Fungicides Market Expected to Rise at 4.19% CAGR During 2024-2032

Summary:

• The global fungicides market size reached USD 19.7 Billion in 2023.
• The market is expected to reach USD 28.5 Billion by 2032, exhibiting a growth rate (CAGR) of 4.19% during 2024-2032.
• Asia Pacific leads the market, accounting for the largest fungicides market share.
• Chemical accounts for the majority of the market share in the type segment as it is readily available, cost-effective, and can be easily applied using existing agricultural practices and equipment.
• Liquid holds the largest share in the fungicides industry.
• Cereals and grains remain a dominant segment in the market due to their fundamental role in global food security and agricultural economics.
• Contact accounts for the majority of shares in the fungicides market.
• Seed treatment represents the leading application segment.
• The increasing need for food security globally is a primary driver of the fungicides market.
• Technological innovations in fungicide manufacturing and the development of eco-friendly alternatives are reshaping the fungicides market.

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Industry Trends and Drivers:
• Growing demand for food security and agricultural productivity:
The fungicides market is primarily driven by the growing demand for increased agricultural productivity to ensure food security. Farmers are under pressure to maximize crop yields to meet the rising demand for food, which has heightened the need for effective crop protection solutions such as fungicides. Fungal infections can cause significant crop losses by affecting plant health, quality, and yield. Consequently, the use of fungicides to protect crops from diseases caused by fungi has become essential in modern agriculture. This trend is particularly strong in regions with intensive farming practices, where maintaining high crop output is essential. Fungicides help prevent and control fungal infections in crops, ensuring healthy plant growth and reducing the risk of food shortages, making them vital in supporting global agricultural production.

• Advancements in fungicide technologies:
Technological advancements in the development of fungicides are contributing substantially to market growth. Manufacturers are focusing on creating more efficient, broad-spectrum fungicides that provide better protection against a wider range of fungal pathogens while minimizing environmental impact. Innovations such as systemic fungicides, which are absorbed by plants and provide long-lasting protection, are gaining popularity among farmers. Furthermore, the development of bio-fungicides, derived from natural sources such as bacteria, fungi, and plant extracts, is emerging as a sustainable alternative to chemical-based fungicides. Bio-fungicides are considered eco-friendly, as they have lower toxicity levels and reduce the risk of developing fungicide-resistant strains of fungi. These advancements are improving the effectiveness of fungicides and also addressing growing concerns about environmental sustainability, propelling their widespread adoption in agriculture.

• Increasing prevalence of crop diseases due to climate change:
Climate change is contributing to the increasing prevalence of crop diseases, further driving the demand for fungicides. Changes in temperature, humidity, and rainfall patterns create favorable conditions for the growth and spread of fungal pathogens. Consequently, farmers are facing heightened challenges in managing crop diseases caused by fungi, leading to increased reliance on fungicides to protect their harvests. Regions that are particularly vulnerable to extreme weather events, such as prolonged rainy seasons or heatwaves, are experiencing higher incidences of fungal infections in crops. This has heightened the demand for fungicides in both developed and developing countries. As climate change continues to alter growing conditions, the need for effective fungicide solutions is rising, facilitating overall industry expansion.

𝐊𝐧𝐨𝐰 𝐌𝐨𝐫𝐞 𝐀𝐛𝐨𝐮𝐭 𝐓𝐡𝐞 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.imarcgroup.com/fungicides-market

The report has segmented the market into the following categories:
Type Insights:
• Chemical
o Triazoles
o Strobilurins
o Dithiocarbamates
o Chloronitriles
o Phenylamides
o Others
• Biological
o Microbials
o Microchemical
o Macrobials
Chemical accounts for the majority of shares due to its proven efficacy, broad-spectrum activity, and quick action against a wide range of fungal diseases.

Form Insights:
• Liquid
o Suspension Concentrates (SC)
o Emulsifiable Concentrates (EC)
o Soluble Liquid Flowables (SLC)
• Dry
o Water Dispersible Granules (WDG)
o Wettable Powder (WP)
Liquid dominates the market due to its ease of application, uniform distribution, and effectiveness in covering large agricultural areas.

Crop Type Insights:
• Cereals and Grains
o Corn
o Wheat
o Rice
o Others
• Oilseeds and Pulses
o Soybean
o Cotton
o Others
• Fruits and Vegetables
o Apple
o Pears
o Cucumber
o Potatoes
o Grapes
o Others
• Others
Cereals and grains represent the majority of shares as they are highly susceptible to various fungal diseases that can significantly impact yield and quality.

Mode of Action Insights:
• Contact
• Systemic
Contact holds the majority of shares due to their immediate and broad-spectrum effectiveness in controlling fungal pathogens.

Application Insights:
• Seed Treatment
• Soil Treatment
• Foliar Spray
• Chemigation
• Post-Harvest
Seed treatment exhibits a clear dominance due to the efficient and targeted approach of fungicides to disease control.

Market Breakup by Region:
• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa
Asia Pacific holds the leading position owing to a large market for fungicides driven by its large population base, increasing health awareness, and rising demand for sustainable protein sources.

Top Fungicides Market Leaders:
• American Vanguard Corporation
• Atticus, LLC
• BASF SE
• Bayer AG
• Botano Health
• Corteva Inc.
• FMC corporation
• Isagro SpA (Gowan Company LLC)
• Marrone Bio Innovations Inc
• Nufarm Limited
• Sumitomo Chemical Co. Ltd.
• Syngenta AG
• Terramera Inc
• UPL Limited

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This release was published on openPR.