In a report titled “Fungicides Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023,” Transparency Market Research reveals that the global fungicides market will expand at a 4.40% CAGR from 2015 to 2023, rising from a value of US$11.2 bn in 2014 to US$16.3 bn in 2023.
The global fungicides market is driven by the rising demand for yield-enhancing agrochemicals, the surge in the global population, the increase in food safety concerns, the rising demand for fungicides in non-crop applications, and the change in dietary patterns. In contrast, the development of genetically modified crops and the rising resistance against fungicides threaten to impede the global market.
By product, the fungicides market is categorized into chlorothalonil, strobilurin, mancozeb, metalaxyl, and others such as benzimidazoles, triazols, and phenylamides. Making up more than 20% of the overall market in 2014, mancozeb is the largest and fastest growing product segment of the fungicides market. Compared to other fungicides, mancozeb is priced much lower, which has resulted in its increased demand. Strobilurins have been facing several crop resistance issues, which is anticipated to have an adverse effect on the growth of this segment.
By application, the fungicides market is divided into oilseeds and pulses, fruits and vegetables, cereals and grains, and others such as grass and ornamental plants. Accounting for a share of over 40% in 2014, fruits and vegetables dominated the overall fungicides market in terms of volume. This application segment is poised to retain its lead through 2023, registering an above-average growth trajectory. Oilseeds and pulses are also projected to exhibit a rising demand for fungicides in the coming years.
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By geography, the fungicides market is segmented into Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa. Accounting for a share of more than 25% in terms of volume, Asia Pacific led the global fungicides market in 2014 owing to the growing demand from the cereals and grains as well as fruits and vegetables segments. The increasing demand for fungicides from non-crop applications and the fruits and vegetables segment is anticipated to drive the North America fungicides market at an above-average CAGR from 2015 to 2023. Owing to the increased focus of international welfare organizations and market players in the region, the Middle East and Africa is poised to be the most rapidly developing fungicides market by 2023. While Europe is projected to register a below-average growth rate due to it being a mature market, Latin America will witness moderate growth during the forecast period.
Some of the leading companies functioning in the global fungicides market are BASF SE, E.I.du Pont de Nemours and Company, FMC Corporation, Sumitomo Chemical Co., Ltd., ADAMA Agricultural Solutions Ltd., Syngenta AG, Bayer CropScience AG, Nufarm Limited, Dow Agrosciences LLC, and Monsanto Company.
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