(I-BusinessNews.Com, November 23, 2022 ) According to Precision Business Insights (PBI) latest report, the global fungicides market size was valued at USD 16.84 billion in 2021 and is anticipated to grow at a compound annual growth rate (CAGR) of 4.9% during the forecast period 2022-2028. Significant agricultural and plant damage is caused by a variety of plant pathogenic pathogens. Around the world, fungi are the primary cause of crop damage. In addition to insects, abiotic (non-living) causes such as nutrient deprivation and air pollution can also produce pathogens that exhibit symptoms resembling crop damage. Fungicides, herbicides, and insecticides are some of the pesticides used to protect plants. By suppressing or destroying the fungus that causes the disease, fungicides are used to control fungal diseases.
One of the key factors fueling the growth of the fungicides market is the widespread use of agrochemicals. The market growth is accelerated by the widespread use of intensive farming, which is an agricultural intensification and mechanization strategy designed to maximize yields from available land through methods including the excessive use of fungicides and a rise in demand for high-value crops. The market is further influenced by the increasing focus on incorporated pest management strategies and the growth in demand for efficient pest management among farmers as a result of changes in agricultural practices and technological developments. Additionally, population growth, the demand for increased agricultural production, the expansion of the horticulture and agriculture industries, and the introduction of novel fungicide products all have a beneficial impact on the use of fungicides.
• The primary drivers include the decline in fertile and arable land, the development of fungus resistance, an increase in crop losses from fungi, the development of agricultural technologies and practices, the growing demand for improved crop yield and quality, and an increase in post-harvest losses.
• In recent years, the world's population has grown significantly. The demand for food goods to meet daily needs is further stimulated by the growing population.
Fungicides Market Segmentation:
1) By Product Type: Dithiocarbamates, Chloronitriles, Triazoles, Benzimidazoles, Phenylamides, Strobilurins.
2) By Crop Type: Oilseeds and pulses, Cereals and grains, Forage crops and pastures, Others.
3) By Formulation Type: Water-dispersible granules, Liquid, Wettable granules.
4) By Application: Soil treatment, Seed treatment, Foliar spray, Post-harvest.
The market for fungicides is dominated by Asia-Pacific because of the high agricultural production there. Due to the rising demand for food security in European nations, Europe is anticipated to be the fastest-growing market over the forecast period.
The major players operating in the Fungicides Market are BASF SE (Germany), Monsanto Company (U.S.), Bayer CropScience AG (Germany), Nufarm Ltd. (Australia), Syngenta AG (Switzerland), E.I. DuPont De Nemours & Company (U.S.), Sumitomo Corporation (Japan)
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