Fungicides Market worth 19.17 Bn USD by 2022

Friday 14 October 2016, Amsterdam

The report, now available on ASDReports, "Fungicides Market by Type (Benzimidazoles, Dithiocarbamates, Phenylamides, Chloronitriles, Strobilurins, and Triazoles), Crop Type (Cereals & Grains, Oilseeds & Pulses), Form (Liquid, Wettable powder), Mode of Application - Global Forecast to 2022", The global fungicides market is estimated to be valued at USD 14.49 Billion in 2016 and projected to reach USD 19.17 Billion by 2022, at a CAGR of 4.78% from 2016.

Rise in need for food security for the growing population, and increase in crop loss owing to nutrient deficiency, along with change in farming practices (from traditional to conventional), have been of importance to the growth of the global fungicides market. Fungicides are used for high-quality crop yield for the increasing population and its growing food demand. Hence, fungicides will be viewed as a business opportunity in the next six years. As a result, many multinational players have entered into the production of various types of fungicides, which can be used for crops.

Significant growth expected in the Phenylamides segment
Fungicides are highly used for destroying harmful weeds and insects affecting the crop yield. They can be mixed with water, and hence easily applied through foliar spray, soil treatment, seed treatment and post-harvest. The ease in application mode has made these fungicides more convenient to use for the farmers. Phenylamides are projected to be the fastest-growing types in the next six years.

The cereals & grains segment projected to be the fastest-growing market during the forecast period
Cereals & grains dominated the fungicides market in 2015; it is projected to grow at the highest CAGR of from 2016 to 2022. Rise in demand for cereals & grains, owing to the increased awareness regarding their nutritional benefits is driving the cereals & grains segment.

With an increase in consumption of fruits & vegetables and growth in demand for tropical and exotic fruits & vegetables in the developing countries, globally; this segment is likely to witness a growth by 2022.

Increase in need for food security, high investment in R&D, and change in farming practices key to success in the Europe region
Europe is one of the largest contributors to the global fungicides due to the increase in use of fungicides through advanced agricultural techniques and rise in need for food security in the European countries. Italy and France constituted the largest country-level markets in the European region in 2015. High market penetration by the leading fungicide companies, growth in need for growth nutrients for enhancing the agricultural growth and productivity, and the decrease in arable land are the main factors influencing the growth of the fungicides market in Europe.

This report includes a study of marketing and development strategies, along with the product portfolio of leading companies. These companies include BASF SE (Germany), Dow AgroSciences LLC (U.S.), Sumitomo Chemical Co., Ltd (Japan), and Bayer CropScience AG (Germany); these are well-established and financially stable players that have been operating in the industry for several years. Other players include Syngenta AG (Switzerland), Nippon Soda Co. Ltd. (Japan), and Nufarm Ltd. (Australia).