Market Size of fungicide Industry
| Icons | Lable | Value |
|---|---|---|
|
Study Period | 2017 - 2029 |
|
Market Size (2024) | USD 16.60 Billion |
|
|
Market Size (2029) | USD 20.13 Billion |
|
Largest Share by Application Mode | Foliar |
|
|
CAGR (2024 - 2029) | 3.93 % |
|
Largest Share by Region | South America |
Major Players |
||
|
||
|
*Disclaimer: Major Players sorted in no particular order |
Fungicide Market Analysis
The Fungicide Market size is estimated at 16.60 billion USD in 2024, and is expected to reach 20.13 billion USD by 2029, growing at a CAGR of 3.93% during the forecast period (2024-2029).
16.60 Billion
Market Size in 2024 (USD)
20.13 Billion
Market Size in 2029 (USD)
0.83 %
CAGR (2017-2023)
3.93 %
CAGR (2024-2029)
Largest Segment by Application Mode
59.80 %
value share, Foliar, 2023
Diseases such as Anthracnose, rust, blight, and powdery mildew, which affect the major food crops, can be effectively controlled using the fungicide application foliar method.
Largest Segment by Crop Type
46.18 %
value share, Grains & Cereals, 2023
Grains and cereals are economically important for most countries globally as they are known to be staple foods, and their production is necessary to ensure food security.
Largest Segment By Region
34.48 %
value share, South America, 2023
Factors driving South America's market for fungicides include decreasing arable land in the region, increasing population, and the need to improve crop yields.
Fastest-growing Segment by Country
5.91 %
Projected CAGR, France, 2024-2029
Wheat is a major crop grown in the country, and various fungal diseases such as leaf blotch, leaf rust, yellow rust, powdery mildew, and Fusarium blight cause yield losses.
Leading Market Player
27.44 %
market share, Syngenta Group, 2022
Syngenta Group developed Plinazolin technology that delivers a new standard of performance. It provides an effective solution in resistance management strategies.
Rising fungal diseases are driving the demand for fungicides in various application methods
- Fungicides may be applied using a variety of methods, depending on the specific requirements and diseases. Diverse application methods play a crucial role in effectively applying fungicides across various agricultural conditions.
- In 2022, foliar application dominated the fungicide segment, holding the largest market share of 59.7%. This method is highly preferred as it provides efficient protection against foliar fungal diseases by directly targeting the pathogens on the leaves. The foliar application facilitates swift penetration and absorption of fungicides into the plant tissues, ensuring their effective action against fungal pathogens.
- Fungicide seed treatments play a crucial role in addressing fungal infections during the initial phases of plant growth. These treatments create a protective shield around seeds, effectively preventing various diseases like seed rots, seedling blights, damping off, and root rots. Notably, within the global fungicide market, fungicide seed treatments accounted for a significant market share of 14.2% in 2022. This highlights their substantial contribution to safeguarding plant health and promoting successful crop establishment.
- The selection of the application mode is influenced by multiple factors, encompassing the particular disease being targeted, the type of crop, the stage of disease development, and the availability of equipment. The fungicide market is anticipated to expand, projecting an estimated CAGR of 3.9% during the forecast period spanning from 2023 to 2029. This growth reflects the ongoing evolution of strategies to combat plant diseases and enhance agricultural productivity.
Understand The Key Trends Shaping This Market
Download Sample
Growth in the crop infestations by the fungal pathogens raise the fungicides adoption
- Increasing crop losses due to fungal diseases and growing concerns over global food security raise the adoption of crop protection chemicals like fungicides. At the Global level, the farmers are losing 10-23% of their crops to fungal diseases. Adoption of intensive agricultural practices, monocultural practices, and changing climatic conditions like drought and heatwaves lead to the growth of various fungal diseases, which resulted in higher utilization of fungicides in agricultural production. The Global fungicide market accounted for 16.8% market share in the overall Global crop protection chemical market value with USD 15.50 billion in 2022 with a consumption volume of 1.7 million metric tons.
- South American fungicide market value accounted for 34.4%, with a market value of USD 5.34 billion. The higher market share is attributed to the drought and heatwave effect on the crops, which led to the proliferation of fungal diseases and crop losses, resulting in higher utilization of fungicides in the region. In the same year, Brazil accounted for 81.5% of the South American fungicide market, with rice, wheat, and soybeans being the major crops grown and are highly susceptible to fungal diseases.
- Europe's fungicide market value accounted for 29.9% of the Global fungicide market value in 2022. Grape late blight, early blight, powdery mildew, downy mildew, Fusarium wilting, Septoria, and bacterial blight are the common diseases attacking the major crops grown in the region. Spain, Russia, France, and Italy are the major fungicide-consuming countries with a market value share of 18.1%, 15.0%, 14.3%, and 12.5%, respectively. In Europe, temperature increases favor the various fungal pathogens' growth.
