The global fungicide market was valued at USD 16 billion in 2016 and is expected to register a CAGR of 5.7% during the forecast period, 2018-2023. The growth in demand for fungicides in North America is likely to be slow, while South America is expected to emerge as the fastest growing market during the forecast period, followed by Asia-Pacific.
Fungicide usage and demand has fluctuated enormously over the years. The major factors that affect consumption pattern are changes in crop acreage, pest resistance, pesticide regulation, and technology adoption. Increased adoption and high effectiveness of fungicides have fueled the industry growth.
In the recent years, the popularity of bio-fungicides has increased among farmers, producers, and end consumers. Factors like growing demand of food safety and security, and government support are driving the growth of this industry. The development of bio-pesticides or environment-friendly crop protection products has become a priority of the research and funding agencies all over the world. Growing profits in organic-based farming are influencing farmers to look towards the synthetic chemical alternatives to control plant health problems.
The rising demand for fungicides in countries such as China and India, coupled with high economic growth in the Asia-Pacific region, made it the fastest growing market for fungicides in 2016. China accounted for the highest market share in 2016, and is expected to maintain its dominance throughout the forecast period. By application area, crop-based end uses of fungicides are likely to maintain the fastest growth in terms of volumes consumed in the region.
Major Players: Adama Agricultural Solutions Ltd (Israel), American Vanguard Corporation (United States), BASF SE (Germany), Bayer Cropscience AG (Germany), Bioworks Inc. (United States), and Dow Agrosciences LLC (United States), among others.
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