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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.
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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.
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.
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.
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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.
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.
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.
Asia Pacific Fungicides Market Size, 2016-2027 (USD Billion)
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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.
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.
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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Value (USD Billion)
By Crop Type
By Application Method
Fortune Business Insights says that the value of the market was at USD 18.29 billion in 2019 and is projected to reach USD 26.50 billion by 2027.
Registering a CAGR of 4.78%, the market will exhibit steady growth during the forecast period (2020-2027).
The chemical type is expected to be the leading segment with dominant market share during the forecast period.
Fluctuating climatic conditions leading to a disease outbreak is the key factor driving the market.
Syngenta AG, FMC Corporation, Bayer AG, ADAMA Ltd., and BASF SE are few of the key players in the market.
Asia-Pacific is expected to hold the highest market share throughout the forecast period.
The fruits & vegetable segment is expected to be the fastest-growing application segment during the forecast period.
Increasing resistance to fungicide is one of the major market restraints.
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