Demand for Fungi-free Crops in wake of Population Explosion to drive the Fungicides Market and expanding at a CAGR of 4.9% between 2022 and 2032
The global fungicides market is worth US$ 18.5 Bn as of now and likely to reach US$ 30 Bn by the year 2032 at a CAGR of 4.9% from 2022 to 2032.
The present scenario is such that the demand for yield from farms is on an ever-increasing spree with population explosion across the globe. This has,Guest Posting in turn, resulted in demand for fungicides as well as hordes of crop care chemicals, so as to curtail crop losses.
Various economies come across as agrarian economies that include most of the Asia-Pacific, like South Korea, Indonesia, India, and Thailand, and, not to forget – countries like Mexico and parts of LATAM and Central America. It is a known fact that in case of such countries, farm produce does impact the country’s economy on the direct basis, and that’s why, farming committees are made aware of advantages of usage of several chemicals for boosting crop yield, that too, with least possible crop loss.
The functionalities of fungicides, apart from prevention of fungal infections, include removal of rust and mildews, blights, and spores. However, it is also known that fungicides can’t be effective against all types of diseases. As such, it’s mandatory to go for root cause analysis in this regard.
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Types of fungicides include diazoles and triazoles, inorganic products, biofungicides, benzimidazoles, and dithiocarbonates. For example – benzimidazole is known to treat fruits, vegetables, vines, and cereals for controlling ascomycetes and basidiomycetes. Biofungicides do produce various antibiotic substances to compete against parasites, fungi, and various other fungi. The substances are also known to produce greenhouse.
Key Takeaways from Fungicides Market
· Inorganics holds the largest market share and the scenario is expected to continue even in the forecast period.
· Coming to applications, cereals and grains hold more than 60% of the market share, as they need monitoring on continuous basis in every season.
· Fruits and vegetables are expected to witness the quickest growth (~4%) in the fungicides market in the forecast period.
· Oilseeds and pulses are expected to witness a substantial CAGR in the near future.
· The Asia-Pacific, LATAM, and Central America hold more than 70% of the market share and the scenario is expected to remain unchanged even in the forecast period.
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“Fungicides are in great demand, especially with respect to high-value crops like grapes, pome fruits, tomato, cotton, maize, and various other ornamental crops and vegetables”, says an analyst from Persistence Market Research
Market Competition
Persistence Market Research has entailed the key developments in fungicides market.
· ADAMA Agricultural Solutions Ltd., in November 2019, completed acquisition of SFP (French-Swiss crop protection company). The latter would thus make its presence felt in Europe through the former’s headstrong commercial network.
· FMC Corporation, in June 2019, did invest over US$ 50 Mn for reconfiguring a greenhouse as well as research facility at its global research and development center based out of Newark (Delaware, US).
· FMC Corporation, in December 2019, tabled Rayora fungicide, which comes across as a systematic DMI (demethylation inhibitor) designed for averting and curing dollar spot, that too, while making provisions for a layer of extra protection against brown patch on green tissues and turfs.
· STK Bio-ag Technologies, in April 2019, inked an agreement with the US-based Summit Agro U.S.A. Thereafter, the latter turned out to be an exclusive distributor of the former’s agricultural products all across the US.
· Seipasa S.A., in July 2019, signed a distribution agreement with Peru-based Agritop Peru to distribute its products like biofungicides, biopesticides, and various other phytosanitary solutions in Peru.
· BASF, in May 2020, came up with Melyra in China. This fungicide belongs to Revysol series and meant for grapes and tomato.
What does the Report Cover?
· Persistence Market Research offers a unique perspective and actionable insights on the fungicides market in its latest study, presenting historical demand assessment of 2016 – 2021 and projections for 2022 – 2032.
· The research study is based on type (Benzimidazoles, Triazoles, Dithiocarbamates, Chloronitriles, Phenylamides, Strobilurins, and others), and by type of crop (fruits, vegetables, cereals and grains, oilseeds, and others).