SAN FRANCISCO, June 2, 2020 /PRNewswire/ -- The global fungicides market size is projected to reach USD 22.92 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.3% from 2020 to 2027. Growing demand for food security amongst the developing nations, coupled with increasing requirement to reduce crop losses due to fungal infections, is a key driver boosting the market growth globally.
The agricultural sector worldwide has reflected significant improvement in terms of development from crop yielding perspective to market capitalization. The industry has been driven by the presence of a large number of multinationals that have developed novel pesticides and other allied crop care chemicals. Asia Pacific is projected to witness the fastest growth over the forecast period as majority of the countries in the region are agrarian economies.
Key suggestions from the report:
- By product, inorganic fungicides emerged the largest segment in 2019
- The benzimidazoles product segment is expected to witness significant growth over the forecast period on account of their effectiveness in controlling a broad range of fungi at low application rates
- By application, the fruits and vegetables segment is expected to expand at the fastest CAGR of 4.6% based on volume over the forecast period due to high demand from cultivators of oranges, grapes, and sugarcane
- Asia Pacific is expected to emerge as the fastest growing market from 2020 to 2027 due to prevalence of multiple agrarian economies in the region
- Bayer CropScience and Nufarm are among the largest manufacturers of fungicides worldwide and are also recognized as the key innovators from the product development standpoint.
Read 120 page research report with ToC on "Fungicides Market Size, Share & Trends Analysis Report By Product (Inorganic, Biofungicides), By Application (Cereals & Grains, Fruits & Vegetables), By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/fungicides-market
Among the multiple fungicides, biofungicides are anticipated to witness the fastest growth over the forecast period on account of their ability to curb pathogenic activities of bacteria and fungi on plants. Biofungicides work on the basis of parasitism, rhizosphere competence, antibiosis, plant growth promotions, and inducing metabolic changes in plants. These are typically utilized as seed treatment or for preventing media growth in crops.
However, application of fungicides vary on several parameters, such as crop type, soil condition, nature of pests and infectants, plant size, and age of the crop. Different crops are prone to different fungal infections and therefore the farming community needs to be educated regarding the types of diseases and permissible dosage of the substance to cease spreading of the infection.
The U.S. Environmental Protection Agency (EPA) under the act of Federal Insecticide, Fungicide, and Rodenticide Act (FIFRA) regulates and monitors the consumption, distribution, and sales of fungicides across U.S. The regulations are formulated by FIFRA to ensure no potential hazard is caused to human lives by the residues of the substance on the applied crops and also to restrict movement of the substance in the environment due to excessive application.
Grand View Research has segmented the global fungicides market on the basis of product, application, and region:
- Fungicides Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
- Triazoles & Diazoles
- Fungicides Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
- Cereals & Grains
- Oilseeds & Pulses
- Fruits & Vegetables
- Fungicides Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
- North America
- Asia Pacific
- Central and South America
- Middle East & Africa
- South Africa
- List of Key Players of Fungicides Market
- Nufarm Ltd.
- FMC Corporation
- Cheminova A/S
- Bayer CropScience
- Syngenta AG
- Dow AgroSciences
- Laxess AG
- Adama Agricultural Solutions
- Simonis B.V.
Find more research reports on Agrochemicals & Fertilizers Industry, by Grand View Research:
- Fertilizer Additives Market – The robust growth of fertilizer industry along with rising population & decreasing per capita arable land is expected to drive the demand.
- Biofertilizers Market – The increasing usage of microbes biofertilizers proves potential for sustainable farming method and food safety. The increasing concern with respect to food safety is expected to drive the industry growth over the forecast period.
- Ammonia Market – The rising demand for ammonia in the fertilizer industry is expected to boost the industry growth. The product is also the building block for the world nitrogen industry.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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