Albany, NY -- (SBWIRE) -- 09/27/2017 -- Transparency Market Research has published a new report titled "Fungicides Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023." According to the report, the global fungicides market was valued at US$11.23 bn in 2014 and is likely to reach US$16.30 bn in 2023, expanding at a CAGR of 4.4% between 2015 and 2023.
Fungicides are employed to prevent or control fungal diseases that affect plants. These are typically synthetic chemicals that can be utilized individually or in combination with other fungicides. Fungicides could be selective for specific disease control or non-selective with broad spectrum activity against multiple fungal diseases.
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Rapid rise in demand for fruits and vegetables, led by changing dietary patterns, is expected to drive the global fungicides market. Additionally, increase in demand for yield enhancing agricultural inputs (including fungicides) due to rising food security concerns among the booming global population and declining arable land is expected to propel the fungicides market during the forecast period. Furthermore, increasing demand for fungicides in non-crop applications such as turf and ornamental plants is projected to augment the market during the forecast period. However, rising incidences of resistance to fungicides and shift toward genetically modified disease resistant crops are likely to hamper market growth in the next few years. Increase in awareness among farmers about benefits of fungicides is estimated to be an important opportunity for market players during the forecast period.
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In terms of volume, mancozeb accounted for the highest share of more than 20% of the global fungicide market in 2014. Mancozeb is likely to be the fastest-growing segment of the global fungicide market during the forecast period. It is yet to face any resistance management issues from various strains of fungi and is also relatively low-priced as compared to other fungicides. Strobilurins are anticipated to grow at a moderate rate however face crop resistance issues due to excessive usage.
In terms of crops, fruits & vegetables dominated the global fungicide market volume in 2014. The segment accounted for more than 40% share in 2014. It is anticipated to maintain its dominant share by expanding at an above-average rate in the near future. Oilseeds & pulses and other crop segments are estimated to expand at a moderate rate in the next few years. The others crop segment includes ornamental plants and turf grass applications.
The global fungicide market is consolidated; the top five players constituted more than 70% share in 2014. Major players in the fungicide market include Syngenta, BASF SE, Bayer CropScience, E.I. du Pont de Nemours and Company, Dow AgroSciences LLC, Monsanto Company, and Cheminova A/S.
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