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Chemical Fungicides Market Size, Industry Trends, Analysis, Report 2024 To 2033
Chemical Fungicides Market
According to The Business Research Company's, The chemical fungicides market size has grown strongly in recent years. It will grow from $22.67 billion in 2023 to $24.3 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to crop yield enhancement, disease resistance management, expansion of agriculture, advancements in chemical formulations, public health concerns, globalization of agriculture..
The chemical fungicides market size is expected to see strong growth in the next few years. It will grow to $31.25 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to market globalization and trade dynamics, shift towards integrated pest management (ipm), climate change impact on diseases, expansion of precision agriculture, regulatory changes and sustainability focus.. Major trends in the forecast period include biological fungicides adoption, precision application technologies, residue management concerns, integrated disease management, development of resistance management strategies..
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Market Drivers and Trends:
The rising occurrence of crop diseases is expected to propel the growth of the chemical fungicide market going forward. Crop diseases refer to diseases caused by various pathogenic organisms, such as fungi, bacteria, mycoplasma, virus, viroid, nematode, or parasitic flowering plants. Chemical fungicides work to eradicate or stop the development of fungi and their spores and are effective against rust, mildew and other plant-damaging fungi, as a result, the rising occurrence of crop diseases increases the demand for the chemical fungicides market. For instance, in May 2021, according to The Proceedings of the National Academy of Sciences (PNAS), a US-based official journal of the National Academy of Sciences, the increasing food crop pests and diseases caused significant production losses worldwide, with mean losses of potatoes of 17.2% (8.1 to 21%), soybeans of 21.4% (11 to 32.4%), rice of 30.3% (24.6 to 40.9%), maize of 22.6% (19.5 to 41.4%)and wheat of 21.5% (10.1 to 28.1%). Further, The United Nations aims to reduce these losses and strives to increase food production by 60% by 2050 to feed approximately 10 billion people, as a result, chemical fertilizers support food production to meet the estimated goals. Therefore, the rising occurrence of crop diseases drives the chemical fungicide market.
Technological advancement is a key trend gaining popularity in the chemical fungicide market. Major companies operating in the chemical fungicide market are undergoing product innovation to strengthen their position in the chemical fungicide market. For instance, in Aug 2022, Syngenta, a Switzerland - based agrichemical company operating in chemical fungicides introduced TYMIRIUM technology with the registered approval of Argentina. This technology provides broad-spectrum defense against nematodes and major fungal diseases and also provide farmers to improve food quality with greater crop yields by preserving soil biodiversity and promoting soil health.
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Major Key Players of the Market:
BASF SE; Bayer AG; Corteva Inc; Syngenta AG; FMC Corporation; UPL Ltd.; Sumitomo Chemical Co. Ltd.; Nippon Soda Co. Ltd.; Isagro S.p.A; Nufarm; ADAMA; Nissan Chemical Corporation; Marrone Bio Innovations Inc.; Koppert Biological Systems; Bioworks Inc.; STK Bio-ag Technologies; Verdesian Life Sciences; Seipasa S A; Ishihara Sangyo Kaisha Ltd.; Nutrichem Co. Ltd.; Certis LLC; Valent BioSciences LLC; Stockton Group; Lallemand Plant Care; Albaugh LLC; Rotam CropSciences Ltd.; Sipcam Agro USA Inc.; Kumiai Chemical Industry Co. Ltd.; Arysta LifeScience Corporation; Heranba Industries Ltd.
Chemical Fungicides Market 2024 Key Insights:
• The chemical fungicides market will grow to $31.25 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.
• The Surge In Chemical Fungicides Market Fueled By Escalating Crop Diseases
• Technological Advancements In The Chemical Fungicide Market
• Asia-Pacific was the largest region in the chemical fungicides market in 2023
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