Fungicides Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $16.2 billion by 2020, registering a CAGR of 5.4% during the period 2014-2020.High growth segments such as Triazole and Strobilurin are expected to contribute substantially to the growth of the overall global fungicide market.
Triazole, with its preventive and post infection curative property has higher consumption as compared to other fungicides available globally. Strobilurin is another fungicide which has wide adoption due to its translaminar capability and ability to treat broad array of plant pathogens. On the other side, interest for bio based fungicides is also growing among farmers globally due to growing concerns over adverse effect of synthetic fungicides on environment and human health. In the U.S., usage of the Carbendazim fungicide is banned by the Food and Drug Administration (FDA) since 2012, as it was found to cause serious health issues such as infertility and cancer. The agrochemical companies are also showing interest in new bio based fungicide innovation through research and development.
Key Findings of Fungicide Market
- Triazoles fungicide is expected to remain dominant throughout the forecast period with preventive and post infective usage
- Chloronitriles segment is expected to grow at a CAGR of 5.3% during the forecast period, highest among all, in terms of value
- Germany closely follows Francein terms of consumption of fungicides and currently holds about 14% share of consumption in Europe
Geographically, Europeis the dominant market where fungicide usage is significantly high in production of fruits and vegetables along with wheat and vineyard. Franceis the largest consumer of fungicides, within Europe, with ideal wet conditions for the spread of fungicides, especially Septoria tritici blotch (STB). In the U.S., fungicide is widely used in the production of apple, potato, pecan and blueberry. The country holds around 80% market share of the North America region. Asia-pacific region has significant growth potential for fungicide as it is a major hub of cereals and grains production. Spread of awareness about the appropriate usage of fungicide among the farmers in the region would further accelerate the growth of Asia-Pacific fungicide market.
Companies operating in this market focus on product launches as part of their growth strategy; for instance, in 2014, BASF launched a new fungicide in the U.S., namely, PRIAXOR. Key companies profiled in the report are BASF, Bayer AG, Monsanto, DOW Agriscience LLC, Syngenta AG, Cheminova A/S, FMC Corporation, Adama Agricultural Solutions Ltd, E.I Du Pont de Numerous and Company and Nufarm Ltd.