Fungicides market is likely to grow over the next six years on account of their increasing demand for crop protection in order to ensure higher yield and quality crops. In addition, increasing population especially in developing countries such as India, China and Brazil coupled with growing demand for food is likely to boost fungicide market over the next six years. Over the past five years, there has been substantial growth in fungicide utilization in a variety of crops including rice, cereals, vegetables and fruits. Rising demand for agricultural products coupled with modern farming techniques is anticipated to fuel fungicide market over the forecast period. Growing environmental and health concerns associated with continuous use of synthetic fungicides has led to increased interest for bio-based fungicides among farmers.
On the basis of type, the fungicide market can be segmented into triazoles, phenylamides, benzimidazole, chloronitriles and dithiocarbamate. Triazoles comprises preventive and post infective curative properties, hence it is the most widely used fungicide. Furthermore, use of carbendazim has been banned in the U.S. by the Food and Drug Administration (FDA) as it causes serious health issues such as cancer and infertility. Fungicides are primarily used in controlling various fungal diseases such as growing light leaf spot problems in oilseeds and pulses. Numerous agrochemical companies focus on development of bio-based fungicide innovation through extensive research and development activities.
Europe dominated the fungicide market over the past few years on account of high production of vegetables and fruits along with wheat. In the U.S., fungicides are widely employed in the production of a large range of fruits and vegetables including apple, pecan, potato and blueberries. This is likely to propel its market over the next six years. Furthermore, governments of various countries in Asia Pacific intend to create awareness regarding appropriate usage of fungicide among farmers in order to increase crop yield and enhance quality of the produce. This is likely to boost the fungicide market in the Asia Pacific region over the projected period.
Key players manufacturing fungicides include Nufarm Ltd., FMC Corporation, Nufarm Ltd., DuPont, Cheminova A/S, Bayer AG, Dow AgroSciences, Bayer AG, Lanxess AG, Monsanto and Adama Agricultural Solutions Ltd.
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