Global Fungicides Market Will Reach $ 17.58 Bn by 2022
Global fungicides market is expected to reach USD 17.58 billion in 2022, growing at a CAGR of 5.0% between 2017 and 2022.
Sarasota, FL -- (SBWire) -- 01/17/2018 --Fungicides are the organic chemicals used for protection of plants from the various kind of fungus. Fungicides can be curative and preventative for plant growth. It has a caliber to increase the crop yield and shelf life of the crop. Triazoles and strobilurins are some popular fungicides which are extensively used in agricultural sector. Thus, fungicides poised the new opportunities that are expected to grow the market with a growing CAGR during the years to come.
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The global fungicides market is primarily driven by surging demand for vegetables & fruits across the globe, on daily basis. Growing population globally and shrinking arable land is expected to boost the demand for fungicides over the next few years. Moreover, growing demand for fungicides in non-crop applications is also likely to influence the growth of fungicides market over the coming years. However, impact on environmental toxicity level due to the use of fungicides may hamper the growth of fungicides market. Nonetheless, guideline programs introduced by Food Research & Action Center (FRAC) for fungicides resistance management are expected to generate new avenues for the major players in the market in the near future.
Among various fungicides, mancozeb was the largest consumed product segment of global fungicides market in 2016. It is comparatively cheap and effective fungicide. It also has a low number of resistance incidences. Thus, it is predicted to be the fastest-growing segment of the fungicides market during the next few years. Mancozeb was followed by triazole and strobilurins in the same year. Additionally, triazole and strobilurins are expected to experience the exponential growth within the forecast period owing to the essential components referred as premixes ingredients to the other fungicides used during the harvesting process.
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Fruit & vegetables dominated the crop segment of the global fungicides market in 2016. It accounted for the largest share of the market in 2016 and is expected to witness the lucrative growth during the coming years. Surging demand for fruits and vegetables across the world is a major driving force of the fungicides market. Demand for fruits and vegetables from France and U.S. is likely to propel the market growth in future years. Furthermore, cereals & grains and oilseeds & pulses segments are predicted to witness splendid growth during the years to come.
Asia Pacific dominated the market for fungicides in 2016 and it accounted for a significant share of the market in 2016. It is also predicted to experience the lucrative growth in the near future. This growth is attributed to the growing robust demand for fungicides in China and India. Moreover, North America and Latin America are likely to grow at a significant rate due to the increasing consumption rate of fruits and veggies in U.S, Brazil, and Argentina. Europe is predicted to witness stagnant growth due to the maturity of the market and Middle East & Africa is expected to grow at fastest rate in the near future.
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Some of the major manufacturers of the global fungicides market include BASF SE, Adama Agricultural Solutions Ltd., Monsanto, Cheminova A/S, Bayer AG, Nufarm Ltd., E. I. Du Pont de Numerous and Company, FMC Corporation, DOW Agroscience LLC and Syngenta AG among others.
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