Global Fungicides Market Worth 17,210.8 Million USD by 2022, says Meticulous Research™

Tuesday, November 21, 2017 1:49 PM UTC

LONDON, Nov. 21, 2017 -- The global fungicides market will grow at a CAGR of 5.0% from 2017 to 2022 to reach USD 17,210.8 million by 2022, according to the latest publication from Meticulous Research™. The global fungicides market is primarily driven by the reduction in fertile and arable land, improving the resistance of fungi, increasing crop losses due to fungi, advanced agricultural practices and technologies, growing need of higher crop quality and yield, and increasing post-harvest losses. Further, integrated pest management (IPM), and developing nations provide significant opportunities to fungicides manufacturers in this market. However, stringent regulations for food safety and quality, increasing awareness regarding the side-effects of crop protection chemicals, increasing cases of soil toxicity, and lengthy product registration process obstructs the growth of this market to some extent.

The chemical fungicides market dominated the overall market in 2016 and is also estimated to continue its dominance over the forecast period, owing to its easy availability, low cost, and higher efficiency as compared to biological fungicides. In crop type, cereals and grains crop type commanded the largest share in this market in 2016, owing to their large production across the globe and increasing adoption of fungicides by farmers to control the yield losses. Moreover, spraying application accounted for the largest share in this market in 2016, owing to its higher efficiency and simplicity.

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Geographically, Latin America accounted for the largest share in the global fungicides market in 2016, followed by Europe and Asia-Pacific region. However, Asia-Pacific region is slated to register the fastest growth during the forecast period, primarily due to the large area under agriculture cultivation, growing need to increase crop yield due to increasing population, increasing organic farming and use of biological fungicides, and increasing government funding.

The key players in this market are Drexel Chemical Company, Monsanto Company, Biostadt India Limited, Arysta LifeScience Corporation, FMC Corporation, Syngenta, BASF Corporation, Bayer Crop Science Ag, E.I. Dupont Nemours and Company, Sumitomo Chemical Co. Ltd., Nufarm Limited, The Dow Chemical Company, Adama Agricultural Solutions Ltd., Heranba Industries Ltd., and UPL Limited.

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