The European fungicides market was valued at USD 4.85 billion in 2023 and is anticipated to reach USD 5.03 billion in 2024 from USD 7.02 billion by 2032, growing at a CAGR of 4.2 % from 2024 to 2032.
Fungicides prevent the diseases caused by fungi and their spores, which can have serious effects on crop yield and quality. Fungi often spoil the stored vegetables, fruits, seeds, and tubers. A few infected grains produce toxins that can cause severe illnesses in humans and animals when consumed. Due to this, crops are increasingly using fungicides. The main markets are fruit and vegetables, cereals, and rice. The development of new biofungicides will create new market opportunities for the key players.
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, and changes in farming practices are the major factors boosting the market. However, factors such as stringent regulatory conditions differ in countries, an increase in environmental pollution, and a shift to genetically modified seeds hindering the growth of the fungicides market.
Europe is one of the largest contributors to the global market because of its advanced agricultural technologies. Italy and France constitute the highest country-level markets in this region.
The Europe fungicides market is dominated by key players like 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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