The global fungicides market is segmented into type such as synthetic fungicides, and bio fungicides. Further, synthetic fungicides are further sub-segmented into dithiocarbamates, benzimidazoles, chloronitriles, triazoles, phenylamides, strobilurins and others. Among these segments, triazoles segment is expected to seize a highest CAGR by the end of 2024. Likely, owing to low cost of triazoles compared to other synthetic fungicides is projected to foster the growth of global triazoles market. In addition to this, rising adoption of fungicides owing to its properties such as it kills fungus and results in high crop yield which is believed to augment the demand for fungicides by the end of 2024.
Global fungicides market is anticipated to post a noteworthy CAGR of 6.1% during the forecast period i.e. 2017-2024. Moreover, the global fungicides market is projected to account sales of USD 16.1 Billion by the end of 2024. Additionally, mounting demand for fungicides which can control genetically modified crops (GMO) is projected to foster the growth of fungicides market.
The cereals & grains segment by crop type captured the biggest market of global fungicides market. Moreover, cereals & grains segment is projected to grab a significant CAGR by the end of 2024. In terms of regional platform, with 36% share in 2016, Europe region accounted for the biggest share in the markets of fungicides. This growth of Europe market is attributed to the presence of major fungicides vendors of fungicides. Apart from this, Asia-Pacific region is believed to be the most lucrative market of fungicides owing to emerging economies such as India and China. Moreover, rising demand for agricultural products to increase the production of crop is predicted to foster the growth of fungicides market.
Rising Food Security Concerns
Growing population all across the globe along with rising demand for food grains, vegetables and other agricultural products and increasing concern for food security are believed to be the major factor behind the rapid growth of fungicides market. Moreover, rise in crop loss due to fungal diseases is also impacting the growth of fungicides market.
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Rising awareness among the farmers about the benefits of fungicides in developing and developed nations such as U.S., China, Japan, India and others is augmenting the demand for fungicides which is predicted to be the key factor behind the positive growth of fungicides market.
Furthermore, high demand for crop protection along with upsurge adoption of fungicides to enhance quality and quantity of production of grains is projected to boost the demand for fungicides. On the contrary, environmental concerns and health concerns are believed to hamper the growth of fungicides market across the globe.
The report titled “Fungicides Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global fungicides market in terms of market segmentation by type, by crop type and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global fungicides market which includes company profiling of Syngenta, Monsanto, Nufarm Ltd, Adama Agricultural Solutions Ltd, FMC Corporation, Cheminova A/S, Bayer AG, BASF SE, DOW Agroscience LLC, Pesticide Company Consolidations. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global fungicides market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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