Fungicides Market Size, Share & Industry Analysis, By Type (Chemical and Biological), Crop Type (Cereals, Oilseeds & Pulses, Fruits & Vegetables, and Others), Application Method (Foliar, Chemigation, Seed, and Others), and Regional Forecast, 2020 - 2027

The global fungicides market size was USD 18.29 billion in 2019 and is projected to reach USD 26.50 billion by 2027, exhibiting a CAGR of 4.78% during the forecast period (2020-2027).

Fungi are one of the major causes of crop damage and predominantly affect crop yield, quality, and revenues. Hence, to control fungal infections, fungicidal crop protection products are used at different stages of crops. A rise in the disease outbreak due to the changing climatic conditions and an increase in the cultivation of high-value crops would drive the growth of this market, globally. Furthermore, the increasing resistance to fungicides has fueled the need to introduce new products that would increase the adoption of fungicidal crop protection products.

The current global outbreak of COVID-19, followed by the lockdowns across several economies is impacting almost all the industries. This crisis is expected to continue in some countries; along with the other industries, the lockdown has impacted the availability and price dynamics of all crop protection chemicals. The impact has created abnormalities in the supply chain of crop protection chemicals and this would further have an impact on the demand for crop protection chemicals.

LATEST TRENDS

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Rising Need to Increase Fruit & Vegetable Production is a Prominent Trend

According to the World Health Organization(WHO), approximately 1.7 million deaths in the world are due to low/lack of consumption of fruit and vegetables. Also, the low consumption of fruits & vegetables is among the top 10 risk factors for global mortality. Thus, including fruits & vegetables in the daily diet could help to prevent major non-communicable diseases (NCD).

Additionally, a rise in the awareness regarding the benefits of fruits & vegetables and the growing health concerns have resulted in the increasing demand for fruits & vegetables in the developed and developing economies. Thus, growers across the world are focusing on increasing the production of fruits & vegetables by using various agriculture inputs including fungicidal crop protection products. Also, to maintain the quality of fruits & vegetables and to meet the export quality guidelines, it is necessary to use bio fungicides.

DRIVING FACTORS

Introduction of Novel Fungicide Products Will Fuel the Adoption

The area under fruits & vegetables is increasing with the change of the global food structure and the changing cropping pattern. This has further resulted in an increasing demand for fungicides comprising novel active ingredients. For instance, in 2015, a novel active ingredient represented by benzovindiflupyr was registered for use in arable and specialty crops. Also, in 2017, Syngenta launched MIRAVIS Duo containing pydiflumetofen, which was released for the first time across the world. Furthermore, due to the increasing disease resistance to strobilurin fungicides, the manufacturers are focusing on the development of strobilurins in combination with the other. 

The outbreak of Several Diseases to Skyrocket Demand for Products

Climate change is a major concern for agricultural production across the world. A change in the climatic parameters has a significant impact on crop production and the crops are susceptible to diseases and pests. This, in turn, affects the crop health and causes deviations in the farming practices. Furthermore, researches from many decades have shown the seasonal effects of temperature, rainfall, and humidity on the disease that are responsible for major crop loss. Thus, the change in temperature and a rise in the atmospheric moisture content influence the growth of fungi and the emergence of hazardous fungal diseases. This further increases the need for applications, thereby driving the fungicides market growth. 

RESTRAINING FACTORS

Growing Resistance to Active Ingredients May Hamper Growth

There are a variety that are used to manage fungal pathogens. However, chemical fungicidal products are mostly preferred across the world. One of the major drawbacks of these types is the development of risk of the fungal target to the fungicide.

The widespread and indiscriminate applications of fungicide have led to an increased risk of fungicide resistance, thereby reducing the ability of the active ingredient to protect crops from the substantial effects of fungi. For instance, Aspergillus fumigatus developed resistance when fungicides from the azole family were used on a large scale. These factors may hinder the growth of this market in the near future.

SEGMENTATION

By Type Analysis

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Chemical Segment to Emerge as Dominant segment Owing to their High Usage in Developing Nations

Chemical origin fungicidal products are biocidal substances that can kill or prevent the growth of the fungi and their spores. The chemical fungicidal products are predominantly preferred over the biological products due to their immediate effect in controlling the growth of fungi. Also, due to the high concentration of active ingredients, the chemical fungicidal crop protection products have the ability to cover a large acreage. In the chemical fungicides market, dithiocarbamates, triazoles, inorganic, strobilurins, and chloronitriles are highly preferred by the growers across the world. Triazole, chloronitrile, and dithiocarbamte group have major applications in cereals and fruits & vegetables.

Moreover, the high stability and easy availability of the chemical type of fungicidal products in this market are the crucial factors that are responsible for the dominance of this segment.

By Crop Type Analysis

Cereals Segment to Grow Rapidly Backed by Their Rising Demand & Production

The cereals segment reported major consumption and this can be attributed to the significant application rate per hectare and large area harvested. Also, corn, wheat, and rice are staple food items in regions such as America, Europe, and Asia-Pacific, respectively. Thus, an increase in the demand for cereal crops would lead to an increase in its production, thereby fueling the demand. Furthermore, the total area harvested for cereals was 715.39 million hectares in 2018, according to the Food and Agriculture Organization (FAO). This large area harvested indicates the high demand for innovative fungicidal crop protection products.

