Press
Release

Decreasing Per Capita Agricultural Land Fuelling Concerns Regarding Food Security, Driving Fungicides Market Forward: TMR

• Triazole segment under the product category and fruits and vegetables segment under the crop category are set to account for notable share of the market over the forecast period
• Increasing government support via subsidies and awareness programs is set to contribute positively to growth in the Asia Pacific (APAC) region

Transparency Market Research, New York: The period of 2019 to 2027 is set to witness moderate growth rate of about 4% charted by global fungicides market. New opportunities will emerge as a result of this growth and players will hustle to make the most of these. Market valuation will touch the higher mark of about USD 22.3 billion by the end of this period.

As per Transparency Market Research, “The role of fungicides in agriculture is crucial. In current times, when food security is getting more and more significant to achieve, it is of utmost importance to protect crops from fungal attacks. Such protection is crucial for crops such as vegetables and fruits in particular as they are quite delicate. Therefore, as awareness regarding use of fungicides grows and agricultural land increases, the global fungicides market will grow in-tandem.”

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Key Findings of Growth in Global Fungicides Market Study:

• In 2018, the triazole segment under the product category held a dominant share of the market and the trend is anticipated to continue
• Under the product category, mancozeb segment is anticipated to grow at a notable pace over the period of 2019 to 2027 owing to ease of availability and affordability
• Increase in harvested area is leading to an increase in fungicide use in cultivation of fruits and vegetables, helping the segment contribute notably to market growth
• Region-wise, Asia Pacific (APAC) region will grow at CAGR of about 4% from 2019 to 2027 owing to growing governmental support for fungicide use

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Key Drivers of Growth in the Global Fungicides Market:

• Food security is gaining prominence worldwide and this is set to drive market for fungicides forward owing to increasing need for crop protection
• Global population is increasing and experts claims that by the year of 2050, the earth will be home to 2 billion extra humans, taking the population up to 9.7 billion
• Growing population is leading to shrinkage in per capital land area for agriculture, leading to demand for ways that can ensure better yield
• World over, a notable increase in awareness regarding use and benefits of agrochemicals is observed leading to growth in demand for fungicides

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Regional Analysis of Global Fungicides Market:

• In 2018, the Asia Pacific (APAC) region held about 25% of market share in terms of value and is set to remain a lucrative market over the forecast period
• Agriculture-based economies such as Australia, India, and China are set to contribute favorably to growth in the region
• Government support in these countries is encouraging use of fungicides through subsidies and awareness programs
• In countries such as India and China, shift towards cash crops from cereal crops is noted and this is set to drive growth in demand for fungicides

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Competitive Landscape of Global Fungicides Market:

Transparency Market Research notes that the global market for fungicides is consolidated. Top-tier players operating in the vendor landscape of global fungicides market include Syngenta International AG, Bayer AG, BASF SE, ADAMA Ltd., Quimetal Industrial S.A., Corteva Agriscience, Nufarm Ltd., FMC Corporation, Pl Industries, Sumitomo Chemical Co., Ltd., and UPL. 

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Global Fungicides Market – Segmentation

Fungicides Market by Product

• Mancozeb
• Chlorothalonil
• Triazoles
• Strobilurin
• Others (Including Metalaxyl and Chloronitrile)

Fungicides Market by Crop

• Fruits & Vegetables
• Cereals & Grains
• Oilseeds & Pulses
• Others (Ornamentals and Lawns)

Fungicides Market by Region

• North America
  • S.
  • Canada
• Europe
  • Germany
  • K.
  • France
  • Italy
  • Spain
  • Russia & CIS
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • ASEAN
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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