Fungicides are biological organisms or biocidal chemical compounds used to control the development of fungi in crops or fungal infections in animals. Strong demand from Africa owing to increase in agricultural activities is expected to be a key driver for the growth of the fungicide market in the forecast period. Increasing focus on disease control in crops owing to the food security issues for the growing population coupled with shrinking cultivable land for food crops are also expected to fuel the fungicide market growth over the next few years. However, increasing use of genetically modified (GM) crops making them less vulnerable to fungi is expected to hamper market growth. Moreover, stringent policies against the use of chemicals in agriculture are expected to be a key restraining factor for market growth in the upcoming years. Bio-based fungicides present new opportunity for the fungicide market in an era of increasing environmental awareness.
Europe and North America accounted for the largest volume share of the global market owing to the high fungicide use per hectare of agricultural land. . These markets are near saturation and are expected to witness lower growth rates over the forecast period. Environmental agencies such as EPA have restricted the use of chemical fungicides in these regions, specifically the high-volume fungicides. For instance, use of carbendazim has been banned in the U.S. However, Africa, especially South Africa, is expected to witness tremendous demand for fungicides owing to high growth of the agricultural sector on account of affordable land and labor rates in the region. Asia Pacific is also expected to witness sustained growth in the upcoming years.
Fungicides may be classified by chemical type such as triazoles, benzimidazoles, chloronitriles, dithiocarbamates, phenylamides and strobilurins or by crop type such as cereals & grains, fruits & vegetables and oilseeds & pulses. Among synthetic fungicides, triazole accounts for the largest share of the global fungicide market. Increasing environmental awareness and environmental protection policies are expected to fuel the market for bio-based fungicides in the near future.
The market for fungicides is fragmented in nature, with huge potential for growth in the emerging economies. Market players are investing heavily in R&D to manufacture environment friendly fungicides owing to stringent policies which aim at restricting the use of chemical fungicides and to cash in the opportunity presented by the bio-based fungicide market. The key players in the fungicide market include Bayer AG, Cheminova A/S, Dow AgroSciences LLC, Nufarm Ltd, Syngenta AG, BASF, FMC Corporation, Monsanto and Adama Agricultural Solutions Ltd.
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