By Application Method Analysis

Foliar Treatment Segment to Exhibit High Growth Stoked by Their Increasing Preference

Fungicides are applied by using different application methods. However, foliar treatment is largely preferred across all the regions. The high preference given to the foliar treatment is due to its uniform application and low fungicide volume requirement per hectare. The reduction in volume requirement per hectare increases the profitability of farmers by saving input costs and protecting the crop from damage. In addition to this, the foliar application covers vulnerable plant surfaces and blocks the entry of pathogens that invade the crop. The foliar application also helps to eradicate the already established infections and reduce the secondary inoculum.

REGIONAL INSIGHTS

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Asia Pacific to Lead Market Owing to High Application in China and India

Asia-Pacific currently holds the largest fungicides market share and is predicted to retain its position throughout the forecast period. The growing agriculture industry, growing population, increasing rice cultivation, and the rising post-harvest losses are the major factors driving the market in this region. China, India, Japan, and Australia are the key countries in the region that report high fungicide consumption. Moreover, China is the leading fungicide consumer in the world and these factors would support the dominance of the region in the global market.

The European market will showcase considerable demand on account of the climatic changes that are leading to the onset of various diseases. In addition, the region is the key producer of fruits & vegetables and has a strong presence of global market players such as Syngenta, BASF, and Bayer. These factors are likely to further boost the market in this region.

The South American market is predicted to expand at the fastest pace during the foreseeable years. The rapid increase in the consumption in the region, especially for the cultivation of cereals and oilseeds presents a resilient opportunity for the companies to increase their footprint. Brazil, Argentina, and Colombia are the key consumers in the region. However, their consumption in Brazil and Argentina is projected to grow at a stable rate while the consumption in Colombia is declining.

KEY INDUSTRY PLAYERS

Market Structure is Fragmented Attributed to the Presence of a Huge Number of Players

The market is consolidated with more than 40,000 companies present across the globe. Among these, Syngenta AG, FMC Corporation, Bayer AG, ADAMA Ltd., and BASF SE are some of the leading companies in the global market with the highest share. These companies are adopting significant strategies such as new product launches, mergers, and acquisitions to enhance their market position.

• For instance, FMC Corporation launched Lucento fungicide, which provides the long-lasting, preventive, and curative activity.


• In 2017, ADAMA Ltd. acquired three chlorothalonil based fungicides from Syngenta. This acquisition helped the company to enhance its portfolio.

LIST OF KEY COMPANIES PROFILED:

• BASF SE- Germany


• Bayer AG. – Germany


• Corteva Inc. – United States


• Syngenta AG – Switzerland


• FMCCorporation – United States


• UPLLtd. – India


• ADAMA Ltd.– Israel


• SumitomChemical Co., Ltd. – Japan


• Nufarm – Australia


• Isagro SpA – Italy

KEY INDUSTRY DEVELOPMENTS:

• In June 2021, FMC Corporation, a leader in agricultural sciences, received a U.S. Environmental Protection Agency registration for fluindapyr, the new succinate dehydrogenase inhibitor fungicide (SDHI). Fluindapyr provides broad-spectrum activity against a wide variety of destructive diseases in specialty crops and turf.


• In May 2021, Bayer Crop Science, a division of Bayer AG, launched Delaro Complete fungicide for use in Eastern Canada. The new fungicide offers three modes of action and delivers a powerful and consistent control of major soybean, corn, and cereal diseases.


• In March 2021, Syngenta Crop Protection, a leading global crop protecting organization, announced that its newest VAYANTIS fungicide, used for corn and soybean seed treatment, received registration by the United States Environmental Protection Agency (EPA). VAYANTIS Fungicide contains the active ingredient picarbutrazox, a brand-new systemic fungicide seed developed to protect seedlings against key blight and damping-off diseases.


• In March 2021, BASF SE, a German multinational chemical company, signed an agreement with AgBiome (a biotechnology company) to bring a new bio fungicide to the European market and key countries in the Middle East and Africa. Developed by AgBiome, and marketed as Howler® in the United States, the fungicide provides preventive and long-lasting activity on a broad spectrum of foliar and soil-borne diseases.

REPORT COVERAGE 

The increasing prevalence of economic losses caused during the crop growth stage owing to disease occurrence is significantly contributing to the market growth across the globe.

An Infographic Representation of Fungicides Market

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The research report provides qualitative insights into the market. It also offers a detailed analysis of types, crop type, application method used for controlling fungal diseases, overall market size, market trends, and growth rate for all possible segments in the market.

Along with this, the report includes an elaborative analysis of the market dynamics and competitive landscape. Various key insights presented in the report are an overview of related markets, recent industry developments such as mergers & acquisitions, the regulatory scenario in critical countries, and key industry trends.

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