Market Overview
Fungicides are a class of pesticides, which primarily consists of biological organisms or chemical compounds. They are widely used in the agricultural segment, which help to restrict the fungal diseases by inhibiting or killing the fungus responsible for the crop disease. The most commonly used active ingredient for fungicides preparation is sulfur. The most common chemical fungicides available in market includes: Dithiocarbamates, Phenylamides, Benzimidazoles, Triazoles, Chloronitriles, Strobilurins and others.
Competitive Analysis
The major players in Fungicides Market are BASF SE (Germany), I. du Pont de Nemours and Company (U.S.), FMC Corporation (U.S.), Sumitomo Chemical Co., Ltd. (Japan), Adama Agricultural Solutions Ltd. (Israel), Bayer CropScience AG (Germany), DowDuPont Inc. (U.S.), Bioworks, Inc. (U.S.), Certis U.S.A. LLC (U.S.) and Monsanto Company (U.S.)
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Market Forecast
The amount of crop-loss due to fungal infections is increasing rapidly, which is a huge concern among the farmers and crop producers. This has increased the demand for fungicides, which help in providing adequate disease control support and increasing crop productivity. Additionally, rising demand for organic fruits, vegetables, cereals, and pulses is projected to drive the growth of fungicides market over the review period.
Moreover, growing demand for organic fruits & vegetables and their awareness towards health is boosting the fungicides market growth. Furthermore, high acceptance for integrated pest management (IPM) by the crop cultivator’s is adding fuel to the growth of the fungicides market. However, toxicity caused due the consumption of fungicides and stringent laws in the use of certain fungicides for crop production may hinder the market growth over the review period. Nevertheless, all these factors are projected to contribute to the estimated CAGR of 5.4% of fungicides market during the forecast period 2017-2024.
Downstream Analysis
Fungicides are segmented based on type, which includes chemical fungicides, bio-fungicides and others. Triazoles holds the major market share followed by strobilurins in the chemical fungicides segment. The main reason for the growth of triazoles is their broad use for prevention of soybean rust, which is a fungal pathogen.
Based on mode of treatment, the fungicides market is segmented into seed treatment, soil treatment, and others. Among all the mode of treatment, the seed treatment segment is dominating the market owing to ease of fungicides use on seeds by spraying technique.
Based on the form, the fungicides market is segmented into powder, liquids, and others. The liquid form is dominating in this segment owing to its easy use.
On the basis of the application, the fungicides market is segmented in fruits and vegetables, cereals and pulses, oilseeds and grains, and others. Among all the applications, fruits and vegetables is dominating the market owing to increasing health awareness regarding organic fruits and vegetables in the population.
Regional Analysis
Global Fungicides Market is segmented into North America, Europe, Asia Pacific, and rest of the world (RoW). Europe is dominating the global fungicides market followed by Asia Pacific. Germany accounts for a higher use of fungicides for protection of fruits and vegetables from fungal diseases owing to increasing awareness about the benefits of using fungicides. Furthermore, high demand for organic fruits and vegetables from the farmers is key driving factor in this region.
Furthermore, increasing consumer awareness and growing demand for organic fruits, vegetables, cereals and pulses has uplifted the demand for fungicides in Asia Pacific countries like India, China and Japan. Thus, it is expected to boost the growth of the fungicides market during the review period. Additionally, regulatory approval for the use of fungicides on commercial products and government initiative for creating awareness about the accurate use of fungicide among farmers for high crop yield is projected to raise the growth of the fungicides market.
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