Fungicides Market Set to Witness Y-o-Y Growth by 2022

Fungicides is a type of pesticide used to kill the fungi or fungi spores. Fungicides finds major use in the agricultural sector for crop protection. It is used to prevent the damage to crops caused by the attack of fungicides. It gives higher yield with better quality of the crops. It is also used to kill the fungal infections in animals. The use of fungicides differ according to the type of crop. Different types of fungicides available are translaminar, systemic and contact fungicides. The active ingredients include chlorothalonil, mancozeb, prochloraz, propicanazole, prochloraz, propicanazole and many more. One of the most common active ingredient in the fungicides is sulfur. Some fungicides are dangerous to human health and so the major laws governing the use of fungicides in different countries is expected to hamper the growth of global fungicides market in the near future. However, the global fungicides market is expected to witness a moderate single digit growth in the forecast period.

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The most significant demand driver for the global fungicides market is the increasing demand for fungicides in the crop protection sector for ensuring higher crop yields. The growing population is also expected to be the major driving factor for the global fungicides market. The increasing concerns pertaining to the disease control is anticipated to drive the global fungicides market. The shrinking arable land and the growing demand for food is projected to increase the demand for fungicides, thereby driving the global fungicides market.

The growing technological advancements in the seeds is expected to restrain the global fungicides market in the upcoming years. The use of genetically modified crops is projected to restrain the growth of global fungicides market in the near future.

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The development of new organic fungicides is expected to create new opportunities in terms of revenue for the major players in the global fungicides market.

The global fungicides market can be segmented on the basis of product type and crop type

On the basis of type, the global fungicides market is segmented as:

Benzimidazoles
Triazoles
Dithiocarbamates
Chloronitriles
Phenylamides
Strobilurins
Others

On the basis of crop types, the global fungicides market is segmented as:

Fruits
Vegetables
Cereals and grains
Oilseeds
Others

The global fungicides market is segmented into five key regions on the basis of geography as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia pacific holds the largest market share in the global fungicides market, owing to the large agricultural business in this region. India and China is expected to be the maximum market share holding countries in the global fungicides market. Use of fungicides in the European countries is also expected to increase in the near future due to the stringent regulatory authorities in this region. The consumption of fungicides is also anticipated to escalate in the European countries in the upcoming years. The consumption of fungicides in Middle East and Africa is projected to demonstrate a stagnant growth in the forecast period.

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Some of the key players identified in the global fungicides market are, BASF SE, Bayer AG, Syngenta AG, The Dow Chemical Company, E.I. Dupont De Nemours & Company, Cheminova A/S, Nufarm Ltd, Chemtura Corporation

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