Market Overview:
The amount of crop-loss due to fungal infections is rising, which is a great concern for the farmers and crop producers. Increase in the demand for fungicides use for crop protection from fungal diseases and high crop yield has surged the growth of the global fungicides market. Market Research Future, a firm which specializes in market reports related to the Foods, Beverages & Nutrition sector among others, recently forecasted in its report “Global Fungicides Market Research Report- Forecast to 2023” that the market will demonstrate an exceptional CAGR while achieving million dollar growth readily in the forecast period.
Fungicides are a class of pesticides which primarily consists of biological organisms or chemical compounds. Fungicides are widely used in the agricultural segment which helps to restrict the fungal diseases by inhibiting or killing the fungus responsible for the crop disease. The most commonly used active ingredient for fungicides preparation is sulfur. The most common chemical fungicides available in market includes: dithiocarbamates, phenylamides, benzimidazoles, triazoles, chloronitriles, strobilurins and others.
The amount of crop-loss due to fungal infections is increasing rapidly, which is a great concern among the farmers and crop producers. This has increased the demand of fungicides which helps in providing adequate disease control support and increases the crop productivity. Additionally, rising demand for organic fruits, vegetables, cereals and pulses is projected to drive the growth of fungicides market over the review period.
Moreover, growing demand for organic fruits & vegetables and their awareness towards health is boosting the market of fungicides. Furthermore, high acceptance for integrated pest management (IPM) by the crop cultivator’s is adding fuel to the growth of the fungicides market. However, toxicity caused due the consumption of fungicides and stringent laws in the use of certain fungicides for crop production may hinder the market growth over the review period.
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Major Key Players:
Industrial players are involved in the acquisition of small players which will further support the company to expand and reach out to consumers across the regions, the end-user industries are inclined towards product promotions through social media, magazines and other mediums in order to reach out to customers. The promotional strategy aids in retaining the existing the customers and also to regenerate new customer base.
With strategic expansions, market players can focus on penetrating into the developing economies to expand their business portfolio. Consumers in developing countries are keen on exploring new product range offered to them and form a large consumer base. Establishing market in these emerging economies is profitable based on relatively low set-up costs, ease of doing business, and further lower variable cost to be incurred.
The key players profiled in fungicides are BASF SE (Germany), E. I. du Pont de Nemours and Company (U.S.), FMC Corporation (U.S.), Sumitomo Chemical Co., Ltd. (Japan), Adama Agricultural Solutions Ltd. (Israel), Bayer CropScience AG (Germany), DowDuPont Inc. (U.S.), Bioworks, Inc.(U.S.), Certis U.S.A. LLC (U.S.), Monsanto Company (U.S.)
Latest Industry Updates:
Nov 2016 FMC Corporation has launched a new fungicide premix called Topguard EQ fungicide that provides long-lasting disease control and plant health benefits in corn, soybeans, wheat, pecans and more than 20 other crops.
Mar 2016 Syngenta Canada Inc. has launched a new product of Trivapr, a new three-mode-of-action foliar fungicide that will help growers in Eastern Canada target a broad spectrum of major leaf diseases in corn, soybeans, and cereals.
May 2017 Kocide LLC has completed its acquisition of copper fungicide production facility in Houston, Texas, from E.I. Du Pont de Nemours and Company.
Oct 2017 Amvac Chemical Corp., based in Newport Beach, Calif., has launched Scepter T&O 70WDG Herbicide and FF III turf fungicide. The company intends to expand this product into the Asian market.
Market Segments:
The global fungicides market has been divided into type, mode of treatment, form, application, and region.
On the Basis of Type: Chemical Fungicides- Dithiocarbamates, Phenylamides, Benzimidazoles, Triazoles, Chloronitriles, Strobilurins, Bio-Fungicides, and Others
On the Basis of Mode of Treatment: Seed Treatment, Soil Treatment, and Others
On the Basis of Form: Powder, Liquid, and Other
On the Basis of Application: Fruits and Vegetables, Cereals, Pulses, Oilseeds Grains, and Others
On the Basis of Region: North America, Europe, Asia Pacific, and ROW
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Regional Analysis:
The global fungicides market is segmented into North America, Europe, Asia Pacific, and rest of the world (RoW). Europe is dominating the global fungicides market followed by Asia Pacific. Germany accounts for a higher use of fungicides for protection of fruits and vegetables from fungal diseases owing to increasing awareness about the benefits of using fungicides. Furthermore, high demand for organic fruits and vegetables from the farmers is considered to be key driving factor in this region.
Furthermore, increasing consumer awareness and growing demand for organic fruits, vegetables, cereals and pulses has uplifted the demand for fungicides in Asia Pacific countries like India, China and Japan which is expected to boost the growth of the fungicides market during the review period. Additionally, regulatory approval for the use of fungicides on commercial products and government initiative for creating awareness about the accurate use of fungicide among farmers for high crop yield is projected to raise the growth of the fungicides market.
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