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Fungicides Market 2024 Global Analysis, Opportunities and Forecast
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Besides innovations, several companies target the segment of smaller end users to supply their products in regional and highly localized markets. On the back of strategies adopted by the market players and several other factors, the global fungicides market is expected to reach US$18,227.6 mn by the end of 2025, exhibiting a CAGR 4.4% between 2017 and 2025. In 2016, the market was valued at US$12,370.2 mn. Based on crop type, the fruits and vegetables segment held the dominant share of 40% in the global market 2016. Regionally, the lead was held by Asia Pacific in 2016. The strong agricultural sectors in emerging nations such as India and China support the market’s expansion in Asia Pacific.
While growth is expected to remain steady, the gradual shift from inorganic to organic fungicides insinuates a few challenges that future holds for the fungicides market. Meanwhile, the market is likely to gain from the growth in population and the subsequently rising need for food, which has impelled the demand for high quality and high yield crops. Against this backdrop, emerging nations such as Brazil, China, and India will offer the market lucrative prospects. Fungicide utilization in these nations, besides a few others is expected to spike in the coming years. This will bode well for the market. In addition, the increasing demand for modern techniques of farming and other varieties of agricultural products to boost crop yield will have a positive impact on the overall market. On the flip side, health and environmental concerns associated with the use of synthetic fungicides will trigger interest toward bio-based fungicides in the coming years. If players capitalize on this transition effectively, the global fungicide market will continue exhibiting robust trajectory through the course of the forecast period.
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While organic fungicides will witness steady growth in demand, concerns with regards to the use of inorganic and synthetic fungicides may pose threat to the overall market. The hazardous effect of inorganic fungicides on environment could adversely impact the market’s overall trajectory. As discussed, stringent regulations aimed at curbing the use of synthetic fungicides may negatively impact the overall market as well. Nonetheless, it is possible to mitigate these challenges by proper education.
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