According to a new report published by Allied Market Research titled, “Fungicides Market by Active Ingredient and Crop Type: Opportunity Analysis and Industry Forecast, 2020-2027, ”the fungicides market was valued at $13.4 billion in 2019, and is projected to reach $19.5 billion by 2027, growing at a CAGR of 6.2% from 2019 to 2027. Fungicides have emerged as a potential treatment of all fungal diseases in crops. These fungal diseases are responsible for lowering the yield of crops. The recent advances in modern farming have widened the use of fungicides in different crops. In last few years fungicides have gained popularity for its effective use in the treatment of plant diseases.
Fungicides are largely preferred to control several fungal diseases due to the low cost. The global fungicides market is primarily driven by increase in global population, which demand for more agricultural production, increasing plant diseases, limited agricultural land, and adoption of modern farming. However, the adverse effects of fungicides on human health and environment hinder the fungicides market growth. Furthermore, adoption of organic farming and introduction of genetically modified crops are expected to hinder the growth of the market. The competitive structure of the market is analyzed using the Porter’s five forces model. According to Porter’s analysis, the bargaining power of buyers is moderate in this market due to the presence of small-scale buyers, large-scale manufacturing companies, substitute suppliers, and easy backward integration. However, the bargaining power of suppliers is low in the market due to low switching cost of buyers and challenging forward integration. Need for strong R&D activities and presence of strong players in the fungicides market have created hindrances for new entrants. The threat of substitute products is low due to the delayed effects and high price of bio-fungicides. Competition among the business rivals is high due to the presence of small, medium, and large industries.
Global fungicides market by type is segmented into dithiocarbamate, benzamidazole, chloronitroniles, triazoles, phenylamides, strobilurins, and others. Triazoles are widely used owing to its site-specific mode of action and effectiveness against a broad range of fungal diseases. The global market for triazoles is valued at $2.4 billion in 2019 and it is expected to garner $3.4 billion by 2027, registering a CAGR of 4.5% during the analysis period. Strobilurins fungicide is derived from the naturally occurring basidiomycete Strobilurustanacellus. These fungicides are less harmful to environment as well as humans. The global market for strobilurins fungicides was valued at $2.4 billion in 2019 and expected to generate $3.3 billion by 2027, at a CAGR of 4.2% from 2020 to 2027.
The fungicides market share is analyzed across North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa). Europe dominates the market for fungicides owing to their extensive use in agriculture. In Europe, wheat is cultivated on a large scale and it is one of the major agro-economic sectors in Europe. In addition, fungicides are also used in vineyards and fruits & vegetables farms. The fungicides market in Europe had generated revenue of $5.7 billion in 2019 and expected to garner $8.2 billion by 2027, registering a CAGR of 4.6% during the forecast period. North America is the second largest revenue contributor to the global fungicides market and is expected to grow at a CAGR of 4.7% during the estimated period.
In 2019, Syngenta Canada launched Miravis, a new fungicide umbrella brand that will offer five new products to fight disease in a range of crops such as corn, wheat, pulses, fruiting vegetables, and leafy vegetables including small fruit and vine crops. The new fungicides enhanced the Canadian farmers’ yield and helped Syngenta to increase its regional revenue from Canada.
The fungicides market analysis covers in-depth information of the major industry participants. The key players operating and profiled in the global fungicides market include Adama Ltd., BASF SE, Bayer AG, FMC Corporation, Corteva Inc., Novo Nordisk AG, Nufarm Ltd., Sumitomo Chemical Company, Syngenta AG, and Tata Chemicals Ltd.
Other players in the value chain of the market include Bioworks, Inc., STK Bio-Ag Technologies, Verdesian Life Sciences, Seipasa, S.A., Ishihara Sangyo Kaisha, Ltd., Nutrichem, and others.
Key Findings Of The Study:
- The fungicides market is analyzed from 2019 to 2027
- By active ingredient, the phenylamides segment is projected to grow at the highest CAGR of nearly 5.8%,during the forecast period
- On the basis of region, Asia-Pacific is expected to grow at the highest CAGR of nearly 5.2%, during the analysis period
- By crop type, the cereals & grains segment is anticipated to grow at highest growth rate of 4.9% during the forecast period
- Europe dominated the market with a share of over 32.3% in 2019
- A comprehensive analysis of the factors that drive and restrain the market growth is provided
- The qualitative data in this report aims at the market dynamics, fungicides market trends, and developments in the industry
- The fungicides market size in provided in terms of volume and revenue