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Fungicides Market Size is projected to reach USD 23,393.85 million by 2031, growing at a CAGR of 4.6%: Straits Research

According to Straits Research, “The global fungicides market was valued at USD 15,606.9 million in 2022. It is projected to reach USD 23,393.85 million by 2031, growing at a CAGR of 4.6% during the forecast period (2023-2031).”

New York, United States, March 28, 2024 (GLOBE NEWSWIRE) — Modern crop protection against fungal diseases must include fungicides. Due to changes in farming practices and technological advancements, farmers are now encouraged to practice effective pest management. The ability of fungicides to save crops has become more widely known due to the increased use of pest management strategies. These are used on crops to improve quality and eliminate fungus spores. While decreasing crop losses before and after harvest, fungicide increases crop yield. The chemical and pharmaceutical industries are primarily responsible for producing fungicides. In order to increase crop yield and protect crops from various diseases, fungicide use has increased in agriculture, horticulture, and particularly in floriculture. In agriculture, cereal crops are the main target of fungicide use.

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Growing Number of Plant Diseases Drives the Global Market

The fungicide market has seen an upsurge in crop protection demand due to an increase in plant diseases. About 85% of all plant diseases, which influence crop yield and quality, are caused by fungal organisms. The main causes of fungus diseases are humid, warm, and wet weather conditions. In addition, brown rot, powdery mildew, downy mildew, sclerotium rots, fusarium wilts, botrytis rots, apple scab, rust, black root rot, wilt, white blisters, and blight are a few of the common fungi-caused diseases. Crops are harmed by fungi when they obstruct the water-conducting cells, which causes the crop to die. In order to treat and prevent disease, fungicides are pesticides that destroy the microorganisms that produce fungi.

Rising Bio-Fungicide Acceptance Creates Tremendous Opportunities

Bio-fungicides are made from beneficial fungi and bacteria that combat pathogens and thereby control the diseases they cause. Since these microorganisms are found naturally in soil, they are a secure substitute for synthetic fungicides. Bio-fungicides can only protect the roots from fungi when applied before the disease manifests. It also contributes significantly to enhancing the soil quality of arable lands by balancing the mineral contents of the soil. In addition, the use of bio-fungicides will not harm the environment or people because they are made of eco-friendly organisms. Bio-fungicides, an environmentally friendly substitute for chemical fungicides, are expected to create opportunities for market growth over the forecast period.

Regional Analysis

Europe is the most significant global fungicides market shareholder in the global fungicides market and is anticipated to exhibit a CAGR of 4.5% during the forecast period. The European market includes France, Germany, Italy, Spain, and the rest of Europe. Disease control is a top priority for this region because wheat crops are widely grown there. Wheat is one of Europe’s most significant agro-economic crops, so managing wheat crop diseases here is essential. Foliar fungicides, the first fungicides to be used to control diseases of wheat crops, are responsible for the increase in wheat yields in Europe. In addition, the European Union (EU) has restricted the use of copper fungicides because prolonged use causes copper formations in the soil. Europe is a major fungicide market because of its extensive use in cultivating fruits, vegetables, grapes, and wheat.

North America is anticipated to exhibit a CAGR of 4.6% over the forecast period. North America’s fungicide market is expanding due to the increased use of fungicides in agricultural areas. Various fungicides are widely used for cultivation in the North American continent. These fungicides can protect a wide range of plants, including cereals, lentils, chickpeas, peas, soybeans, sugar beets, potatoes, oilseeds, and beans. In addition, the companies are undertaking extensive R&D projects to address the problem of fungicide resistance. The use of Kocide, a copper fungicide from DuPont, in the cultivation of beans, tomatoes, potatoes, and short crops has been authorized by the Canadian government as a means of preventing diseases like blight, halo blight, and bacterial brown spots.

Key Highlights

  • Based on active ingredients, the global fungicides market is divided into dithiocarbamates, benzimidazoles, chloronitriles, triazoles, phenylamides, and strobilurins. The triazoles segment is the largest contributor to the market and is expected to exhibit a CAGR of 4.4% over the forecast period.
  • Based on crop type, the global fungicides market is divided into cereals and grains, oilseeds and pulses, and fruits and vegetables. The fruits and vegetables segment is the highest contributor to the market and is anticipated to exhibit a CAGR of 4.7% during the forecast period.
  • Europe is the most significant global fungicides market shareholder in the global fungicides market and is anticipated to exhibit a CAGR of 4.5% during the forecast period.

Competitive Players

The major key players in the global fungicides market are Adama Ltd., Basf Se, Bayer Ag, Fmc Corporation, Corteva Inc., Novo Nordisk A/S, Nufarm Limited, Sumitomo Chemical Company, Syngenta Ag, And Tata Chemicals Ltd.

Market News

  • In February 2023, Lavie Bio Ltd., a subsidiary of Evogene Ltd. and a leading ag-biological company focusing on improving food quality, sustainability, and agriculture productivity through the introduction of microbiome-based products, announced progress in its bio-fungicides programs based on successful results from field trials conducted in 2022 for its bio-fungicides LAV311 and LAV321, after the conclusion of the analysis of its statistic results.
  • In March 2023, Corteva Agriscience announced the commercial launch of Adavelt active, with recent product registrations in three countries – Australia, Canada, and South Korea. Adavelt Active is a novel fungicide with a new mode of action that protects against a wide range of diseases that can impact crop yields.

Global Fungicides Market: Segmentation

By Active Ingredient

  • Dithiocarbamates
  • Benzimidazoles
  • Chloronitriles
  • Triazoles
  • Phenylamides
  • Strobilurins

By Crop Type

  • Cereals and Grains
  • Oilseeds and Pulses
  • Fruits and Vegetables

By Regions

  • North America
  • Europe
  • Asia-Pacific
  • LAMEA

Get Detailed Market Segmentation @ https://straitsresearch.com/report/fungicides-market/segmentation

About Straits Research Pvt. Ltd.

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Originally published at https://www.einpresswire.com/article/699485233/fungicides-market-size-is-projected-to-reach-usd-23-393-85-million-by-2031-growing-at-a-cagr-of-4-6-straits-research

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