Fungicides Market Overview
Fungicides
Market Size was valued at USD 19.5 billion in 2022. The fungicides market
industry is projected to grow from USD 20.3 Billion in 2023 to USD 26.0 billion
by 2030, exhibiting a compound annual growth rate (CAGR) of 4.24% during the
forecast period (2023–2030).
The global
market is expected to register a notable growth rate during the forecast
period. The increasing prevalence of fungal diseases, increasing need to reduce
crop loss, and growing adoption of organic farming are the major factors for
the rising growth of the global fungicides market. Additionally, increasing
product innovations provides growth opportunities to the market for the
forecast period. However, risks associated with fungicides are hampering the
growth of the market.
Segmental
Analysis
The global fungicides market has been segmented based on
type, crop type, mode of application, and region.
Based on
type the global
market has been segmented into chemical fungicides and biofungicides. The
chemical fungicides segment accounted for the largest market share of 87.60% in
2020 and is projected to register a 4.12% CAGR during the forecast period.
Chemical fungicides segment is further segmented as benzimidazoles,
dithiocarbamates, triazoles, phenylamines, and others. Chemical fungicides are
the biocidal materials which helps in killing or preventing the growth of the
fungi and their developmental spores. These fungicides controls the deadly
fungal infections of the plants such as mildews, rusts and blights. There are
various types of chemical fungicides such as benzimidazoles, dithiocarbonates,
triazoles, phenylamines.
Based on
crop type, the
global fungicides market has been segmented into cereals & grains, oilseeds
& pulses, fruits & vegetables, and others. The cereals & grains
segment accounted for the largest market share of 40.86% in 2020 and is
projected to register a 4.14% CAGR during the forecast period.
In farming,
fungicides are commonly used for treating cereals and grains. In wheat, the
early growth stagings for foliar fungicides are usually done for protecting
from leaf spot diseases such as septoria nodorum blotch, tanspot and septoria
tritici blotch. These diseases are trash-borne, owing to which they tend to
migrate up from the bottom to the top. Moreover, intensive use of fungicides
for controlling major diseases in wheat such as septoria leaf blotch, powdery
mildew and eyespot has over the years been found to develop resistance in
fungicide in relation to benzimidazols, DMIs and strobilurins.
Based on
mode of application, the global
fungicides market outlook has been segmented into
Fungicides, foliar, soil treatment, and others. The Fungicides segment
accounted for the largest market share of 48.41% in 2020 and is projected to
register a 3.88% CAGR during the forecast period. Fungicides are applied to
seed prior to planting for providing effective protection against many seed and
soil-borne plant pathogens. Fungicide treatment protects seeds against the
various seed rots and seedling blights that occur during storage or after
planting. Fungicidal Fungicides is divided into three categories, depending on
the nature and purpose of the treatment. These categories are seed
disinfection, seed disinfestation, and seed protection.
Regional
Analysis
On the
basis of region, the global fungicides market has been categorized as North
America, Europe, Asia-Pacific, and Rest of the World. As per MRFR analysis,
Asia-Pacific constituted a dominant share of the market in 2020. North America
was the second-largest market in 2020 and is projected to exhibit a CAGR of
4.05% during the review period.
The
widespread use of fungicides began in the US in the early 1900s with sulfur
spraying. The US government offers several provisions to promote organic
agriculture in the country. The ongoing COVID-19 outbreak positively impacted
the organic sector in 2020 as customers have continued to concentrate on
healthy and clean food, thereby increasing organic food demand significantly.
In 2020, US organic food sales increased to USD 50.1 billion, a 4.6% growth
compared to the previous year. Such trends are likely to fuel the demand for
the North America market in the coming years.
Europe
accounted market share of 23.07% of the global fungicides market in terms of
value in 2020. Spain, Italy, and France were the key contributors to the growth
of the European fungicides market in 2020, with market shares of 13.74%,
14.37%, and 16.08%, respectively. The market in Germany is projected to
register a growth rate of 4.02% during the forecast period 2021 to 2028.
The
increasing number of vineyards and growing production of grapes in the country
is contributing to the increased demand for fungicides in France. Moreover, the
growing trend of organic food & beverages in the region has led to the
rising adoption of organic farming, which is driving the growth of the market
in the region. Additionally, the establishment of the European Consortium of
the Organic-Based Fertilizer Industry (ECOFI) to develop organic fertilizing
technology will escalate the fungicides demand by 2028.
An increase
in investments inflows and government subsidies in the fertilizers sector will
enhance the fungicides demand in the region. For instance, the Government of
India increased subsidy allocation for fertilizers from USD 9.83 million to
more than USD 11 million in 2020. In addition, the demand for organic produce
and large-scale production of fruits, vegetables, and cereals in Asia-Pacific,
especially in China and India, is driving the growth of the fungicides
market.
Moreover,
key players are investing heavily in the region, further fuelling the market
growth. The market in the Rest of the World consists of South Americsa and the
Middle East & Africa. The market in the rest of the world accounted for a
18.92% market share in 2020 and is projected to register a growth rate of 4.46%
during the forecast period. South America accounted for 63.16% of the market in
the rest of the world in 2020. According to FAO, Brazil is the largest producer
of sugarcane and oranges, primarily driving the demand for fungicides in the
country. Increased maize production in Argentina is also contributing to market
growth. In addition, expansion of cultivated land and increase in government
support for the efficient use of fertilizers will positively boost the
fungicides market in the region.
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