Albany, NY -- (SBWire) -- 11/08/2017 --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.

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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.

In terms of volume, Asia Pacific dominated the global fungicide market with over 25% share in 2014. Demand for fungicides is anticipated to be high in fruits & vegetables and cereals & grains segments in the region. The fungicides market in North America is estimated to expand at above-average CAGR during the forecast period due to high demand from fruits & vegetables and non-crop applications. Middle East & Africa (MEA) is expected to be the fastest-growing market for fungicides during the forecast period owing to higher focus of market players and international welfare organizations such as UN for investment in the region. Latin America is another major market for fungicides with moderate growth in cereals & grains applications. Europe is a mature market that is anticipated to expand at below average growth rate during the forecast period.

The global fungicides market is consolidated; a few players operate across the globe. Large-scale producers have vertically integrated operations. This provides them with cost advantage over smaller players. Key players include Syngenta, BASF SE, Bayer CropScience, E.I. du Pont de Nemours and Company, Dow AgroSciences LLC, Monsanto Company, Nufarm Limited, Sumitomo Chemical Co., Ltd., ADAMA Agricultural Solutions Ltd. and Cheminova A/S

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