Market Overview
Global Copper Fungicides Market is projected to grab a valuation of USD 1,089.03 Million by the end of the forecast period by expanding at a CAGR of 4.80% during the forecast period from 2014 to 2024. The copper fungicides are inorganic fungicides that are used for plant protection from fungus and other infections. Growth of the global copper fungicides market is attributable to a surge in the adoption of organic farming as well as the rising prevalence of fungal diseases.
The trend of practicing organic farming has resulted in raising awareness regarding the effects of using chemicals in farming has reduced the adoption of organic fungicides; however, the copper fungicides are considered comparatively safer, and thus its adoption is likely to surge. The copper fungicides do not leave a considerable chemical residue, which helps to augment the adoption of organic farming. This is a key factor driving growth of the global copper fungicides market.
The changing climatic conditions are resulting from increasing in issues related to pests such as Septoria leaf spot, powdery mildew, and anthracnose in crops. Several high-value crops including coffee, banana, cacao, mangoes, spices, and nuts, are affected by fungal infections, which are driving growth of the global copper fungicides market. The surge in prevalence, leading to a rise in the demand for fungicides, is boosting growth of the global copper fungicides market. However, risks associated with phytotoxicity are estimated to remain a key factor hampering growth of the market in the coming years.
Competitive Analysis
Some of the major companies in the Global Copper Fungicide Market include UPL Limited, Mitsui & Co., Ltd., Jiangxi Heyi Chemicals Co., Ltd., Synthos AGRO Sp. z o.o., Industrias Químicas del Vallés SA, Albaugh, Nufarm, Isagro, and ADAMA Agricultural Solutions Ltd. Market players are expected to tap the lucrative opportunities in the market in the coming years due to an increasing focus on product innovation.
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Industry News
In 2019, Certis USA announced the introduction of the new citrus canker fighting technology for combating antibiotic resistance and bacterial diseases in citrus. AgriPhage Citrus Canker, when integrated with an effective copper fungicide product, will be the answer that many farmers. The introduction of such devices to provide the copper fungicides to crops is estimated to fuel the market growth in the coming years.
Segmentation
The copper fungicide market is segmented on type, application, and region.
By type, the global market is categorized into organic copper fungicides and inorganic copper fungicides. Of these, the inorganic copper fungicides segment is anticipated to hold for a larger revenue share and is estimated to reach a valuation of USD 883.83 million by the end of 2024. This growth is attributable to the adoption of the inorganic fungicides globally.
Based on the application, the market is segmented into cereals & grains, fruits & vegetables, pulses & oilseeds, and others. Of these, in 2018, the fruits & vegetable segment held the largest share and is anticipated to display a CAGR of 4.86% over the forecast period. The copper fungicides are mainly applied to fruits & vegetable crops mostly the fruits such as peach leaf curl, rust disease, brown rot, and fire blight.
Regional Analysis
Regionally, the copper fungicide market is segmented into the Americas, Asia-Pacific, Europe, and Middle East & Africa. Of these, Europe accounted for a share of 35.39% in 2018 and is estimated to remain dominant in the global copper fungicide market in the coming period owing to the presence of the largest producer and consumer of copper fungicides. Additionally, the higher adoption of the copper fungicides in the countries including Italy, Spain, and France. However, the market in the Asia Pacific is estimated to expand by exhibiting a CAGR of 5.37% during the forecast period owing to the presence of the significant producers of vegetables, fruits, and cereals in the region. Additionally, increasing the need for food has augmented its adoption from countries such as China and India.
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