As per our analysis report, the global fungicides market is expected to reach USD 23.96 billion by 2029 from USD 18.97 billion in 2024, growing at a compound annual growth rate (CAGR) of 4.78 % during the forecast timeline. This market is developing rapidly because of the increase in crop loss due to infections and rising food quality concerns of a growing population. Fungicides are a type of pesticide mainly used to kill the fungi/fungi spore, which restricts the growth of crops. The use of fungicides differs based on the crop type. The active ingredients in the fungicides include mancozeb, prochloraz, chlorothalonil, propiconazole, etc. Sulfur is the most common ingredient in fungicides and is very toxic.
Rising need for food security for the increasing population, increasing loss of crop due to fungal disease, increasing investment in research and development, shrinking arable land, change 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 hamper the growth of the fungicides market.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2029 |
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CAGR |
4.78% |
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Segments Covered |
By Type, Crop Type, Application, and Region |
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Various Analyses Covered |
Global, Regional and Country Level Analysis; Segment-Level Analysis; DROC; PESTLE Analysis; Porter’s Five Forces Analysis; Competitive Landscape; Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
BASF SE, Dow AgroSciences LLC, Sumitomo Chemical Co., Ltd, Bayer CropScience AG, Syngenta AG, Nippon Soda Co. Ltd, Cheminova A/S, and Nufarm Ltd |
Europe has the largest share of the market, followed by Asia-Pacific. Europe is one of the biggest markets due to the increasing usage of fungicides, advanced agricultural techniques, and the rise in requirements for food security in the European nations. Italy and France constituted the biggest nation-level markets in the European region.
The key players in the market are BASF SE, Dow AgroSciences LLC, Sumitomo Chemical Co., Ltd, Bayer CropScience AG, Syngenta AG, Nippon Soda Co. Ltd, Cheminova A/S, and Nufarm Ltd
Synthetic
Soil treatment
North America
Europe
Frequently Asked Questions
The fungicides market is expected to grow steadily in the coming years due to the increasing demand for crop protection solutions to combat fungal diseases and ensure higher agricultural productivity.
Some key challenges include regulatory scrutiny and stringent regulations regarding chemical pesticides, the emergence of resistant fungal strains, and the need for sustainable and environmentally friendly alternatives.
The market is witnessing a growing trend towards developing bio-based and organic fungicides, increased adoption of integrated pest management (IPM) practices, advancements in fungicide formulations for enhanced efficacy and safety, and the rise of precision agriculture technologies.
Leading fungicide market players include BASF SE, Bayer AG, Syngenta Group, Corteva Agriscience, FMC Corporation, Sumitomo Chemical Co., Ltd., UPL Limited, Nufarm Limited, and Adama Ltd. These companies compete based on product innovation, efficacy, price, and distribution networks.
The adoption of fungicides is driven by various factors such as the prevalence of fungal diseases in specific crops, climatic conditions favoring disease development, availability of agricultural infrastructure and support, government policies and regulations related to crop protection, and the economic significance of crops in different regions.
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