PORTLAND, Oregon, November 26, 2014 /PRNewswire/ --
A new market research report by Allied Market Research titled, "Global Fungicides Market - (Type, Geography) Size, Industry Analysis, Trends, Opportunities, Growth and Forecast, 2013 - 2020", indicates that the global fungicides market would reach $16.2 billion by 2020, registering a CAGR of 5.4% from 2014 to 2020. High growth segments such as Triazole and Strobilurin are expected to contribute substantially to the growth of the overall global fungicide market.
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Triazole, with its preventive and post infection curative property has higher consumption as compared to other fungicides available worldwide. 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 worldwide 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.
To view the report, visit the website at http://www.alliedmarketresearch.com/fungicides-market
Among different crop types, fungicide is majorly used in fruits and vegetables worldwide, contributing to more than 35% market share during the forecast period (2013 - 2020). Fruits and vegetables producing plants require round the year protection from acute fungal infection. Another crop type, namely, cereals and grains are prone to have seed borne diseases such as bunts and smuts. Globally, both in furrow and seed dressing, fungicide are used in significant quantity to provide plant protection to cereals and grains. Fungicides are also moderately used in controlling fungal diseases such as growing light leaf spot problem in oilseeds and pulses.
Key findings of the study:
Geographically, Europe is the dominant market where fungicide usage is significantly high in production of fruits and vegetables along with wheat and vineyard. France is 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.
View all reports related to chemicals and materials at http://www.alliedmarketresearch.com/materials-&-chemicals-market-report
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