing countries like India, China, and Japan, is expected to hold the largest share in the fungicide market during the forecast period. The region's focus on cultivating a diverse range of crops, including rice, wheat, sugarcane, and various fruits, has prompted the introduction of advanced fungicidal solutions. Notable launches by key players, such as BASF and Sumitomo Chemical Company Limited, in countries like China and Japan further indicate the region's significant role in propelling the global fungicide market.

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