Fungicides Market Anticipated to Attain USD 26.0 Billion by 2030, Growing at a CAGR of 4.24%
Global Fungicides Market Overview
Projected to reach a valuation of USD 26 billion by 2030, the global fungicides market is anticipated to witness a Compound Annual Growth Rate (CAGR) of 4.24% throughout the forecast period. Noteworthy growth is expected, driven by factors such as the escalating prevalence of fungal diseases, imperative need to curtail crop losses, and the burgeoning adoption of organic farming practices. Furthermore, advancements in product innovations are poised to provide lucrative growth avenues during the forecast period. Nonetheless, the market growth is hindered by risks associated with fungicides.
Segmental Analysis
The global fungicides market is segmented based on type, crop type, mode of application, and region.
Type-wise segmentation comprises chemical fungicides and biofungicides. Chemical fungicides, which held an 87.60% market share in 2020, are projected to maintain a CAGR of 4.12% during the forecast period. This segment encompasses benzimidazoles, dithiocarbamates, triazoles, phenylamides, and other categories. Chemical fungicides play a vital role in combating fungal infections such as mildews, rusts, and blights, offering effective plant protection.
Crop type segmentation includes cereals & grains, oilseeds & pulses, fruits & vegetables, among others. Cereals & grains dominated the market with a 40.86% share in 2020 and are expected to grow at a CAGR of 4.14% during the forecast period. Fungicides find extensive use in treating cereals and grains, safeguarding them against various diseases like septoria nodorum blotch and powdery mildew.
Mode of application segmentation features fungicides, foliar, soil treatment, and others. Fungicides, occupying the largest market share of 48.41% in 2020, are projected to grow at a CAGR of 3.88% during the forecast period. Fungicides are applied to seeds prior to planting to protect them against seed and soil-borne pathogens, offering comprehensive seed protection.
Regional Analysis
The global fungicides market share is categorized into North America, Europe, Asia-Pacific, and Rest of the World (RoW). Asia-Pacific dominated the market in 2020, with North America following as the second-largest market, projected to exhibit a CAGR of 4.05% during the review period. The US government's initiatives to promote organic agriculture, coupled with the surge in organic food demand due to the COVID-19 outbreak, are expected to fuel market growth in North America. Europe accounted for a significant market share in 2020, with countries like Spain, Italy, and France contributing substantially. The European market is anticipated to witness growth owing to factors such as increasing vineyard numbers and the rising adoption of organic farming practices. Moreover, Asia-Pacific, particularly China and India, is witnessing a surge in demand due to the large-scale production of fruits, vegetables, and cereals, coupled with heavy investments from key players in the region. The Rest of the World market, encompassing South America and the Middle East & Africa, accounted for a considerable market share in 2020 and is expected to witness robust growth driven by increased maize production in Argentina and Brazil's dominance in sugarcane and orange production.
Key Players
Key players in the global fungicides market include BASF SE, Bayer AG, Sumitomo Chemical Co., Ltd, ADAMA Agricultural Solutions Ltd, Corteva, Inc., Nufarm Limited, Nippon Soda Co. Ltd, Syngenta AG, FMC Corporation, and American Vanguard Corporation.
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