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Global fungicides market projected to reach $19.17 bn by 2022
Oct. 26, 2016
The global fungicides market is projected to grow at a CAGR of 4.78% to reach USD 19.17 Billion by 2022. The market growth is driven by the rise in need for food security for the growing population, advancement in farming practices and technologies, and ease of application of fungicides. The market is further driven by factors such as increase in demand for fruits and vegetables, along with increase in acceptance for Integrated Pest Management (IPM) by the farmers, and high opportunities in developing countries.
On the basis of type, the fungicides market is led by triazoles, followed by strobilurins, chloronitriles and dithiocarbamates, respectively. The phenylamides segment is projected to be the fastest-growing type in the fungicides market. The triazole fungicides have gained a renewed interest, particularly in the U.S. under the threat of Asian soybean rust, a fungal pathogen introduced via South America.
Liquid fungicides are the most widely used forms of fungicides. The liquid formulations are some specific types such as emulsifiable concentrate, flowable liquid, solution, and liquid concentrate.
Foliar spray is the most common method of application of fungicides. Spraying of fungicides is done on the leaves, stems, and fruits. Foliar fungicides have proven effective in helping to manage several common foliar diseases in soybean. In addition, the possibility of physiological benefits to the plant from strobilurin fungicides has generated interest in these products.
The demand for fungicides is projected to rise in the Asia-Pacific region, particularly from China and Japan. The increase in agricultural activities, coupled with the rise in demand for quality crop produce, are driving the growth of the fungicides market. The growing agricultural activities due to the increase in demand for high-quality agricultural produce in the Asia-Pacific region is driving the market for fungicides in this region. The countries in the region have observed an increase in the consumption of fungicides due to increasing awareness among farmers related to effects of fungal infections on crop yields.
Key players have concentrated their major R&D efforts to develop products confirming to European regulations for fungicides, since these regulations are considered to be benchmarks in terms of quality and environmental impacts.
However, factors such as lack of education and awareness among the farmers and rise in instances of environmental toxicology, are restraining the growth of the fungicides market.
Key players identified in the global fungicides market include BASF SE (Germany), Dow AgroSciences LLC (U.S.), Sumitomo Chemical Co., Ltd (Japan), and Bayer CropScience AG (Germany), which are among the key players of the fungicides market as these are well-established and financially stable players that have been operating in the industry for several years. Most key participants have been exploring new regions through new product launches, collaborations, and acquisitions across the globe to avail a competitive advantage through combined synergies. Since 2011, the fungicides market has witnessed an increase in demand, especially in countries such as the U.S. Canada, Spain, the U.K., India, and China.
Source: MarketsandMarkets (M&M)
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