The fungicide market is projected to reach $23,898.02 million by 2028

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New York, U.S., Aug. 10, 2022 (GLOBE NEWSWIRE) — Market Overview

According to a comprehensive research report by Market Research Future (MRFR) “market for fungicides by species, crop type, type of application and region – forecast until 2028‘, the market is expected to grow at a steady CAGR of 4.24% between 2020 and 2028, reaching USD 23,898.02 million by 2028.

Covered Market USP:

Market leader:

Various regions have agricultural countries such as the Asia-Pacific region consisting of Indonesia, India, Thailand and South Korea. These countries depend mainly on their agricultural production, which in turn accounts for a significant part of GDP. For these countries, agricultural products have a direct impact on the economy. Therefore, agricultural committees are being educated on the benefits of using efficient chemicals and products that can increase crop yields with minimal crop loss. A good example of such a product is a fungicide.

Fungicides are used extensively in a wide variety of crops such as cereals and grains, oilseeds, legumes, and fruits and vegetables. Government agencies worldwide are trying to raise farmers’ awareness of the importance of fungicides and various pesticides, along with information matrices such as the amount to be used per crop type, the assessment of infection types and the time interval between successive doses. This helps ensure safe and efficient farming practices, resulting in optimal benefits.

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Report scope:

report attribute details
Market size in 2030 $23898.02 million
CAGR 4.24% (2020-2028)
base year 2019
forecast period 2020-2028
Historical data 2018
Forecast Units Value (Million USD)
report coverage Sales Forecast, Competitive Landscape, Growth Factors and Trends
Covered Segments by type, fruit type, type of application and region
Regions Covered North America, Europe, Asia Pacific and Rest of the World (RoW)
Important market drivers The high susceptibility of plants to fungal diseases
Increasing cases of fungal infestation on crops

Market Competitive Landscape:

The major companies operating in the Fungicides market are

  • BASF SE (Germany)
  • Bayer AG (Germany)
  • Sumitomo Chemical Co. Ltd (Japan)
  • ADAMA Agricultural Solutions Ltd (China)
  • Corteva, Inc. (USA)
  • Nufarm Limited (Australia)
  • Nippon Soda Co. Ltd (Japan)
  • Syngenta AG (Switzerland)
  • FMC Corporation (USA)
  • American Vanguard Corporation (USA)

Most vendors operating in the market focus on forming strategic collaborations and partnerships with local traders to become an important part of farming associations. In this way, they can educate farmers and their communities about the effectiveness of fungicides in relation to crop production. These companies also host meetings with local communities to increase their knowledge of the benefits of quality fungicides while building a long-term relationship with them.

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Market Restrictions:

Lower awareness and commercialization of agricultural coatings are slowing market growth. Agricultural coatings have significant application costs, which limits their use.

COVID-19 Analysis

The fungicide market has been significantly impacted by the COVID-19 outbreak. Faced with the pandemic scenario, numerous countries have had to go into lockdown to control the rising cases. Because of this, the demand and supply chain has been disrupted, affecting the global market. The infrastructure projects, production units, industries and various operations had to be put on hold due to the pandemic situation.

The volatile cost of raw materials and the decline in the production rate of various crops as the pandemic spreads further will challenge the global market. On the plus side, the situation is getting back to normal, which means the market will grow better going forward.

market segmentation

By type

The different types of fungicides on the market are chemical fungicides as well as organic fungicides. Chemical fungicides come in different types namely dithiocarbamates, benzimidazoles, phenylamides, triazoles and more.

In 2020, the chemical fungicides segment has achieved a market share of 87.60% and will increase by 4.12% between 2020 and 2027. The Bio-Fungicides segment will see the fastest CAGR of 5.11% during this period.

By fruit type

Depending on the crop type, the fungicide market for fruits and vegetables, oilseeds and pulses, cereals and grains and more can be considered. The cereals and grains segment is leading with the largest share of 40.86% in 2020 and is expected to achieve a CAGR of 4.14% over the forecast period. On the other hand, from 2020 to 2027, Fruit & Vegetable sector can register the highest growth rate of 4.53%.

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By type of application

The types of application of fungicides are soil treatment, foliar treatment, seed treatment and others.

The fungicides sector has the highest share with 48.41% and could grow by 3.88% in the following years. The leaf segment can expect to reach the highest CAGR of 4.90% in the probable period.

Regional Insights

In 2020, Asia-Pacific market share was 30.48%, while North America ranked close second that year. It is likely that the North American market will reach a CAGR of 4.05% in the coming years, while the Asia-Pacific market will reach the highest growth rate of 4.70%, MRFR expects.

The Asia-Pacific region has been quite lucrative for fungicide manufacturers. The APAC market is largely supported by fast-rising countries like China and India, which are the largest producers of vegetables, grains and fruits. The governments of these economies and various farming communities are promoting the use of modern farming practices and raising farmers’ awareness of the uses of different chemicals, soil conditions, application of fungicides and crop species. This should have a significant impact on overall crop production, albeit with less investment.

North America took a reasonable share of almost 27.52% of the fungicide market in 2020. Given the robust demand for fungicides in the US, the regional market is expected to reach a healthy growth rate of 4.05% through 2028. Demand in the country is increasing due to low global prices for much of the crop and unpredictable weather conditions. These unfavorable conditions prevail in most of the country’s fertilizer-consuming and agricultural areas. Increasing grain demand in the region, significant population density and heightened food security concerns will also boost market value in the region.

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