Asia-Pacific Fungicides Market was worth USD 3.81 billion in 2021 and is expected to reach USD 5.21 billion by 2026 with a CAGR of 6.0 %.
Fungicides are a type of pesticide used to kill fungi or fungi spores. Fungicides have real use in the agricultural sector for crop protection. It is used to prevent the damage caused by fungi to crops. Fungicides help in improving crop yield by eradicating the threat of fungi. Additionally, it is also used to cure contagious diseases in animals. The use of fungicides varies depending on the type of crop.
Asia-Pacific Fungicides Market Drivers:
Factors such as the rising need for food security for the increasing population, increasing loss of crops due to fungal disease, increasing investment in research and development, shrinking arable land, change in farming practices are driving the market. However, factors such as stringent regulatory conditions differ in countries, increase in environmental pollution and shift to genetically modified seeds are hampering the growth of the fungicides market.
Cereals and grains have the largest share in the market and are expected to show the highest CAGR during the forecast period.
Based on Geography, this market is further segmented into
Holds the maximum share in the Asia-Pacific market because of its large population, growing agricultural sector
Major Key Players:
Major players in the Asia-Pacific fungicides market include BASF SE, Dow AgroSciences LLC, Sumitomo Chemical Co., Ltd, Bayer CropScience AG, Syngenta AG, Nippon Soda Co. Ltd, Cheminova A/S, and Nufarm Ltd.
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