The global fungicides market is expected to gain impetus from the rising awareness about the benefits of consuming fruits and vegetables. The World Health Organization (WHO) declared that worldwide, approximately 1.7 million deaths occur because of the lack of consumption of fruits and vegetables. Fortune Business Insights™ mentioned this information in a new report, titled, “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 report further states that 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).
The emergence of COVID-19 pandemic has brought the production processes of various industries to a standstill. Even though there are relaxations in the lockdown measures, certain norms, such as social distancing and reduction of workforce are mandatory to adopt. However, we will soon be able to get back to our normal lives by cooperating with the regulatory bodies. Our reports would aid in finding the best strategy that you can currently follow to gain a competitive edge in the market.
Drivers & Restraints-
High Demand for Fungicides Equipped with Novel Active Ingredients to Boost Growth
The areas under the cultivation of fruits & vegetables is surging rapidly backed by the changes in the food structure worldwide. The persistent changes in cropping patterns are also propelling the demand for fungicides equipped with novel active ingredients. Syngenta, for instance, unveiled its latest fungicides consisting of pydiflumetofen. It is called MIRAVIS Duo. Several manufacturers are nowadays aiming to develop new products to cater to the needs of the masses.
However, the present situation of COVID-19 is impacting many countries severely. It is anticipated to affect the price dynamics and availability of all crop protection chemicals. It has also created disruptions in the supply chain. This factor may hamper the fungicides market growth in the near future.
Segment-
Chemicals Segment to Dominate Backed by Their Ability to Show Immediate Effects
In terms of type, the market is bifurcated into biological and chemical. Out of these, the chemical segment procured 88.42% fungicides market share in 2019 and is expected to dominate in the coming years. This growth is attributable to the ability of chemicals to prevent the growth of fungi and kill their spores. Chemical infused fungicides also exhibit immediate effect in controlling damages. They are capable of covering several hectares of land. Some of the most preferred chemicals are chloronitriles, strobilurins, inorganic, triazoles, and dithiocarbamates.
Regional Analysis-
Asia Pacific to Remain at the Forefront Owing to Growing Agriculture Industry
Based on geography, Asia Pacific generated USD 5.25 billion revenue in 2019 and is set to remain in the leading position throughout the forthcoming years. This is likely to occur because of the increasing post-harvest losses, rising rice cultivation, and the expansion of the agriculture industry in this region. Australia, India, and China are the major contributors to the growth of this market in this region. China is considered to be the leading consumer of fungicide, worldwide. Europe, on the other hand, is set to grow considerably stoked by the presence of numerous industry giants, such as Bayer, BASF, and Syngenta in this region.
Competitive Landscape-
Key Players Focus on Launching New Products & Acquiring Other Companies to Surge Sales
The market houses more than 40,000 companies that are frequently engaging in research and development activities to unveil innovative fungicides. Some of them are also considering the mergers and acquisitions strategy to strengthen their position in the market. Below are two of the latest industry developments:
- December 2019: FMC announced that its new Rayora fungicide received the Environmental Protection Age (EPA) registration. The new product would help in preventing and curing dollar spots.
- February 2019: UPL completed the acquisition of Arysta LifeScience. The total deal was worth USD 4.2 billion. It would help the company to strengthen its position in the market of agricultural solutions.
Browse Summary
https://www.fortunebusinessinsights.com/fungicides-market-103267