Global Fungicides Market 2024–2033

Reports Description

As per the current market research conducted by the CMI Team, the global Fungicides Market is expected to record a CAGR of 7% from 2023 to 2032. In 2022, the market size is projected to reach a valuation of USD 24.3 Billion. By 2032, the valuation is anticipated to reach USD 41.9 Billion.

A variety of plant pathogenic organisms pose significant threats to crops and plants, with fungi being the primary culprits of crop damage on a global scale. Moreover, symptoms resembling crop damage can also be triggered by non-living factors such as nutrient deficiencies, air pollution, and insect infestations.

To combat these issues, pesticides are employed for plant protection, encompassing fungicides, herbicides, and insecticides. Fungicides, specifically, are utilized to manage fungal diseases by either inhibiting or eradicating the fungi responsible for these diseases. Fungicides are indeed highly effective in managing diseases caused by various types of fungi.

However, it’s important to note that fungicides are not effective against diseases caused by other organisms or disorders triggered by different factors, such as non-living elements or insect-related damage. Therefore, it is crucial to accurately diagnose the underlying cause of plant symptoms before resorting to fungicide application.

Fungicides come in various forms, including dust, granules, gas, and most commonly, liquid. They can be applied to different plant components, including seeds, bulbs, transplant roots, propagative organs, and soil. Application methods include in-furrow treatment during planting or as a soil drench after planting, as well as foliar application to the aboveground parts of plants and trees, sometimes even through injection.

Fungicides Market – Significant Growth Factors

The expansion of the Fungicides Market is being driven by the growing global population and the escalating demand for increased food production. Fungicides find widespread use in the cultivation of fruits, vegetables, and rice. They play a crucial role in eradicating or restraining the proliferation of fungi and bacteria on crops, thereby enhancing crop yields.

Furthermore, the rising consumption of vegetables and fruits due to their health advantages, the adoption of modern avian farming techniques, and the continuous introduction of new fungicide products are contributing significantly to the growth of the fungicide market.

Moreover, the current state of climate change and the resulting increase in the prevalence of various crop diseases are driving the demand for innovative products that can effectively curb the development of fungi and bacteria on crops. This factor is a significant driver of growth within the Fungicides Market.

Additionally, mounting health concerns among consumers and their dietary preferences are spurring the demand for high-quality vegetables in the market. Furthermore, farmers are adopting advanced technologies to enhance crop efficiency, which is contributing to the expansion of the Fungicides Market.

Conversely, the growing risk of soil toxicity and stringent government regulations governing product approval processes pose potential constraints on the growth of the Fungicides Market. Nevertheless, the rising popularity of bio-based fungicides presents promising opportunities for the market during the forecasted period.

Key Drivers of Fungicide Market Growth:

• Increased Global Population: The burgeoning global population leads to higher food demand, necessitating increased crop production and, consequently, the use of fungicides to protect crops from fungal diseases.

• Climate Change Impact: Changing climate conditions contribute to the proliferation of crop diseases, boosting the demand for fungicides as a means to combat these diseases effectively.

• Crop Disease Prevalence: The rising prevalence of various crop diseases, including those caused by fungi and bacteria, fuels the need for effective fungicide solutions in agriculture.

• Consumer Health Concerns: Growing consumer awareness about food safety and health has led to a preference for high-quality, disease-free fruits and vegetables, driving the use of fungicides in crop production.

• Technological Advancements: The adoption of advanced agricultural technologies by farmers to enhance crop efficiency and yield increases the application of fungicides for disease management.

• Innovative Product Development: Continuous innovation and the introduction of new fungicide products by manufacturers cater to evolving agricultural needs, supporting market growth.

• Bio-Based Fungicides: The rising popularity of bio-based fungicides, considered more environmentally friendly and sustainable, provides an opportunity for market expansion.

Fungicides Market – Mergers and Acquisitions

• BASF’s Acquisition of Bayer’s Crop Science Division: In a significant move, BASF acquired Bayer’s Crop Science division, including its fungicides portfolio, in 2018. This acquisition expanded BASF’s presence in the global fungicides market and diversified its agricultural solutions.

• ChemChina’s Acquisition of Syngenta: In 2016, China National Chemical Corporation (ChemChina) acquired Syngenta, a major player in the agrochemical industry. This acquisition also encompassed Syngenta’s fungicides business, strengthening ChemChina’s position in the global agricultural market.

• Corteva Agriscience’s Formation: DowDuPont’s agricultural division, Corteva Agriscience, was formed through a merger in 2017. Corteva offers a range of fungicides and crop protection solutions, contributing to its prominence in the fungicides market.

• FMC Corporation’s Acquisition of DuPont’s Crop Protection Business: FMC Corporation expanded its agricultural portfolio by acquiring DuPont’s crop protection business in 2017. This acquisition included DuPont’s fungicides product line.

• Bayer’s Acquisition of Monsanto: Bayer’s acquisition of Monsanto in 2018, although primarily focused on seeds and traits, also integrated Monsanto’s fungicide offerings into Bayer’s agricultural solutions.

