Fungicides Market

Fungicides Market worth $24.5 billion by 2025

The report "Fungicides Market by Type (Chemical and Biological), Crop Type (Cereals & Grains, Oilseeds & Pulses, Fruits & Vegetables), Mode of Action (Contact & Systemic), Mode of Application, Form, and Region - Global Forecast to 2025", The global fungicides market is estimated to be valued at USD 18.7 billion in 2019 and is projected to reach a value of USD 24.5 billion by 2025, growing at a CAGR of 4.6% during the forecast period. Plant diseases have a significant economic impact on the yield and quality of crops. Hence, managing diseases is an essential component of production for most crops. Fungicides are often considered important in disease management and are applied to crops for controlling rusts, mildew, molds, and blights. This growth is driven by the changing climatic conditions and the rising demand for high-value crops, particularly for fruits & vegetables. Factors such as the increase in demand for food security by the growing population and advancements in farming practices & techniques are also projected to drive the growth of the fungicides market.

Browse 108 market data Tables and 55 Figures spread through 226 Pages and in-depth TOC on "Fungicides Market by Type (Chemical and Biological), Crop Type (Cereals & Grains, Oilseeds & Pulses, Fruits & Vegetables), Mode of Action (Contact & Systemic), Mode of Application, Form, and Region - Global Forecast to 2025 "
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Innovative chemical fungicides have been developed offering higher efficiency

Based on type, fungicides are bifurcated into biological fungicides and chemical fungicides. Chemical fungicides are further classified as triazoles, dithiocarbamates, strobilurins, chloronitriles, phenylamides, and other chemical fungicides. Chemical fungicides are highly regulated by the governments of all countries due to their direct effect on humans as well as animals through food. Chemical fungicides such as triazoles and dithiocarbamates are largely used in the Asia Pacific region for the cultivation of rice, wheat, and fruits & vegetables. Triazole fungicides, also known as sterol inhibitors (SIs), are a large class of fungicides used globally on a wide variety of crops. Their mode of action is the inhibition of ergosterol production, which is an essential sterol in the membranes of most fungi. Triazoles are used to control several diseases, such as powdery mildew, leaf spots, and rusts. Most triazoles have the following attributes: curative, preventive, and residual activity.

Cereals & grains are widely produced and consumed across the globe.

The cereals & grains segment in the market comprises different crops, such as rice, wheat, and corn. The production of cereals and grains vary across different regions, depending on the topography and climatic conditions. Due to this, the cereals & grains segment recorded the highest consumption of fungicides in the North American and Asia Pacific regions. According to the FAO, global cereal production in 2016 recorded 2,543 million tons, which are around 0.6% higher than the previous year. Rice is the most widely consumed staple food, particularly in Asia. It is the second-most widely produced grain after corn.  Most diseases that affect cereals are caused by fungi. Fungal pathogens feed off living plants, diverting carbohydrates that are required by grains for their growth and reproduction. To overcome this problem, growers or farmers require fungicides.

Systemic fungicides have high efficacy and can be used as both eradicant and protectant 

Based on mode of action, fungicides are categorized as systemic fungicides and contact fungicides. Systemic on entry into the crop plant, can move to a certain extent within the crop to the site of infection. These fungicides tend to affect a single biochemical pathway within the pathogen and are hence called site-specific. Systemic fungicides are further classified into local, translaminar, and acropetal. Local penetrant fungicides move just short distances, such as into the waxy plant cuticle, and remain in that location. Systemic fungicides comprise a wide group of compounds with several modes of action—for example, triazoles, phenylamides, morpholines, dicarboxamide, anilinopyridines, and benzimidazoles.

South America is projected to grow at the highest CAGR during the forecast period.

The market for fungicides in the South America region is projected to grow at the highest CAGR from 2019 to 2025. According to the FAOSTAT, Brazil is the largest producer of agricultural products due to the availability of abundant land and rural labor force, followed by Argentina. The growth of the South America market is majorly attributed to the increase in the adoption of agrochemicals and advancements in farming techniques in Brazil and Argentina, with the distribution channels established by global agrochemical players. Due to these factors, the market in the South America region is projected to record the highest growth from 2019 to 2025.

The key players in this market include BASF SE (Germany), Bayer AG (Germany), Corteva, Inc. (US), and Syngenta AG (Switzerland).

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Report Code
AGI 2535
PR Published ON
2/6/2020
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