Fungicides Market Increasing Food Security Concerns Due to Growing Population Worldwide to Drive Demand 2024

The majority of players in the global fungicides market are pouring sizeable funds into research and development of highly efficient products that conform to government regulations. The market is highly consolidated in nature and is dominated by international players owing to their strong capital muscle and advanced R&D infrastructure, observes Transparency Market Research (TMR). BASF SE, Syngenta, E.I. du Pont de Nemours and Company, Bayer CropScience, Monsanto Company, Dow AgroSciences LLC, and Cheminova A/S are among the leading players in the global fungicides market. “These players are expanding their geographical outreach by focusing towards collaborations, new product launches, and acquisitions,” says TMR’s lead analyst.

Demand for Mancozeb to Remain High through 2023

On the basis of product, mancozeb will continue to be the most prominent segment in terms of volume until 2023. It is widely acknowledged for its non-selectivity, low price, and high effectiveness. Moreover, the rate of resistance to mancozeb is lesser than other non-selective fungicides. Owing to these factors, the segment will also be at the forefront in terms of CAGR during the forecast period.

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Geographically, Asia Pacific will continue to account for the lion’s share in the overall market volume until 2023. The growth of the region can be attributed to the rapidly growing population and increasing awareness among farmers. The Middle East and Africa is anticipated to register an impressive CAGR during the same period.

Increasing Government Initiatives to Spread Awareness Regarding Benefits of Fungicides to Boost Uptake

The ever-rising global demand for food has left much of the onus on agricultural activities. It has become imperative to address food security concerns to meet the daily requirements of the rapidly growing population. This is translating into the greater demand for yield-enhancing agricultural inputs, thereby providing a significant boost to the global fungicides market. In addition, the limited availability of arable lands is creating a dire need for maximum crop yield, thereby augmenting the demand for fungicide.

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The increasing shift towards modern agriculture practices is also working in favor of the market. Governments worldwide are playing a vital role in the development of the market by educating farmers and creating awareness among farmers regarding merits and correct usage of fungicides. Moreover, the rising urbanization is triggering the sales of ornamental plants for indoor and outdoor applications, which in turn is stimulating the adoption of fungicides.

Development of Genetically Modified Crops to Limit Widespread Adoption of Fungicides

“Most of the fungus have been observed to develop a resistance to fungicides with the passage of time. This suppresses the effectiveness of fungicides, which is acting as a major impediment to the market,” says a TMR analyst. Additionally, the development of genetically modified crops, which have a strong resistance to fungus, is hampering the growth prospects. Furthermore, the rising use of fungicides is leading to the growing incidence of soil toxicity, which is negatively impacting the environment. This is, therefore, limiting the global market from realizing its utmost potential. However, the emergence of integrated pest management (IPM) is likely to unfold tremendous opportunities for the growth of the fungicides market.

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