Diseases are considered major sources of damage to plants and crops which are caused by several pathogenic organisms like fungi, bacteria, nematodes, and viruses and have a significant economic impact on production and quality. Thus, to control the diseases it is essential to use the pesticides like fungicides. Moreover, the population is increasing worldwide and with this, the demand for agricultural products is also increasing. However, the availability of the landmass to produce crops and farm products is decreasing due to urbanization and industrialization. Besides, the people are becoming health conscious, thereby there is an expansion in demand for natural food, fresh fruits, vegetables, and flowers which requires an extremely controlled environment from pathogenic organisms. These aforementioned factors have compelled the farmers to use different types of agrochemical products for enhancing crop production and controlling diseases. Due to high concern for agricultural sustainability, and environmental safety, the fungicides products are rapidly used by the farmers along with the organic manure to improve the health of crops and plants. For instance, China in its 14th Five-year plan 2021-2025 for National Economic and Social Development, stepped up the focus on food availability aiming to boost grain yields, increase support for the domestic seed industry and enhance digital technology use in agriculture. Owing to such factors, the demand for fungicides is likely to grow in the near future.
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According to UnivDatos Market Insights (UMI)’ research report “Global Fungicides Market” is likely to showcase a growth of around 5% during the forecast period. The large base of the agricultural sector and increasing awareness regarding agrochemicals, and improving farm mechanization rate are some of the key attributable factors to the growth of the market.
Based on crop, the market is categorized into cereals and grains, fruits and vegetables, and others. Among these, cereals and grains held a prominent market share. Cereals and grains are the largest consumed class of crops. Moreover, cereals and grains cover a vast area of cultivation in the world. It has become prominent to use pesticides for cereals and grains production. The increasing consumption of cereals and grains, such as rice, wheat, rye, corn, oats, sorghum, and barley, across the region is driving the demand for fungicides in this segment
Based on application, the market is categorized into seed treatment, soil treatment, foliar spray, post-harvest, and others. Among these, post-harvest considerably has a large share in the market. It is very essential to store crops, fruits, vegetables, and others properly after harvesting. As many fungal diseases grow after harvesting due to moisture content and climatic conditions. So, it has become very important to use fungicides at the time of storage of crops, fruits, vegetables, and others to mitigate the losses and thereby, fueling the market of fungicides.
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Asia-Pacific accounted for a considerable share of the fungicides market
The large base of the agriculture sector of the Asia-Pacific helped the region to obtain a dominating position in the market. Regional demand for fungicides due to agriculture consumption is needed in order to feed the growing and already higher population. Further, improving per-capita income and disposable income is encouraging consumers to purchase large numbers of products, thereby increasing the demand for fungicides from the agriculture sector. Fungicides is an essential agricultural support products that enhances agricultural production. This supports the growth of the fungicides market. Agrochemical manufacturers are taking various strategic decision to promote the use of fungicides in the region which is likely to further boost the demand. For instance, in May 2020. BASF SE has officially introduced its innovative Melyra fungicide to customers in China. It is the first in a series of three planned new products for the Chinese market that is based on BASF’s fungicide Revysol. Melyra combines the latest fungicide innovation from BASF together with the company’s trusted F500 active ingredient. This provides farmers with an exciting new solution to help them harvest more marketable crops.
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According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the global fungicides market include BASF SE, Bayer AG, Sumitomo Chemical Co. Ltd., Syngenta AG, Corteva Inc., United Phosphorus Limited, Adama Agricultural Solutions, Jiangsu Yangnong Chemical Group Co. Ltd., Nufarm Ltd., and FMC Corporation. These companies are taking several strategic decisions to meet the growing demand and increase their market share.
“Global Fungicides Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Market Segmentation:
- By Type (Chemical and Biological)
- By Crop (Cereals and Grains, Oilseeds and Pulses, Fruits and Vegetables, and Others)
- By Application (Seed Treatment, Soil Treatment, Foliar Spray, Post-Harvest, and Others)
- By Region (North America (United States, Canada, Rest of North America), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), and Rest of World)
- By Company (BASF SE, Bayer AG, Sumitomo Chemical Co. Ltd., Syngenta AG, Corteva Inc., United Phosphorus Limited, Adama Agricultural Solutions, Jiangsu Yangnong Chemical Group Co. Ltd., Nufarm Ltd., and FMC Corporation)
Key questions answered in the study:
- What are the current and future trends of the global fungicides industry?
- How the industry has been evolving in terms of type, crop, and application?
- How the competition has been shaping across the countries followed by their comparative factorial indexing?
- What are the key growth drivers and challenges for the global fungicides industry?
- What are the customer orientation, purchase behavior, and expectations from the global fungicides suppliers across various region and countries?