Fungicides Market was worth USD 14.49 billion in 2016 and is expected to reach USD 18.30 billion by 2021 with a CAGR of 4.78 %.
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This Market is developing at high pace because of increase in crop loss due to infections and rising food quality concerns of growing population. Fungicides are a type of pesticides that are particularly used to kill the fungi/fungi spore which restricts the growth of crops.
The use of fungicides differs based on the crop type. The active ingredients in the fungicides includes mancozeb, prochloraz, chlorothalonil, propicanazole e.t.c.
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Sulfur is the most common ingredient in fungicides and is very toxic.
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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 the major factors boosting 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 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 North America, Europe, Asia-Pacific, Latin America and Middle East & Africa. Europe has a largest share in the market followed by Asia-Pacific.
Europe is one of the biggest market due to increasing usage of fungicides, advanced agricultural techniques and rise in requirement for the food security in the European nations. Italy and France constituted the biggest nation level markets in the European region.
The key players in the market are BASF SE, Dow AgroSciences LLC, Sumitomo Chemical Co., Ltd, Bayer CropScience AG, Syngenta AG, Nippon Soda Co. Ltd, Cheminova A/S, and Nufarm Ltd..
Scope of the Report
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- Segment-level analysisin terms of technology, component, and type along with market size forecasts and estimations to detect key areas of industry growth in detail
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