Fungicides Market Growth Factors, Segmentation, Trends, Opportunities, Key Players and Forecast | Evolve Business Intelligence

As per the study initiated by Evolve Business Intelligence, the global Fungicides Market size accounted for USD 19.5 billion in 2022, growing at a CAGR of 4.29% from 2023 to 2033.The fungicides market refers to the global trade and consumption of chemical compounds used to control and prevent fungal diseases in crops and plants. It encompasses various types of fungicides, including synthetic and bio-based formulations, catering to agricultural, horticultural, and forestry sectors. The market is influenced by factors such as rising demand for food production, increasing awareness about crop protection, regulatory policies, and advancements in fungicidal technology. It is a significant segment within the broader agricultural chemicals industry, serving farmers and growers to manage fungal infections and enhance crop yield and quality.
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The fungicides market is primarily propelled by the escalating need to protect crops from fungal diseases, ensuring global food security by maintaining crop yield and quality. This market growth is further fueled by advancements in agricultural technology, increasing awareness about the benefits of crop protection, and regulatory support encouraging the use of effective fungicidal solutions.
Key Players
Some of the major Fungicides Market players holding high market shares include BASF SE (Germany), Bayer AG (Germany), Sumitomo Chemical Co. Ltd (Japan), ADAMA Agricultural Solutions Ltd (China), Software Inc. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include Corteva Inc. (US), Nufarm Limited (Australia), Nippon Soda Co. Ltd (Japan).
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Segmental Analysis
Based on type, the Fungicides market is segmented into chemical fungicides and biofungicides.Benzimidazoles, dithiocarbamates, triazoles, phenylamides, and other compounds are the different categories of chemical fungicides. The biofungicides industry is anticipated to develop at the fastest rate of 5.11% during the review period, while the chemical fungicides segment held the largest market share of 87.60% in 2020 and is predicted to rise at a CAGR of 4.12% during the forecast period.
Based on crop type, the Fungicides market is segmented into cereals and grains, oilseeds and pulses, fruits and vegetables, and others.With a forecasted 4.14% CAGR, the cereals and grains category-which had the largest market share in 2020 at 40.86%-is expected to develop at a faster rate than the fruits and vegetables sector, which is expected to grow at a slower rate of 4.53% CAGR throughout the review period.
Based on application, the Fungicides market is segmented into Fungicides, foliar, soil treatment, and others.Fungicides are applied using a number of different methods. However, foliar treatment is often favored in all locations. The foliar treatment is highly preferred because of its uniform application and low volume need per hectare.
Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)

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