Global Fungicides Market projected to grow with significant CAGR over the forecast period
Overview of Global Fungicides Market
Fungal disease is the most common cause of crop loss in the world. Crops like wheat, maze, rice, soyabean, sugarcane, and fruits & vegetables get affected by fungus the most. Fungicides act on fungi and prevent their unwanted growth. Sulphur is the major component of almost all the fungicides. Based on their bandwidth of action, fungicides can be classified into two categories, one that act on a specific fungus and other which can target a broader range of fungi.
Drivers and Constraints of the Fungicides Market
Drivers:- Rising awareness about crop protection in order to have better yield, pressure to meet the food demand for growing population, rise in fungal diseases, reduction in overall farming land area, advancement in agriculture, introduction of newer products in the industry etc.
Constraints: – Availability of GM crops, advancement in seed technology, unawareness about fungal infection and the extent to which they can impact crop production, risk associated with usage of fungicide etc.
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Market segmentation of the Fungicides Market
The fungicides market can be segmented on the basis of product type, crop type, formulation type, and mode of application.
On the basis of the product type, the market can be segmented as –
- Dithiocarbamates
- Chloronitriles
- Triazoles
- Benzimidazoles
- Phenylamides
- Strobilurins
On the basis of the crop type, the market can be segmented as –
- Oilseeds and pulses
- Cereals and grains
- Forage crops and pastures
- Others
On the basis of the formulation type, the market can be segmented as –
- Water-dispersible granules
- Liquid
- Wettable granules
On the basis of the mode of application, the market can be segmented as –
- Soil treatment
- Seed treatment
- Foliar spray
- Post-harvest
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Analysis of the Fungicides Market Based on Regions
On the basis of geography, the fungicides market can be segmented into five key regions. They are –
- North America
- Latin America
- Europe
- Asia-Pacific
- Middle East and Africa
Due to ban imposed by FDA on use of certain fungicides in USA, the North American region will not witness much growth in the forecasted period. However factors like demand for better quality food, intense R & D activities to find new fungicides etc will continue to grow the market.
On the other side, Europe will continue to grow at a significant growth rate due to factors like- adoption of advanced farming technology to improve crop yield, adoption of new fungicides in the European region etc.
For Asia-Pacific, the growth factors are – rising population and reduction in overall farming area, high dependency on agriculture, and increase in production and export of fungicides mainly from China.
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Key Players in the Fungicides Market
Few major players in the fungicides market are listed below:-
- BASF SE (Germany)
- Monsanto Company (U.S.)
- Bayer CropScience AG (Germany)
- Nufarm Ltd. (Australia)
- Syngenta AG (Switzerland)
- I. DuPont De Nemours & Company (U.S.)
- Sumitomo Corporation (Japan)
- FMC Corporation (U.S.)
- Mitsui & Co., Ltd. (Japan)
- Nippon Soda Co. Ltd. (Japan)
- ADAMA agricultural solution ltd. (Israel)
Mergers, acquisitions, collaborations, new product launch are few strategies being adopted by the major players in the market.
Key Developments in the Fungicides Market
- April, 2017 – Launch of Aprovia, a fungicide used to control the foliar disease in potatoes.
- January, 2017 – Agreement between Mitsui & Co. Ltd and Monsanto Company for acquisition of Monsanto’s global business of latitude.
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