Albany, NY -- (SBWire) -- 03/20/2019 --The report by Transparency Market Research (TMR), the global fungicides market has highly fragmented and competitive landscape due to the presence of numerous players operating in the global market. Some of the key players in the market are E.I Du Pont de Numerous and Company, Cheminova A/S, Adama Agricultural Solutions Ltd., Bayer AG, Monsanto, DOW Agroscience LLC, Nufarm Ltd., Syngenta AG, FMC Corporation, BASF SE, Chemtura Corporation, Sumitomo Chemical, Lanxess AG, Nippon Soda Co. Ltd., and United Phosphorus Ltd. These companies are focusing on new product launch to acquire the substantial share in the market.
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According to a report by Transparency Market Research (TMR), the global fungicides market was valued at US$12,370.2 mn in 2016 and is expected to expand with a CAGR of 4.4% from 2017 to 2025, to attain the value of US$18,227.6 mn by the end of 2025. Among the crop type, the vegetables and fruits segment accounted for the share of 40% in the global market in 2016. Based on geography, in 2016, Asia Pacific is dominating the global market owing to large rural parts in emerging countries such as India and China.
Increasing Need for Food to Drive Growth
Fungicides are used to prevent and control fungal diseases which affect plants. There are some selective fungicides for specific diseases which can be effective to control fungal diseases. The use of fungicides also changes according to crop type. The active ingredients of fungicide include propicanazole, chlorothalonil, mancozeb, prochloraz, propicanazole, prochloraz and sulfur. Increasing demand for the crop protection in order to obtain higher yield along with maintaining its quality are boosting adoption of the fungicides which is driving the growth of the fungicides market.
The population is increasing globally and especially in developing countries such as China, India, and Brazil is creating the need for food which is likely to boost adoption of fungicide. This is a key factor driving the growth of the global fungicides market. Usage of fungicides on the crops such as rice, vegetables, cereals, and fruits are increasing for maintaining the quality of the food and controlling fungus diseases. Rising demand for agricultural products coupled with modern farming techniques is expected to fuel fungicide market over the forecast period.
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Presence of Harmful Chemicals to Hamper Growth
Despite these growth prospects, different laws that are imposed on the fungicides due to the presence of sulfur and other chemicals which can effect negatively on the human health are limiting the use of the fungicides which is a major restraint in the growth of the global fungicides market. Nevertheless, increasing awareness related to emerging bio-based fungicides and synthetic fungicides are creating lucrative growth opportunities for key players in the global fungicides market.
This information is comprised in the new report by TMR, titled "Fungicides Market (Product – Mancozeb, Chlorothalonil, and Metalaxyl, Strobilurin; Crop – Oilseeds & Pulses, Cereals & Grains, and Fruits & Vegetables) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025."
Global Fungicides Market to Expand with a CAGR of 4.4% Due to 2025 Increasing Usage of Fungicides for Crop Protection -TMR