Fungicides Market Forecasts to 2028 – Global Analysis By Type (Chemical and Biological), By Crop Type (Fruits & Vegetables, Cereals & Grains, Oilseeds & Pulses, Turfs and Ornamentals and Other Crop Types), By Formulation, By Mode of Action, By Application

Fungicides Market Forecasts to 2028 – Global Analysis By Type (Chemical and Biological), By Crop Type (Fruits & Vegetables, Cereals & Grains, Oilseeds & Pulses, Turfs and Ornamentals and Other Crop Types), By Formulation, By Mode of Action, By Application, By End User and By Geography

According tStratistics MRC, the Global Fungicides Market is accounted for $20.25 billion in 2022 and is expected treach $30.27 billion by 2028 growing at a CAGR of 6.93% during the forecast period. Fungicide is a compound tkill the fungus in many ways without having any selectivity. The Fungicides play a crucial role in protecting crops from fungal diseases. Changes in farming techniques and technological advancements have encouraged the farmers tengage in effective pest management. The development of new plant diseases and the resistance of different fungi tthe available fungicides prompted corporations tdevelop unique remedies tcombat the fungus's mutations and reduce farmers' losses.

According tFood and Agriculture Organization, the total arable land for cereals, pulses, fruits, and vegetables is increasing every year, presenting opportunities for the farmers tmeet the increasing domestic and international food demand.

Market Dynamics:

Driver:

Rise in adoption of organic farming

In regions like Europe and the United States, the demand for organic food products has substantially expanded in recent years. This has led tan increase in growers' demand for natural, chemical-free solutions like bio-fungicides. According treports from the UN Food and Agricultural Organization, almost 187 nations worldwide practice organic farming. Companies are launching biofungicides tmeet the rising demand in the sector as the area under organic production increases.

Restraint:

Growing resistance tactive ingredients may hamper growth

Chemical pesticides are the most often used products for protecting crops among the various types of pesticides available on the market because of their low costs and simplicity of application. These products had a number of unfavorable side effects if they were used carelessly on crops. As an instance, helpful non-target microbes are found in plants like Tirchoderma and Arbuscular Mycorrhiza. Use of these compounds on crops may have detrimental effects on fungi. Also, the fungus that lives in the crops may become resistant tthe products if these products are used on them frequently.

Opportunity:

New product development tpromote fungicide usage

As the global food system and cropping patterns evolve, additional land is being cultivated for fruits and vegetables. This has alsled ta rise in the demand for fungicide products with innovative active components. For instance, in 2019, the U.S. Environmental Protection Agency approved the new active ingredient Revysol fungicides produced by BASF, a major agrochemical business (EPA). Also, in 2021, FMC Company was given permission by the U.S. Environmental Protection Agency (EPA) tregister fluindapyr, which can be applied tturfs as well as specialty crops. The development of strobilurins in combination with other goods is a priority for the manufacturers due tthe growing disease resistance tstrobilurin fungicides.

Threat:

Risk of exceeding MRL’s

Concerns about the decrease in the maximum residue levels, or MRLs, are growing among farmers. The term maximum residue level refers tthe amount of pesticide residue that is legally permitted in food or feed products at any particular time. MRL laws are regulated globally, sfarmers must abide by them by spending money on products that assist in reducing residue levels. As a result, farmers are choosing integrated pest management techniques treduce the overuse of fungicides and control fungal infestations. From an environmentally sustainable perspective, using fungicides gives farmers more benefits because it reduces their reliance on crop protection products and soil exposure tvarious chemicals and phytotoxicity.

Covid-19 Impact:

Lockdowns after the COVID-19 outbreak in multiple nations had a significant negative impact on product supply and production. The manpower was another factor in the interruption of the supply chain for fungicides and other plant protection products. Also, the COVID-19 epidemic has already decreased yields by disrupting the flow of crop protection goods from domestic or foreign vendors tthe farm level. For instance, shipping delays were caused by the fact that there were three times as many insecticides tdeliver tEast Africa.

The chemical segment is expected tbe the largest during the forecast period

The chemical segment is anticipated tdominate the global market during the forecast period due ttheir immediate capacity thalt the growth of fungi; chemical fungicidal products are typically preferred over biological factors. The chemical fungicidal preparations can alscover a vast area because of the high concentration of active components. However, dithiocarbamates, triazoles, inorganic fungicides, strobilurins, and chloronitriles are highly preferred by producers worldwide in the market for chemical fungicide products. The key elements that contribute tthis segment's dominance are the high stability and simple accessibility of chemical fungicide solutions on the market.

The foliar treatment segment is expected thave the highest CAGR during the forecast period

Foilar treatment segment is expected thave lucrative growth over the projection period as several alternative application techniques are used tapply fungicides. Nevertheless, in all regions, foliar treatment is largely recommended. The consistent application and low volume required per acre of the foliar treatment account for its high favorability. By saving on input costs and preventing crop damage, the decreased volume needed per hectare boosts farmers' profitability. The foliar treatment alsprotects exposed plant surfaces and prevents diseases from entering the crop. The foliar treatment alsreduces the secondary inoculum and assists in the eradication of pre-existing diseases.

Region with largest share:

Due tsome of the major economies that are reliant on agriculture, like China, India, and Japan, among others, the Asia Pacific region is anticipated thold the largest market share over the projection period. The major factors driving the market in this region are the expanding rice cultivation and the rising post-harvest damages. Major crops, including rice, soybeans, and wheat, are grown in these regions. Moreover, the growing demand for premium food products among customers in these regions is another factor driving the expansion of the regional market.

Region with highest CAGR:

Due tthe use of both natural and artificial crop protection strategies by nations like the United States and Canada tincrease crop production, the North American area is anticipated thave the highest CAGR throughout the projected period. Hence, major crop protection businesses are creating novel products and active ingredients and launching them tthe market while taking intconsideration changing consumer preferences. For instance, Syngenta introduced VAYANTIS® in 2021 as a new product for corn and soybean seeds.

Key players in the market

Some of the key players in Fungicides market include Bayer AG, UPL Ltd., BASF SE, Wild Planet Foods Inc., FMC Corporation, ADAMA Agricultural Solutions Ltd., Corteva Inc., SumitomChemical Co., Ltd., NOVO NORDISK A/S, Nufarm Ltd., TATA CHEMICALS LTD., Syngenta AG and IsagrSpa.

Key Developments:

In October 2021, AgNova Technologies Pty Ltd. was purchased by American Vanguard Company. Its crop protection offering was increased by this acquisition.

In September 2020, Nufarm and SumitomChemical inked a contract regarding the novel fungicide metyltetraprole for the European market. The businesses agreed tlook intthe possibility of distributing Pavecto-based products in Germany, the UK, and Poland. Pavecto trademarked the new compound.

In February 2020, BASF launched its new fungicide, Revysol in the Irish market. This product can be used on wheat and barley and has powerful adaptation tdisease mutations.

In December 2019, FMC Corporation launched Rayora, a systemic demethylation inhibitor (DMI) tprevent and cure dollar spots.

Types Covered:
• Chemical
• Biological

Crop Types Covered:
• Fruits & Vegetables
• Cereals & Grains
• Oilseeds & Pulses
• Turfs and Ornamentals
• Other Crop Types

Formulations Covered:
• Liquid
• Dry

Mode of Actions Covered:
• Systemic Fungicides
• Contact Fungicides

Applications Covered:
• Chemigation
• Foliar Treatment
• Seed Treatment

End Users Covered:
• Soil Treatment
• Volatilization
• Dusting
• Spraying
• Post-Harvest
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances