The Latin America fungicides market size is expected to reach USD 3.04 billion in 2024 and reach USD 3.94 billion by 2029, growing at a CAGR of 5.3 % from 2024 to 2029.
Fungicides are a specific type of pesticide that is utilized to control fungi or its spores in crops. It can reduce diseases that reduce the yield and quality of crops. Market interest in bio-based fungicides is also increasing because of their ecofriendly nature.
Driver such as 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 boosting the market. Factors such as stringent regulatory conditions differs in countries, increase in environmental pollution and shift to genetically modified seeds are limiting the market.
The rise in popularity of Cereals and grains is attributable to the increased awareness about their nutritional advantages.
The Latin America fungicides market is influenced by key players such as 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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