Fungicides Market Trend, Share, Growth, Size and Forecast 2032

Fungicides Market Insights

According to Zion Market Research, the global Fungicides Market was worth USD 22.17 Billion in 2023. The market is forecast to reach USD 39.41 Billion by 2032, growing at a compound annual growth rate (CAGR) of 6.6% during the forecast period 2024-2032.

The report offers a comprehensive analysis of the market, highlighting the factors that will determine growth, potential challenges, and opportunities that could emerge in the Fungicides Market industry over the next decade.

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Fungicides Market: Overview

Fungicides are a special kind of pesticides that are used for controlling fungal diseases. It is primarily used for crop protection. Additionally, fungicides are also used to maintain the yield and quality of the crops. Proper use of fungicides increases the production and storage life of harvested produce. Thus, the fungicides have extensive applications in agricultural, horticulture, and floriculture sectors producing vegetables, fruits, oilseed, grains & cereals, flowers, and other crops.

Fungicides are usually used on farms for crops such as fruits & vegetables, oilseeds & pulses, among others. This would majorly contribute to the growth of the fungicides market. Europe held the major share in the global market and it would remain to continue in the future mainly due to the extensive use of fungicides for wheat and vineyards as well in fruits and vegetable farms in the country. However, the Asia-Pacific is likely to emerge as a lucrative market in the future due to the popularity of agro-economic sectors in countries such as India and China.

It has led to either closure or suspension of their production activities in most industrial units across the globe. Furthermore, the global economy was deeply impacted by the implementation of lockdown, as many activities came to halt. The fungicides market saw a decline in its growth as the outbreak progressed. This is attributed to the fact that research and development activities in the manufacturing plants or development centers were halted as funds were being directed to sustaining economic unrest by many players.

However, the global markets are slowly opening to their full potential, and theirs a surge in demand.  This is attributed to stringent regulation of economies across the globe to maintain lockdown, and due to social distancing norms, manufacturers are unable to operate at full strength which has led to a decrease in production supply.

Fungicides Market: Growth Factors

The fungicides market is witnessing a significant growth rate in the market. This is attributed to the high consumption in the developed regions. Asia-Pacific region witnesses a major gain in the bio-fungicides market owing to high bio-fungicides. Currently, the market is dominated by synthetic fungicides, which are relatively economical and produce quick results. These fungicides are likely to dominate the market in the future; however, the demand would eventually decline owing to their overuse. However, issues related to using of synthetic fungicides might arise in the developing regions of the world due to the lack of awareness of the adequate quantity of use and weak government regulations.

Fungicides Market: Report Scope

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Segment Analysis Preview  

Based on the various types of fungicides, the global fungicides market is segmented into chloronitriles, dithiocarbamates, triazoles, strobilurins, benzimidazoles, mancozeb, and others. Among these, mancozeb was the leading segment in 2016 and it is also anticipated to be the fastest growing product segment of the market within the forecast period. This growth is attributed to the strong and rapid increase in demand for mancozeb, especially from China and India. Additionally, triazole was the second largest leading product segment of the global fungicides market in 2020. It accounted for more than 22.2% share of the total market. It is one of the active curative ingredients that are extensively used for each compound and it also has the ability to reduce the production of pathogens that play a role in fungi sterol production. Thus, it is expected to witness significant growth in the near future.

Fruit & vegetables, oilseeds & pulses, cereals & grains are key crop types of the global fungicides market. Fruit & vegetables were the most attractive crop type segment of the global fungicides and accounted for more than 41.2% share of the entire market size in 2020. Moreover, it is also considered to be the fastest growing segment in the near future due to the immense demand for fruit & vegetables around the world. Cereals & grains was the second largest crop type segment of the market in the same year. Furthermore, oilseeds & pulses are considered as an important outlet that intends to show noteworthy growth in the market within the forecast period.

Fungicides Market: Regional Preview

The Asia Pacific led the market for fungicides in 2020 and it held more than 26.5% share of the market 2020. Moreover, this trend is expected to continue in the near future. China was the major consumer of the fungicide market in 2020 and it accounted for more than 66.5% share of the Asia Pacific market. North America and Latin America are projected to witness significant demand for fungicides over the next few years. In addition, Europe is a mature market for fungicides. Therefore, it is predicted to have sluggish growth over the future years. Middle East & Africa is expected to be the fastest growing market for fungicides over the coming years due to the high UN investments in the agriculture industry.

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Fungicides Market: Key Players & Competitive Landscape

The major players operating Fungicides market are-

• BASF SE
• Adama Agricultural Solutions Ltd.
• Monsanto
• Cheminova A/S
• Bayer AG
• Nufarm Ltd.
• and E. I. Du Pont de Numerous and Company
• FMC Corporation
• DOW Agroscience LLC
• Syngenta AG among others.

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 The global Fungicides market is segmented as follows:

By Type of Fungicide

• Chloronitriles
• Dithiocarbamates
• Triazoles
• Strobilurins
• Benzimidazoles
• Mancozebs
• Others

By Crop Types   

• Fruits & Vegetables
• Oilseeds & Pulses
• Cereals & Grains
• Others 

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of the Middle East & Africa