Fungicides Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Fungicides Market
The global fungicides market size was USD 20.20 billion in 2023 and is projected to grow from USD 21.18 billion in 2024 to USD 31.91 billion by 2032, exhibiting a CAGR of 4.93% during the forecast period from 2024 to2032.
2020 noticed a 2.15% decline because of the worldwide marketplace disruption as a result of the COVID-19 outbreak.On the other hand, increasing cultivation of high-value crops and disease outbreaks brought on by changing climates are expected to fuel a market rebound with a growing CAGR.
The fungicides market growth is driven through the advent of novel merchandise with new active elements. Key approvals, like BASF's Revysol and FMC's fluindapyr, deal with growing demand and disorder resistance, boosting adoption amongst farmers.
The trend inside the fungicides marketplace is driven with the aid of accelerated efforts to make sure food safety and prevent malnutrition. Despite advances, persistent hunger remains a global trouble. Institutions just as the World Bank are making an investment drastically, and governments are promoting current farming strategies to reinforce crop yields and combat food lack of confidence exacerbated by way of COVID-19 and climate change.
Comprehensive Analysis of FungicidesMarket
Segmentation in the Fungicides market share is driving the market because it allows companies to target unique consumer groups with tailored services and answers. The fungicides market is divided into two main types: chemical and biological. It covers various crop types, including cereals, oilseeds & pulses, fruits & vegetables, and others. In terms of application methods, fungicides are applied through foliar spraying, chemigation, seed treatment, and other methods to protect crops from fungal diseases.
Asia Pacific leads the fungicides market because of its agriculture-based economies like China, India, and Japan. Key elements encompass surging rice cultivation, growing put up-harvest damages, and growing disposable earning using call for exquisite meals. Major crops like rice, soybean, and wheat are significantly grown, boosting fungicide consumption.
Big agrochemical companies like Syngenta, FMC, and Bayer dominate the fungicides market through robust RnD and strategic mergers. However, it is a crowded subject, with many nearby and local players making the opposition competitive .Key companies inside the fungicides market include Syngenta AG (Basel, Switzerland), Corteva, Inc. (Delaware, U.S.), BASF SE (Ludwigshafen, Germany), Bayer AG (Leverkusen, Germany), FMC Corporation (Pennsylvania, U.S.), Sumitomo Chemicals (Tokyo, Japan), UPL Ltd. (Mumbai, India), Nufarm (Melbourne, Australia), ADAMA Agricultural Solutions Ltd. (Ashdod City, Israel), and Isagro SpA (Milan, Italy).
In October 2023, Bayer, a big agriculture organization from the U.K., got the thumbs up from the Chemicals Regulation Division (CRD) for his or her new fungicide factor, isoflucypram. It's going into their product Vimoy.
Segementation Table
Global Fungicides Market Scope
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 4.93% from 2024-2032
Unit Value (USD Billion)
Segmentation By Type
Chemical
- Triazoles
- Dithiocarbamates
- Strobilurins
- Inorganics
- Chloronitriles
- Others
Biological
By Crop Type
Cereals
Oilseeds & Pulses
Fruits & Vegetables
Others
By Application Method
Foliar Treatment
Chemigation
Seed Treatment
Others
By Region
North America (By Type, By Crop Type, By Application Method, and By Country)
- U.S. (By Type)
- Canada (By Type)
- Mexico (By Type)
Europe (By Type, By Crop Type, By Application Method, and By Country)
- France (By Type)
- Spain (By Type)
- Italy (By Type)
- Germany (By Type)
- U.K. (By Type)
- Rest of Europe (By Type)
Asia Pacific (By Type, By Crop Type, By Application Method, and By Country)
- China (By Type)
- India (By Type)
- Japan (By Type)
- Australia (By Type)
- Indonesia (By Type)
- Rest of Asia Pacific (By Type)
South America (By Type, By Crop Type, By Application Method, and By Country)
- Argentina (By Type)
- Brazil (By Type)
- Colombia (By Type)
- Rest of South America (By Type)
Middle East and Africa (By Type, By Crop Type, By Application Method, and by Country)
- South Africa (By Type)
- UAE (By Type)
- Rest of ME&A (By Type)
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