Press release
Fungicides Market to Garner $ 19.5 Bn, Globally, By 2027 at 4.7% CAGR: Allied Market Research
Increase in incidence of plant diseases, limited arable land, and rise in adoption of modern farming fuel the growth of the global fungicides market. On the other hand, inappropriate use of fungicides and advent of organic farming curtail down the growth to some extent. Nevertheless, upsurge in demand for bio-fungicide is anticipated to pave the way for multiple opportunities in the near future.
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Based on crop type, the fruits & vegetables segment contributed to nearly two-fifths of the global fungicides market share in 2019, and is anticipated to maintain the dominant share throughout the forecast period. The fact that fruit and vegetable plants are often affected by fungal disorders has increased the use of fungicides to a significant extent which, in turn, fuels the segment growth. At the same time, the cereals & grains segment would manifest the fastest CAGR of 4.9% during the study period.
Based on geography, Europe, followed by North America, held the highest share in 2019, garnering more than two-fifths of the global fungicides market. High demand from wheat producers and presence of key players in the region drive the growth of the market. Simultaneously, the Asia-Pacific region would register the fastest CAGR of 5.2% from 2020 to 2027. Increase in population in countries such as India and China boosts the market growth.
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Report Key Highlighters:
► The fungicides market study covers 20 countries. The research includes a segment analysis of each country in terms of both value ($million) and volume (tons) for the projected period 2019-2027.
► The study integrated high-quality data, professional opinions and analysis, and critical independent perspectives. The research approach is intended to provide a balanced view of global markets and to assist stakeholders in making educated decisions in order to achieve their most ambitious growth objectives.
► Over 3,700 product literature, annual reports, industry statements, and other comparable materials from major industry participants were reviewed to gain a better understanding of the market.
► The fungicides market is highly fragmented, with several players including Adama Ltd., BASF SE, Bayer AG, FMC Corporation, Corteva Inc., Novo Nordisk AG, Nufarm Ltd., Sumitomo Chemical Company, Syngenta AG, and Tata Chemicals Ltd. Also tracked key strategies such as acquisitions, product launches, mergers, expansion etc. of the players operating in the fungicides market.
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Key Market Players:
► BASF SE
► Syngenta AG
► Tata Chemicals Ltd.
► Bayer AG
► FMC Corporation
► Adama Ltd.
► Corteva Inc.
► Nufarm Ltd.
► Sumitomo Chemical Company
► Novo Nordisk AG
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