The global fungicides market was worth USD 14.2 billion in 2020 and is predicted to be worth USD 21.2 billion by 2028, with a 5.2% CAGR between 2021 and 2028.
Fungicides are insecticides designed specifically to combat fungal diseases. Its primary application is crop protection. Fungicides are also used to keep crop output and quality high. Spraying fungicides boosts harvest productivity and storage life. Fungicides are so frequently employed in the agricultural, horticultural, and floriculture industries, which produce vegetables, fruits, oilseeds, grains and cereals, flowers, and other crops.
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On farms, fungicides are frequently used to protect crops such as fruits and vegetables, oilseeds and pulses, and so on. This would considerably aid in the growth of the fungicides industry. Because of the widespread use of fungicides in the country’s wheat and vineyards, as well as fruits and vegetable farms, Europe held the largest share of the worldwide market and will continue to do so in the future. Yet, the Asia-Pacific region is expected to develop as a lucrative market in the future due to the prominence of agro-economic sectors in nations like as India and China.
Fungicides Market: Growth Factors
The fungicide market is rapidly expanding. This is due to increased consumption in wealthier countries. Due to increased bio-fungicides, the Asia-Pacific region is seeing significant growth in the bio-fungicides market. Because they are very inexpensive and deliver quick results, synthetic fungicides now dominate the market. These fungicides are expected to dominate the market in the future, but demand will eventually fall due to misuse. However, challenges with the use of synthetic fungicides may arise in poor countries due to a lack of information about the right amount of use and insufficient regulatory constraints.
Fungicides Market: Key Players & Competitive Landscape
The major players operating Fungicides market are BASF SE, Adama Agricultural Solutions Ltd., Monsanto, Cheminova A/S, Bayer AG, Nufarm Ltd., and E. I. Du Pont de Numerous and Company, FMC Corporation, DOW Agroscience LLC, and Syngenta AG among others.
By Type of Fungicide
By Crop Types
Fruits & Vegetables
Oilseeds & Pulses
Cereals & Grains
Rest of Europe
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