The global fungicides market size was USD 17.71 billion in 2020. The market is projected to grow from USD 18.43 billion in 2021 to USD 25.81 billion by 2028, exhibiting a CAGR of 4.93% during the forecast period (2021-2028). This information is provided by Fortune Business Insights™, in its report, titled, “Fungicides Market, 2021-2028.” According to our analysts, the rising resistance to the products has driven the necessity to present novel products that are likely to augment the implementation of fungicidal crop safety products.
Growing Demand & Supply Hindrance of Fungicide Products amid COVID-19 to Restrict Growth
The advent of COVID-19 pandemic has brought the production procedures of several industries to a dead end. Despite all the moderations in the lockdown guidelines, specific standards, such as social distancing and declination of workforce are compulsory to implement.
The commotion instigated by the COVID-19 pandemic in the movement of crop protection products, either from local or international providers to the farm level, has at present led to deteriorated productions.
List of Key Players Covered in this Market Report
- Bayer AG (Leverkusen, Germany)
- BASF SE (Ludwigshafen, Germany)
- Syngenta AG (Basel, Switzerland)
- Corteva, Inc. (Delaware, U.S.)
- FMC Corporation (Pennsylvania, U.S.)
- Sumitomo Chemicals (Tokyo, Japan)
- UPL Ltd. (Mumbai, India)
- Nufarm (Melbourne, Australia)
- ADAMA Agricultural Solutions Ltd. (Ashdod City, Israel)
- Isagro SpA (Milan, Italy)
Browse In-depth Summary of This Research Insight:
The report offers valuable insights obtained by thorough study done by our researchers. An extensive research was conducted to provide the estimated size of the market. The data utilized to project the shares for multiple segments at the country, regional, and global levels is obtained from in-depth interviews with numerous stakeholders. Furthermore, we have gained access to several global and regional paid databases to deliver precise information to make business investment decisions easy for you.
On the basis of type, the market can be divided into chemical & biological. Chemical segment to emerge as a dominant segment owing to their high usage in developing nations.
On the basis of crop type, the global market is segregated into cereals, oilseeds & pulses, fruits & vegetables, & others
In terms of application method, the market is divided into foliar treatment, chemigation, seed treatments, & others
Geographically, the market is segmented into North America, Europe, Asia Pacific, South America, & Middle East and Africa.
Drivers & Restraints
Outbreak of Numerous Sickness Conditions to Elevate Demand for Products
Climate change is a prime factor of worry for agricultural production across the globe. A modification in the climatic aspects has a substantial influence on crop production and the crops are vulnerable to ailments and pests. This, in turn, impacts crop health and triggers abnormalities in farming methods. Consequently, this is anticipated to bolster the fungicides market growth during the forecast period.
Asia Pacific to Lead Market Growth due to Expanding Agricultural Sector
Asia Pacific presently holds the largest fungicides market share and is projected to maintain its position throughout the forecast period. The rising agriculture industry, surging rice cultivation, and the increasing post-harvest damages are the primary aspects fueling the market in this region.
The U.S. is the major market in the North American region and is fueled by the growing launch of fungicides products and increasing struggle against active ingredients.
The European market will display significant demand in terms of the climatic fluctuations that are resulting in the commencement of several diseases.
Key Players Focus on Launching New Products & Acquiring Other Companies to Surge Sales
The prominent players adopt several strategies to bolster their position in the market as leading companies. One such key strategy is acquiring companies to boost the brand value among users. Another effective strategy is intermittently launching innovative products with comprehensive study of the market and its target audience.
The market comprises many companies that are regularly involving in research and development happenings to present groundbreaking fungicides. Few of them are also measuring the collaborations and procurement strategies to reinforce their position in the market.
- February 2020: BASF unveiled, Revysol, which is its novel fungicide, in the Irish market. This product can be utilized on wheat as well as on barley and has commanding edition to disease transformations