Fungicides Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

The global fungicides market is poised for substantial growth, with a projected valuation of US$29 billion by 2031, up from its current size of US$19 billion. This expansion represents a compound annual growth rate (CAGR) of 6% during the period from 2024 to 2031.

Product Overview

Fungicides, a type of pesticide designed to combat fungi and fungi spores, play a pivotal role in safeguarding crops in the agricultural sector. They are instrumental in preventing damage caused by fungal attacks, resulting in higher crop yields and improved crop quality. Fungicides also find application in controlling fungal infections in animals.

The choice of fungicide varies depending on the type of crop, with translaminar, systemic, and contact fungicides being among the available options. These fungicides contain active ingredients such as chlorothalonil, mancozeb, prochloraz, propicanazole, prochloraz, and propicanazole, to name a few. Sulfur is a commonly used active ingredient in many fungicides. However, it's worth noting that certain fungicides pose health risks to humans, and regulatory measures in different countries may impact the global fungicides market's growth, albeit moderately, in the near future.

Factors Driving Market Growth

• Growing Demand for Fungicides for Crop Protection: Increasing global demand for fungicides reflects the necessity to protect crops, ensuring higher yields, especially in the face of shrinking arable land and a rising need for food production.
• Increasing Global Population Demanding More Food Products: The surge in the global population has led to heightened demand for food products to meet the daily requirements of a growing populace.
• Rising Diseases in Agriculture Driving Sales of Fungicides: The need to combat various plant diseases has become increasingly important, further driving demand for fungicides. Moreover, the development of innovative organic fungicides offers industry players a competitive edge while delivering effective solutions to consumers.

Market Restraints

• Technological Advancements in Seeds Limiting Use of Fungicides: Ongoing advancements in seed technology are reducing the demand for fungicides, as genetically modified crops gain prominence in agriculture.

Regional Focus

Among the six regional markets, East Asia holds the largest share in the global fungicides market, primarily driven by the proliferation of large agricultural businesses in the region. China is expected to maintain a dominant position in the global market in the near future.

European countries are anticipated to increase their use of fungicides due to stringent regulatory authorities, emphasizing the importance of crop protection.

The Middle East & Africa region is set to exhibit significant growth opportunities as the consumption of fungicides rises in the coming years.

Key Players

Prominent players in the global fungicides market include BASF SE, Bayer AG, Syngenta AG, The Dow Chemical Company, E.I. Dupont De Nemours & Company, Cheminova A/S, Nufarm Ltd, and Chemtura Corporation.

Fungicides Industry Research by Category

By Type:

• Benzimidazoles
• Triazoles
• Dithiocarbamates
• Chloronitriles
• Phenylamides
• Strobilurins
• Others

By Crop Type:

• Fruits
• Vegetables
• Cereals and Grains
• Oilseeds
• Others

By Region:

• North America
• Europe
• Latin America
• East Asia
• The Middle East & Africa
• South Asia & Pacific

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