Factors driving the market include diminishing arable land, growing population and the prerequisite of improving crop yields. Rising demand for crops and seed is anticipated to boost the market. Moreover, regulatory authorities such as Environment Protection Agency (EPA) often come up with stringent laws related to curbing pesticide usage for alleviating environmental damage and rising consumer awareness about pesticide consumption. The demand for fungicides is more in India, Indonesia and China, as these are the most cultivated regions.
The genetically modified (GM) crops in the U.S. have also augmented the demand for fungicides. Due to these above factors, the fungicides industry in North America is anticipated to have grown radically in the past few years. Moreover, strict governmental regulations on the pesticides manufacturing are expected to hamper the global market. Triazoles hold a substantial market share within the global market in terms of value. However, Chloronitriles segment is expected to grow at a highest CAGR of more than 5.5% during the forecast period in terms of value. In application segment, crop-based segment is expected to register the highest growth in terms of value and volume during the forecast period. Among different crop based applications, fungicides are mainly used for fruits and vegetables, accounting for more than one third of global market share.
North America has the largest market for fungicides due to greater product technology and more fungicide usage per hectare of cultivated area. But, in the last few years, the demand for fungicides has been decreasing in these regions due to a strict regulatory framework. The North American and European markets experiencing demand saturation owing to newer trends of utilizing biofungicides in agriculture. Additionally, the European Union as well as the FDA (US) is keeping a strict vigil on chemicals used in fungicides. Asia Pacific is expected to witness the fastest growth during the forecast period where promising countries such as India and China dominate the fungicides industry due to the rising awareness among the population generated by government support for crop protection. Moreover, development of low cost organic fungicides is anticipated to open new avenues for the global fungicides market.
The key players in the market include Syngenta AG, E.I Du Pont de Numerous and Company, Bayer AG, Monsanto, Cheminova A/S, FMC Corporation, BASF SE, DOW Agroscience LLC, Adama Agricultural Solutions Ltd, and Nufarm Ltd.
Product Types Covered:
o Oilseeds & Pulses
o Fruits & Vegetables
o Other Applications
o New Zealand
o Rest of Asia
o Middle East
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