Fungicides Market to Grow with a CAGR of 5.92% through 2028

Written by Lisa Tate  »  Updated on: July 10th, 2024

Fungicides Market to Grow with a CAGR of 5.92% through 2028

Climate change and fungal disease proliferation is expected to drive the Global Fungicides Market growth in the forecast period, 2024-2028.

According to TechSci Research report, “Fungicides Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Fungicides Market stood at USD 19.89 billion in 2022 and is anticipated to grow with a CAGR of 5.92% in the forecast period, 2024-2028. Fungicides, which are chemical or biological agents designed to combat fungal diseases in crops, play a pivotal role in ensuring food security and safeguarding agricultural productivity. One of the most fundamental drivers of the fungicides market is the ever-growing global population.

As the world's population continues to expand, so does the demand for food. To meet this increasing demand, farmers need to enhance crop yields and protect their harvests from fungal diseases that can lead to substantial losses. Fungicides provide a crucial tool in this regard, allowing farmers to maximize their yields and contribute to global food security.

Modern farming practices have evolved significantly over the years, with a greater emphasis on precision agriculture and intensive cultivation methods. These practices often involve the cultivation of high-value cash crops and the use of specialized equipment. However, such practices can also make crops more susceptible to fungal pathogens. Consequently, the need for fungicides has grown in tandem with the expansion of these agricultural practices.

Climate change has brought about shifts in weather patterns and increased instances of extreme weather events. These changes can create favorable conditions for the proliferation of fungal diseases in crops. Rising temperatures, increased humidity, and altered precipitation patterns can all contribute to the spread of fungal pathogens. As a result, farmers are increasingly turning to fungicides as a means of mitigating the risks posed by climate change and protecting their crops.

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In recent years, there has been a growing awareness of the environmental and health impacts associated with the excessive use of chemical pesticides, including fungicides. This has led to a shift towards more sustainable and environmentally friendly agricultural practices. Biofungicides, which are derived from natural sources such as microorganisms, plant extracts, and beneficial insects, have gained prominence as a greener alternative to chemical fungicides. This shift towards sustainable agriculture is expected to drive the growth of the biofungicides segment within the fungicides market.

The Global Fungicides Market is segmented into Product, Application, Regional Distribution, And Company.

Based on the Product, Triazoles & Diazoles emerged as the dominant segment in the global market for Global Fungicides Market in 2022. These fungicides have been widely produced and are readily available in the market, making them accessible to a large number of farmers globally.Triazoles and diazoles are effective against a wide spectrum of fungal pathogens, including both foliar and soil-borne diseases. They are versatile and can be used on various crops, including cereals, fruits, vegetables, and ornamentals, making them suitable for a broad range of agricultural applications.

Their systemic nature allows these fungicides to move within the plant, reaching different parts of the crop, including the leaves, stems, and even roots. This provides comprehensive protection and reduces the need for frequent reapplications. Triazoles and diazoles typically offer longer-lasting protection compared to some other fungicide classes. Their residual activity means they can continue to protect crops even after application, reducing the risk of disease outbreaks.

Based on the Application, the Cereals & Grains segment emerged as the dominant player in the global market for Global Fungicides Market in 2022. Cereals and grains are a fundamental component of global food security. Any significant loss in their production due to fungal diseases can have severe consequences for food availability and prices.

Fungicides play a critical role in ensuring a stable and reliable supply of these essential food commodities. The economic significance of cereal and grain crops cannot be overstated. They are not only vital for food production but also used as feedstock for livestock and as raw materials in various industries, including the production of biofuels. Protecting the health and yield of these crops is essential for maintaining economic stability.

Cereals and grains, such as wheat, rice, corn, and barley, are some of the most widely cultivated crops globally. They serve as staple food sources for billions of people. Due to their large-scale production, the demand for fungicides to protect these crops from fungal diseases is substantial. Cereals and grains are particularly vulnerable to a variety of fungal pathogens, including rusts, smuts, and blights. These diseases can significantly reduce crop yields and quality if not effectively managed. As a result, farmers rely heavily on fungicides to protect their cereal and grain crops.

Asia-pacific emerged as the dominant player in the global Fungicides Market in 2022, holding the largest market share. The Asia-Pacific region is home to some of the world's most populous countries, including China and India, which have vast agricultural sectors. The sheer scale of agricultural production in these countries creates a substantial demand for fungicides to protect crops from fungal diseases. Asia-Pacific is characterized by a wide variety of crops grown across different climatic zones.

This diversity in crop cultivation increases the need for fungicides to combat a range of fungal pathogens that thrive under varying environmental conditions. With a rapidly growing population, the Asia-Pacific region faces increasing pressure to enhance food production. Fungicides play a crucial role in safeguarding crop yields and quality, which is essential to meet the rising demand for food and ensure food security.

Major companies operating in Global Fungicides Market are:

Nufarm Ltd.

FMC Corporation

Cheminova A/S

Bayer CropScience

Syngenta AG

Dow AgroSciences

Lanxess AG

Monsanto

Adama Agricultural Solutions

Simonis B.V

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“The global fungicides market is poised for substantial growth in the coming years. the increasing global population and growing food demand necessitate higher agricultural productivity, which, in turn, requires effective fungal disease management through fungicides. changing climate patterns are likely to lead to more favorable conditions for fungal pathogens, accentuating the need for robust disease control measures.

Additionally, the adoption of advanced agricultural practices, including precision farming and sustainable techniques, will drive the demand for fungicides that align with these approaches. The rise of biological fungicides and the development of innovative, eco-friendly solutions further indicate a shift towards sustainable crop protection methods.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Fungicides Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Product (Lump Fungicides, Fungicides Briquettes, Japanese Fungicides, Sugar Fungicides, Others), By Application (Outdoor Activities, Restaurant Business, Metallurgical Fuel, Industrial Fuel, Filtration, Others) Region and Competition”, has evaluated the future growth potential of Global Fungicides Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Fungicides Market.

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