Fungicides Market Analysis- Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Global Fungicides Market: Growth Drivers and Challenges

Growth Drivers

Increased Emphasis on High-Value Crops Yield - High value crops are typically non-staple agricultural products that offer farmers higher net returns per hectare. These crops include fruits, vegetables, flowers, ornamentals, and spices. Growing high-value crops has a considerable impact on agricultural income, consumer spending, and poverty reduction. Therefore, increasing emphasis on the cultivation of high-value crops is fueling up the fungicides market over the forecast period. For instance, the worldwide tomato crop is expected to increase from 37 to 39.8 million metric tons by 2022.
Worldwide Increasing Consumption of Cereals – According to a report published by the Food and Agricultural Organization of the United Nations, in 2022-23, global cereal consumption is expected to be nearly 2 784 million tons.
Rising Food Insecurity Rate – According to the United Nations, as per current estimates, approximately 690 million people, or 8.9% of the world's population, are starving, that denotes an increase of 10 million in one year and nearly 60 million in five years.
Worldwide Growing Adoption of Organic Farming – For instance, at the end of 2018, there were nearly 70 million hectares of land farmed organically, an increase of 3 million hectares or over 4% from the previous year. Additionally, with 36 million hectares, Australia has the most land that is organically farmed till 2020, followed by Argentina 3.5 million hectares, and China 3 million hectares.
Escalating Global Population - According to United Nations figures, the global population is predicted to reach 8.5 billion in 2030 and 9.7 billion in 2050.

Challenges

Rising Environmental and Health Concerns
Risks of Developing Resistance Against the Fungicides
Higher Risks of Effecting Beneficial Microorganisms Presents in Crops

The global fungicides market is segmented and analyzed for demand and supply by crop type into cereals & grains, oilseeds & pulses, fruits & vegetables, and others. Out of these, the fruits & vegetables segment is anticipated to garner the largest share of the market over the forecast period owing to the rising prevalence of fungal disorders in fruits and vegetables plants across the globe, and the majorly increasing use of fungicides to treat fruits and vegetables plants. For instance, strawberries suffer substantial damage from a variety of pests and illnesses. Black spot (Colletotricum acutatum), powdery mildew (Podosphaera aphanis), grey mold, white leaf spot, leaf scrotch, and other diseases that affect the yield are the most common in strawberries around the world. As of these diseases, in Ukraine, the yield of strawberry was reduced by 13 to 90% between 2020-2021.

Global Fungicides Market Regional Synopsis

Regionally, the global fungicides market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2033 backed by the increasing major crop production including, rice, vegetables and fruits, cereals. For instance, China had the biggest rice paddy production in the Asia-Pacific region in 2020, with over 210 million tons produced. Rising demand for high-quality food products, growing demand for food, increasing population, and escalating disposable income in the region are some other major factors anticipated to influence the market growth over the forecast period.

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The global fungicides market is further classified on the basis of region as follows:

North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global fungicides market includes the following segments:

By Type	Synthetic Fungicides Dithiocarbamates Benzimidazoles Chloronitriles Triazoles Phenylamides Strobilurins Others Bio Fungicides
By Form	Dry Liquid
By Crop Type	Cereals & Grains Oilseeds & Pulses Fruits & Vegetables Others
By Application	Soil Treatment Seed Treatment Foliar Spray Chemigation Post-Harvest

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Top Featured Companies Dominating the Global Fungicides Market

BASF SE
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis

Syngenta Crop Protection AG
Sumitomo Chemical Co., Ltd.
Nufarm Limited
Adama Agricultural Solutions Ltd.
FMC Corporation
Corteva Agriscience
UPL Limited
Isagro SpA
BioWorks, Inc.

In The News

BASF SE launched Pillar SC Intrinsic brand fungicide that offers broad-spectrum control of 26 cool- and warm-season turf diseases, including brown patch, dollar spot, leaf spots, and large patches. This is BASF's first fungicide developed specifically for lawn care.
Sumitomo Chemical Co., Ltd. launched KANAME Flowable, in Japan. The new fungicide INDIFLIN (inpyrfluxam) is indicated primarily for the treatment of diseases in vegetables and fruit trees.

Global Economic Impact

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Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the fungicides market?

Ans: Increased emphasis on high-value crops yield, worldwide increasing consumption of cereals, and rising food insecurity rate are some major factors driving the growth of the market.

2) What would be the CAGR of fungicides market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~8% over the forecast period, i.e., 2023 – 2033.

3) What are the challenges affecting the fungicides market growth?

Ans: Rising environmental and health concerns, risks of developing resistance against the fungicides, and higher risks of effecting beneficial microorganism presents in crops are estimated to hamper the market growth.

4) Which region will provide more business opportunities for growth of fungicides market in future?

Ans: The market in Asia Pacific is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

5) Who are the major players dominating the fungicides market?

Ans: The major players in the market are BASF SE, Syngenta Crop Protection AG, Sumitomo Chemical Co., Ltd., Nufarm Limited, Adama Agricultural Solutions Ltd., FMC Corporation, and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the fungicides market?

Ans: The market is segmented by type, form, crop type, application, and by region.

8) Which segment captures the largest market size in crop type segment in the fungicides market?

Ans: The fruits & vegetables segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.