Fungicides Market size is poised to cross USD 29 Billion by the end of 2033, growing at a CAGR of 8% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of fungicides was over USD 19 Billion. The growth of the market is primarily ascribed to the increasing prevalence of plant pests, and disease outbreak in crops across the globe. As per the Food and Agricultural Organization of the United Nations (FAO), pests destroy between 20 and 40% of global crop production each year. Thus, plant diseases cost the global economy over USD 220 billion each year, and invasive insects approximately USD 70 billion.
Fungicides are defined as a type of biological organism that controls fungal disease by killing the fungi, and fungal infections. It is widely used for the prevention of fungal disease that affects plants. Fungicides help to enhance the quality of the crop. They aid in crop protection in order to retain production and quality. They have a broad range of applications in agriculture, horticulture, and floriculture for improving the crop yield. It is also used in animals to prevent them from fungal infection. For instance, fungicide use has skyrocketed in the recent decade. Nearly 450 thousand tons of fungicides are applied globally, accounting for 18% of total application of pesticides.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
8% |
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Base Year Market Size (2022) |
USD 19 Billion |
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Forecast Year Market Size (2033) |
USD 29 Billion |
Crop Type (Cereals & Grains, Oilseeds & Pulses, Fruits & Vegetables)
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.
Our in-depth analysis of the global fungicides market includes the following segments:
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By Type |
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By Form |
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By Crop Type |
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By Application |
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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.
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.
Author Credits: Smruti Ranjan, Rajrani Baghel
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