Fungicides Market Overview
Fungicides are defined as a type of biological organism that controls fungal disease by killing the fungus. It is widely used for the prevention of fungal disease that affects plants. Fungicides help to enhance the quality of the crop. It is also used in animals to prevent them from fungal infection. Fungicides are gaining popularity among the farmers due to their various properties such as high crop yield, better quality crop production and others.
Market Size and Forecast
Global fungicides market is anticipated to flourish at a CAGR of 6.1% over the forecast period. Additionally, the market is expected to reach USD 16.1 Billion by the end of 2024. Further, the growth of fungicides market is attributed to various factors such as rapidly growing population and increasing awareness among farmers.
On the basis of synthetic type, the triazoles segment is expected to project a highest CAGR by the end of 2024 owing to low cost. Furthermore, cereals & grains by crop type segment accounted for the largest market share in 2016. Likely, cereals & grains are estimated to grow at a highest CAGR by the end of 2024 owing to the increased awareness regarding their nutritional benefits.
In terms of geography, Europe region in 2016 accounted for the highest market share of 36% of the overall fungicides market. Europe is anticipated to witness significant growth owing to the increase in use of fungicides through advanced agricultural techniques. Moreover, Western European countries are the major countries attributing towards the growth of fungicides market. In addition to this, presence of major fungicides vendors in the region is envisioned to foster the growth of fungicides market by the end of 2024.
Asia-Pacific region accounted for the second largest market of fungicides owing to favorable government initiatives to increase the crop yield and to enhance quality of the crop. The major countries witnessing the augmented demand for fungicides are Japan, China and India. Additionally, China is the dominating country in this region owing to growing population and rise in need for food security. North America region is also projected to showcase a tremendous growth during the forecast period owing to rising demand for agricultural products coupled with modern farming techniques. Further, U.S. is expected to contribute significant revenue to the global fungicides market during the forecast period.
Our in-depth analysis has segmented global fungicides market into the following segments:
By Crop Type
Global fungicides market is further classified on the basis of region as follows:
Growth Drivers and Challenges
Rising global population along with growing demand for food, grains, vegetables and other agricultural products are believed to be the major factors propelling the growth of global fungicides market. Additionally, increase in crop loss due to fungal diseases and rise in food security concerns for the growing population are anticipated to be the dynamic factor behind the rapid growth of fungicides market. Further, rising adoption of fungicides in agriculture sector to enhance the quality and quantity of production of grains, vegetables and fruits and growing demand for crop protection are expected to flourish the growth of fungicides market across the globe.
Moreover, growing awareness regarding the benefits of fungicides among farmers along with change in farming practices (from traditional to conventional) are envisioned to positively impact the growth of fungicides market.
However, rising environmental and health concerns related with continuous usage of synthetic fungicides is projected to dampen the growth of fungicides market.
Scope and Context
Overview of the Parent Market
The global fungicides market is segmented as follows:
Supply & Demand Risk
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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