Fungicides Market Trends and Recent Developments

Fungicides Market by Type (Chemical and Biological), Crop Type (Cereals & Grains, Oilseeds & Pulses, Fruits & Vegetables), Mode of Action (Contact & Systemic), Mode of Application, Form, and Region - Global Forecast to 2025

(EMAILWIRE.COM, September 02, 2021 ) The global fungicides market is estimated to be valued at USD 18.7 billion in 2019 and is projected to reach USD 24.5 billion by 2025, recording a CAGR of 4.6%. The growth of the fungicides market driven by the changing climatic conditions and the rising demand for high-value crops, particularly for fruits & vegetables. The development of biofungicides with least or no effect on the environment provides open opportunities for further growth of the fungicides market.

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The liquid segment is projected to be the largest segment in the fungicides market during the forecast period.

Liquid forms can be water-based, oil-based, polymer-based, or their combinations. Water-soluble liquids (SL) are liquid formulations based on technical materials, which are insoluble in water and contain 36%–85% technical materials and solvents. Oil-based forms such as oil dispersions, which include EW (oil in water) & EO (water in oil) and emulsifiable concentrates, provide stable emulsions for foliar application. The emulsifiable concentrates (EC) are liquid formulations based on technical materials, which are not soluble in water and consists of 25%–80% technical materials, solvents, and emulsifiers.

The triazoles segment is estimated to account for the largest market share, in terms of value, in 2019.

Triazole fungicides, also known as sterol inhibitors (SIs), are a large class of fungicides used globally on a wide variety of crops. Their mode of action is the inhibition of ergosterol production, which is an essential sterol in the membranes of most fungi. Triazoles are used to control several diseases, such as powdery mildew, leaf spots, and rusts. The fungus then needs to form additional infection structures—an aspersorium and penetration peg. This requires the formation of new membranes and sterols, which is prevented by triazoles.

The cereals & grains segment, on the basis of crop type, is estimated to account for the largest market share, in terms of value, in 2019.

The cereals & grains segment in the market comprises different crops, such as rice, wheat, and corn. The production of cereals and grains vary across different regions, depending on the topography and climatic conditions. Due to this, the cereals & grains segment recorded the highest consumption of fungicides in the North American and Asia Pacific regions. According to the FAO, global cereal production in 2016 recorded nearly 2,543 million tons, which are around 0.6% higher than the previous year. Rice is the most widely consumed staple food, particularly in Asia. It is the second-most widely produced grain after corn.

South America is projected to grow at the highest CAGR during the forecast period.

The market for fungicides in the South America region is projected to grow at the highest CAGR from 2019 to 2025. According to the FAOSTAT, Brazil is the largest producer of agricultural products due to the availability of abundant land and rural labor force, followed by Argentina. The growth of the South America market is majorly attributed to the increase in the adoption of agrochemicals and advancements in farming techniques in Brazil and Argentina, with the distribution channels established by global agrochemical players. Due to these factors, the market in the South America region is projected to record the highest growth from 2019 to 2025.

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Key players in the fungicides market include BASF SE (Germany), Bayer AG (Germany), Corteva, Inc. (US), Syngenta AG (Switzerland), FMC Corporation (US), UPL Ltd. (India), and ADAMA Agricultural Solutions Ltd. (Israel). Product innovation, expansions & investments, acquisitions, agreements, collaborations, approvals, and partnerships were some of the core strengths of the leading players in the fungicides market. These strategies were adopted by the key players to increase their market presence.