Fungicides Industry Insights With Key Company Profiles - Demand, Analysis, Forecast To 2023

Global Fungicides Market: Snapshot

Fungicides are chemical formulations used to manage fungal diseases in plants. Fungicides can be selective and non-selective based on their target of activity. These are available in various formulations that incorporate individual or a blend of active ingredients for specific or broad spectrum activity. Fungicides are primarily used in major crops such as fruits, vegetables, cereals, grains, oilseeds, and pulses. These are also used in non-crop applications such as turf grass for golf, football, hockey, cricket, and other stadia, and ornamental plants for indoor and outdoor decorations, and municipal causeways.

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Currently, in terms of volume, fungicides are majorly used in fruits & vegetables across the globe. These are used to manage various fungal diseases in apples, grapes, muskmelons, potato, tomato, lemons, orange, carrots, etc. Usage of fungicides in fruits & vegetable crops is primarily driven by rising demand for fruits & vegetables globally. This increase in demand is due to changing dietary patterns of the middle income population. Additionally, farmers are under pressure to increase their yield owing to rising population and limited availability of arable land. Governments and agricultural institutes across the world are promoting the usage of agricultural inputs such as fungicides that help in enhancing yield by securing crops against diseases. This is projected to further boost the global demand for fungicides. Furthermore, sale of ornamental plants for indoor and outdoor applications has increased due to rise in urbanization. Usage of fungicides is also anticipated to increase in order to maintain these ornamental plants. Moreover, usage of non-selective fungicides is projected to rise for disease management in turf and grass applications in stadia, lawns, and gardens.

Increasing incidences of resistance to fungicides is a key factor restraining the fungicide market. Fungicides can be substituted by genetically modified crops with better disease resistance. This is likely to hamper market growth in the near future.

Mancozeb was the dominant fungicide product segment accounting for more than 20% share of the global fungicide market in terms of volume in 2014. Additionally, the mancozeb fungicides are anticipated to be the fastest growing product segment during the forecast period. This fast paced growth in demand for mancozeb can be attributed to very low number of incidences of resistance, low price and a very effective non-selective fungicidal activity. Other key fungicides include chlorothalonil, metalaxyl, and strobilurin. These fungicides, especially, strobilurin is facing rising number of resistance incidences against fungicidal activity in vegetables and cereals crop types. Additionally, these products are priced relatively higher, causing the price-sensitive farmers to switch to low-priced alternatives.

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In terms of volume, Asia Pacific dominated the global fungicide market with over 25% share in 2014. Demand for fungicides is anticipated to be high in fruits & vegetables and cereals & grains segments in the region. The fungicides market in North America is estimated to expand at above-average CAGR during the forecast period due to high demand from fruits & vegetables and non-crop applications. Middle East & Africa (MEA) is expected to be the fastest-growing market for fungicides during the forecast period owing to higher focus of market players and international welfare organizations such as UN for investment in the region. Latin America is another major market for fungicides with moderate growth in cereals & grains applications. Europe is a mature market that is anticipated to expand at below average growth rate during the forecast period.

The global fungicides market is consolidated; a few players operate across the globe. Large-scale producers have vertically integrated operations. This provides them with cost advantage over smaller players. Key players include Syngenta, BASF SE, Bayer CropScience, E.I. du Pont de Nemours and Company, Dow AgroSciences LLC, Monsanto Company, Nufarm Limited, Sumitomo Chemical Co., Ltd., ADAMA Agricultural Solutions Ltd. and Cheminova A/S

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