The global market of fungicides is anticipated to reach market valuation of USD 16.1 Billion by the end of 2024 by expanding at a compound annual growth rate of 6.1% over the forecast period. Factors such as rapidly growing population and increasing awareness of fungicides among farmers are anticipated to propel the demand for fungicides in near future. Further, the presence of major fungicides vendors in different regions is estimated to drive the growth of fungicides market across the globe.
Geographically, Europe region accounted for the highest market share of 36% in 2016 and is further anticipated to witness noteworthy growth over the forecast period in overall fungicides market which can be attributed to the growing use of fungicides via progressive agricultural techniques. Further, China is the dominating country in fungicides in overall Asia Pacific Fungicides Market owing to growing population and need for food security. Demand for agricultural products coupled with modern farming techniques is anticipated to project tremendous growth in North America region.
The fungicides market has been segmented by crop type into cereals & grains, oilseeds & pulses, fruits & vegetables and others. Among these segments, the cereal & grains segment is expected to expand with notable compound annual growth rate in the overall fungicides market. This can be attributed to nutritional benefits of cereals & grains among consumers. Factors such as rising demand for food and high quality crop yield owing to growing population are anticipated to drive the growth of fungicides market with notable revenue by the end of 2024.
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Growing Need for Food Security to Boost the Market Growth
The growth of the fungicides market is driven by rising concern about crop loss due to fungal diseases leading to food security concerns and rising adoption and awareness of fungicides in agriculture sector among farmers to improve the quality and quantity of production of grains, vegetables and fruits. Further, the rise in global population and growing demand for agricultural products are some of the factors that are estimated to benefit the expansion of fungicides market across the globe.
The report titled “Fungicides Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the fungicides market in terms of market segmentation by type, by crop and by region.
However, rising ecological and health concerns related with continuous usage of synthetic fungicides is estimated to inhibit the growth of the fungicides market in the near future.
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Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the fungicides market which includes company profiling of Syngenta, Monsanto, Nufarm Ltd., Adama Agricultural Solutions Ltd., FMC Corporation, Cheminova A/S, Bayer AG, BASF SE, DOW Agroscience LLC, and others.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the fungicides market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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