COMPARATIVE ANALYSIS OF THE RELATED MARKET

Fungicides Market – Significant Threats

• Environmental Concerns: The use of chemical fungicides can have adverse effects on the environment, including soil and water contamination. Concerns about environmental pollution and the impact on non-target organisms can lead to stricter regulations and a shift towards more environmentally friendly alternatives.

• Resistance Development: Fungi can develop resistance to fungicides over time, rendering certain products ineffective. This resistance can reduce the efficacy of available fungicides and increase the need for new, more potent solutions.

• Regulatory Hurdles: Stringent regulations and approval processes for pesticide products, including fungicides, can create barriers for manufacturers. Meeting regulatory requirements, conducting safety assessments, and obtaining necessary approvals can be time-consuming and costly.

• Public Perception: Negative perceptions of chemical pesticides, including fungicides, among consumers can lead to reduced demand for conventionally grown crops. This can influence farmers’ choices and encourage the adoption of organic or alternative farming practices.

• Alternatives and Biopesticides: The growing popularity of bio-based and natural fungicides, as well as integrated pest management (IPM) strategies, provides alternatives to chemical fungicides. These alternatives can compete with traditional fungicides in the market.

• Climate Change Impact: Climate change can alter the distribution and prevalence of fungal diseases, potentially making certain fungicides less effective in managing new or evolving diseases.

• Trade Disputes and Tariffs: International trade disputes and tariffs can disrupt the supply chain for fungicides, impacting market dynamics and pricing.

• Price Volatility: The cost of raw materials used in fungicide production, such as petrochemicals, can be subject to price fluctuations. These fluctuations can affect the affordability of fungicides for farmers.

• Research and Development Challenges: Developing innovative fungicides that are both effective and environmentally friendly can be a complex and costly process. Companies need to invest in research and development to stay competitive and address evolving challenges.

• Global Economic Conditions: Economic downturns or unstable economic conditions in key agricultural regions can influence farmers’ spending on fungicides and other agricultural inputs.

Report Scope

Category-Wise Insights

By Type:

In terms of segmentation by type, the Fungicides Market is categorized into Biological and Chemical. Among these two segments, it is anticipated that the biological segment will exhibit the highest Compound Annual Growth Rate (CAGR) during the projected period.

As an illustration, data from The International Federation of Organic Agriculture Movements indicates that the global organic farming area expanded from approximately 72.5 million hectares in 2019 to 75.9 million hectares in 2021.

This growth in the biological segment can be attributed to the advantages offered by biological fungicides, including their high efficiency, distinct mode of action, and environmentally friendly nature as they do not cause any harmful effects on the environment.

By Form:

Regarding the categorization by form, the Fungicides Market is divided into Liquid and Dry segments. Among these two, the Liquid segment stands out as it commands the largest share in the market. This is primarily because the Liquid segment offers a diverse array of formulations, including water-based, oil-based, polymer-based, or combinations thereof.

Specifically, within the Liquid segment, water-based formulations offer a wide range of options, including suspension concentrates, emulsion support, liquid concentrates, and capsule suspensions, contributing to its dominance in the market.

Fungicides Market – Regional Analysis

• North America: In North America, the Fungicides Market is driven by the presence of a robust agricultural sector, particularly in the United States and Canada. The region has witnessed increased adoption of advanced farming technologies and sustainable practices. Stringent regulations on pesticide use and growing consumer demand for pesticide-free products have encouraged the development and use of bio-based and environmentally friendly fungicides.

• Europe: Europe has a well-established Fungicides Market, with countries like France, Germany, and the United Kingdom playing significant roles. The region emphasizes sustainable agriculture and has stringent regulations governing pesticide use. This has led to the adoption of integrated pest management (IPM) strategies and biopesticides. Increasing awareness of food safety and organic farming practices has also boosted the demand for bio-based fungicides.

• Asia-Pacific: The Asia-Pacific region, particularly China and India, is a major contributor to the global Fungicides Market. The region’s growing population and increasing food demand drive the need for crop protection products, including fungicides. However, there are challenges related to pesticide residues and environmental concerns, leading to efforts to develop and promote eco-friendly fungicides.

• Latin America: Latin America, including countries like Brazil and Argentina, is a significant player in the Fungicides Market due to its large-scale agricultural production. However, concerns regarding pesticide overuse and environmental impact have led to increased regulation and the adoption of sustainable farming practices. The region also has a growing market for bio-based fungicides.

• Middle East and Africa: In this region, the Fungicides Market is influenced by factors such as climate variability and water scarcity. Some countries in the Middle East have embraced precision agriculture and innovative farming techniques to combat fungal diseases. Additionally, efforts are being made to promote organic farming practices and reduce chemical pesticide usage.

List of the prominent players in the Fungicides Market:

• FMC Corporation
• Nippon Soda Co.
• Sumitomo Chemical Co. Ltd.
• BASF SE
• Corteva Inc.
• UPL Ltd.
• Nissan Chemical Corporation
• Others

The Fungicides Market is segmented as follows:

By Type

• Biological
• Chemical

By Form

• Liquid
• Dry

By Application

• Soil Treatment
• Seed Treatment
• Foliar Spray
• Post-Harvest

Regional Coverage:

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Russia
• Italy
• Spain
• Netherlands
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Taiwan
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America