The market is expected to reach USD XX billion by 2022 from USD 16 billion in 2016, witnessing a growth of CAGR 5.77% during the forecasted period. Fungal infections are the leading cause of crop losses worldwide and it poses massive threat to world’s most important crops like rice, wheat, maize, potato, soybean and sugarcane. Fungicides are used widely on fruits, vegetable and cereal crops globally, and accounts for nearly 25% share of the global pesticides industry. Fungicides have become a major component of the plant disease management and unlike insecticides and herbicides which are used to kill the insects and weeds, fungicides are mostly used to prevent or slowdown the fungal infections. Products driving the growth of fungicides market includes Azoxystrobin, Pyraoxystrobin, Mancozeb, Chlorothalonil and Copper based fungicides.
Fungicides usage and demand has fluctuated enormously over the years. The major factors that affected the consumption pattern are changes in crop acreage, pest resistance, pesticide regulation and technology adoption. Increased adoption and high effectiveness of biofungicides has fueled the industry growth. The high demand of organic food has also stimulated the biofungicides industry growth. Other factors driving the market growth includes growing food demand, promotion of integrated pest management and flourishing horticulture industry. As the industry is dominated by the synthetic fungicides, banning of synthetic chemicals in many countries is negatively affecting the market growth.
This market can be broadly segmented into product type-synthetic fungicides and biofungicides. The report also analyzes the global market for fungicides by application area, including Crop-Based Applications (Grains & Cereals, Oilseeds and Fruits & Vegetables) and Non-Crop-Based Applications (Turf & Ornamental Grass and Other Applications). By application area, crop-based end-uses of fungicides are likely to maintain the fastest growth in terms of volume consumed and value demand during the similar period, and retain the leading raking in terms of largest application area. Among crop based fungicides fruits and vegetables based fungicides have largest market share of XX%. The demand and growth of fungicides in North America is likely to be the slow, while South America followed by Asia Pacific are expected to emerge as the fastest growing market. Major companies covered in the report include American Vanguard, Arysta LifeScience, BASF SE, Bayer CropScience, BioWorks, Cheminova, Chemtura Corp, Chr Hansen, Dow AgroSciences, DuPont, FMC Corp, Isagro SpA, Ishihara Sangyo Kaisha, Makhteshim Agan, Marrone Bio Innovations, Monsanto, Natural Industries, Novozymes A/S, Nufarm Ltd, Sumitomo Chemical, Syngenta AG and Valent Biosciences.
Key Deliverables in the Study