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Fungicides Market Segmentation: by Application (Cereals & Oilseeds, Fruits & Vegetables, Pulses & Grains and Others); By Type (Chemical and Biological); and Region -Analysis of Market Size, Share & Trends for 2016 - 2019 and Forecasts to 2030
[ 170 + Pages Research Report ] Fungicides Market to reach USD $4.56 Billion by 2030 from USD 14.38 billion in 2019 at a CAGR of 4.70% in the coming years, i.e., 2019-30.
Fungicides are biocidal chemical substances or biological species used to destroy parasites or their spores. Fungi can cause significant harm to the farm, leading to serious losses in yield, quality, and revenue. Fungicides are used to combat fungal infections in poultry, as well as in farming. Chemicals used to regulate the use of oomycetes, not fungi often labeled fungicides as oomycetes are used to destroy plants by using the same techniques as fungi.
The fungicides market is to surpass USD $4.56 billion by 2030, which is valued at USD $14.38 billion in 2019 at a compound annual growth rate of 4.70%. According to the report, the main driver of growth is the higher emphasis on high crop yields to tackle food scarcity. Agriculture in the field of healthy farming, as well as general farming, has achieved tremendous worldwide success in regulatory interventions. The demand for food has encouraged agriculturally based institutions to upgrade their commodity to greener substitutes through investment in science. Variables such as the increasing population in demand for food security, progress in farming methods and strategies, and changing weather conditions that encourage the occurrence of diseases are forecast to witness a substantial increase in the global fungicide market. Fungicides are widely used for the destruction of dangerous fungi that affect crop production. Thus, there is an increase in the worldwide need for fungicides to reduce crop loss.
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Source: Fatpos Global
The global Fungicides market has been segmented based on type, waste management method, and location. It has been further segmented based on region into North America, Europe, Asia-Pacific, Mid East, and Africa.
Biological is poised to grow at the fastest CAGR and is anticipated to register 4.70% of the volume share
The Global Fungicides Market is segmented by type into Chemical and Biological.
Biological or biological fungicides consist of favorable microorganisms used to regulate fungal diseases. Many of these favorable micro-organisms occur in the soil instinctively. The most common use of bio fungicides is before the onset of diseases. When used in a blend with good farming practices, they improve productivity. The various modes of action of the bio fungicide include competitiveness, exclusion, antibiosis, parasitism, and induced resistance as well as promoting plant growth.
The cereals & grains segment accounted for USD $14.38 billion of the global volume in 2019
The Global Fungicides market is segmented by application into Cereals & Oilseeds, Fruits & Vegetables, pulses & grains, others
In countries like India, China, and the United States, cotton is one of the largest production plants. Over the past few years, these nations have consistently recorded increased yields and production capacity. In 2018-19, there were XXXX metric tons of cotton cultivation in the above nations. An increase in cotton cultivation will influence the demand for Fungicides favorably. The rising demography and resulting demand for foodstuffs have resulted in increased demand for fertilizers and pesticides, thus increasing the demand for innovative fungicide solutions in different regions. Similarly, there is expected to be a high demand for fungicides in several regions due to the growing number of field crops.
Source: Fatpos Global
Stricter governmental regulation
Strict restrictions on the use of POPs have resulted in increased use of environmentally friendly fungicides such as carbendazim, which caused cancer and sterility in human beings. The increased demand for food safety with the world's marginal facilities available to address growing demographic requirements has positive implications on the growth of the global bio fungicides market. Besides, declines in crop production caused by insect attacks have increased the use of plant protection chemicals.
Need to handle food scarcity
The main driver of growth is the higher emphasis on high crop yields to tackle food scarcity. Agriculture in the field of healthy farming, as well as general farming, has achieved tremendous worldwide success in regulatory interventions. The demand for food has encouraged agriculturally based institutions to upgrade their commodity to greener substitutes through investment in science. Companies that exchange organic substances from plants, minerals, bacteria, and animal sources have been present in this sector.
Adverse effects
Negative human health consequences, the prohibition on use by the regulatory bodies on fungicides like carbendazim, biotechnology production, pesticide resistance, and strict legislation are also facing significant problems on the market for Fungicides. The availability of synthetic fungicides like chlorothalonil, immunox, mancozeb, etc. further hinders the market growth.
BASF SE (Germany)
The European regulatory environment is centralized and standardized in the area. It has always been a leading player in engineering solutions for crop protection and promoting farming techniques worldwide. Due to growing regulatory support and increasing participation by local government agencies, bio fungicides are the major product categories. Europe's market is expected to experience huge demand as breeding technology developments are rapid. The production of quality plants is projected to make an important contribution to the growth of the market
Source: Fatpos Global
The global Fungicides market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR- the United States and Canada
Some factors that improve the role in the market of the key players within the limited pesticides market have been the diversified product range, strategically-positioned R&D institutes, the continuous execution of corporate strategy and planning, and scientific advancements.
For instance, The STK Bio-ag Technologies joint venture with Summit Agro US (US), which would exclusively supply STK agricultural products in the USA, has been concluded by STK Bio-ag Technologies in April 2019. The second market for its consumers across the country is Timorex Gold and the Timorex Act.
The current disease outbreak has caused disruptions in the production of agrochemicals due to the scarcity of raw materials. In addition, at a time when demand for Agro-based products has a spike in the medium to long term, this continual pattern would have a cascading impact on food production and crop returns for economies mainly agrarian. Working on the scenario, governments worldwide are attempting to minimize food security issues and reduce constraints on fertilizer manufacture, and sustain seasonal farming production, a key indicator for the development of a supply gap in the industry. Covid-19 will be a key contributor to the sector.
Global Fungicides Market Segments:
By Application:
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