Press release
Fungicides Market Growth, Trends, and Emerging Business Opportunities 2030
Fungicides Market
The global fungicides market is projected to grow from USD 19.33 billion in 2023 to USD 25.96 billion by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 4.3% during the forecast period.This growth is driven by increasing agricultural activities, rising demand for high-quality crops, and advancements in fungicide formulations.
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Competitive Landscape and Regional Demand
The fungicides market is characterized by a competitive landscape with key players such as BASF SE, Bayer AG, Corteva Inc., FMC Corporation, and Syngenta AG leading the industry. The Asia Pacific region holds the largest market share, attributed to its extensive agricultural activities and increasing demand for food security.
United States: Growth Opportunities and Trends
The United States fungicides market is experiencing steady growth due to advanced agricultural practices and a strong emphasis on crop protection. The adoption of integrated pest management (IPM) practices and precision agriculture techniques has led to increased fungicide usage to optimize crop yields. Recent developments include Corteva Agriscience's commercial launch of AdaveltTM active, a novel fungicide with a new mode of action, following product registrations in Australia, Canada, and South Korea.
Asia Pacific: Growth Prospects and Market Trends
The Asia Pacific region dominates the fungicides market, accounting for the largest revenue share of 39.1% in 2024. Countries like China and India, with their extensive agricultural sectors, are major contributors to this growth. The rising prevalence of fungal diseases and the need to enhance crop yields have led to increased fungicide adoption. In June 2024, BASF SE launched its new rice fungicide, Cevya (400g/L mefentrifluconazole), in China, featuring the active ingredient Revysol for effective prevention and control of rice false .
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Middle East and Africa: Emerging Opportunities and Market Trends
The Middle East and Africa region is witnessing emerging opportunities in the fungicides market due to increasing agricultural activities and the need to improve food security. The adoption of modern farming practices and the introduction of bio-fungicides are expected to drive market growth. Collaborations between local governments and international companies are anticipated to enhance the availability of advanced fungicide products in the region.
Europe: Market Consolidation and Recent Developments
Europe holds a significant share in the global fungicides market, with a strong emphasis on sustainable agriculture and stringent regulations promoting eco-friendly products. In August 2023, Bayer AG invested USD 231.3 million to construct a new R&D facility at its Monheim site, marking Germany's largest single financial commitment towards crop protection in the last four decades. This facility aims to develop the next generation of safe and sustainable crop protection products, including new fungicide formulations.
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Market Segmentation: In-Depth Analysis:
by Product Type
Inorganics
Benzimidazoles
Dithiocarbamates
Triazoles & Diazoles
Biofungicides
Others
Due to its qualities as a fast-acting fertilizer, easy to apply, inexpensive, and pet-friendly, the inorganics category held the biggest market share in 2023. The regulation also ensures that inorganic fertilizers are beneficial for correct nutrient content. Partnerships, mergers, joint ventures, franchising, and acquisitions were necessary for either inorganic or external growth. A quick entry into new markets and product categories is made possible by inorganic growth, which aids in the expansion of the inorganics section.
by Application
Cereals & Grains
Oilseeds & Pulses
Fruits & Vegetables
Others
In 2023, the Cereals & Grains segment had the biggest market share. More protein is found in cereals and grains than in beef, meat, or eggs, making them a significant source of protein for more than half of the world's population. The population growth and rising need for food supplies are the primary causes of the segment's expansion. Innovative fungicides are in greater demand as a result of the growing need for crop protection chemicals.
by Mode of action
Contact
Systemic
by Form
Liquid
Dry
For deeper market insights, peruse the summary of the research report:https://www.maximizemarketresearch.com/market-report/global-fungicide-market/14694/
Learn about the top players driving innovation in the Market :
1.BASF SE
2.Bayer AG.
3.Corteva Inc.
4.Syngenta AG
5.FMC Corporation
6.UPL Ltd.
7.Adama Ltd.
8.Sumitomo Chemical Co. Ltd.
9.Nufarm Limited
10.Isagro SpA
11.Dhanuka Agritech
12.Nippon Soda Co. Ltd.
13.Lanxess
14.AMVAC Chemical Corporation
15.Nissan Chemical Corporation
16.Ishihara Sangyo Kaisha Ltd.
17.Tata Chemicals Ltd.
18.Novo Nordisk A/S
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