Asia-Pacific Fungicides Market was worth USD 3.77 billion in 2016 and is expected to reach USD 5.04 billion by 2021 with a CAGR of 6.0 %.
Fungicides are a type of pesticide used to kill the fungi or fungi spores. Fungicides has real use in the agricultural sector for crop protection.
It is used to prevent the damage caused by fungi to crops. Fungicides helps in improving crop yield by eradicating the threat of fungi.
Additionally, it is also used to cure the contagious diseases in animals. The use of fungicides varies depending on the type of crop.
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Factors such as rising need for food security for the increasing population, increasing loss of crop due to fungal disease, increasing investment in research and development, shrinking arable land, change in farming practices are driving the market. However, factors such as stringent regulatory conditions differs in countries, increase in environmental pollution and shift to genetically modified seeds are hampering the growth of the fungicides market.
The Asia-Pacific Fungicides Market is segmented based on Type, Crop Type, Form and Mode of Action. Based on Type, Market is segmented into synthetic and bio fungicides.
The synthetic fungicides are further segmented into Benzimidazoles, Triazoles, Chloronitriles, Phenylamides, Strobilurins, Dithiocarbamates and others. Based on Crop type, Market is segmented into Fruits and vegetables, Oilseeds, Pulses, Cereals and Grains and others.
Based on Form, the market is segmented into Liquid, Wettable powder, water dispersable powder. Based on mode of application, the market is segmented into Soil treatment, post-harvest, foliar spray, seed treatment and others.
Cereals and grains has the largest share in the market and is expected to show highest CAGR during the forecast period.
Based on Geography, this market is further segmented in to China, India, Australia, South Korea and Japan. India and China holds the maximum share in the Asia-Pacific Market because of its large population, growing agricultural sector.
Major players in the Asia-Pacific fungicides market include BASF SE, Dow AgroSciences LLC, Sumitomo Chemical Co., Ltd, Bayer CropScience AG, Syngenta AG, Nippon Soda Co. Ltd, Cheminova A/S, and Nufarm Ltd.
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