The fungicides market significantly consists of sales of the fungicides. The Fungicides controls fungal diseases by slaying or deterring fungi or fungal spores. Fungi can source serious damage in the agriculture, resulting in critical fatalities of yield, quality and profit. Tea tree oil, cinnamaldehyde and nimbin are examples of the natural fungicides.
According to the report analysis, ‘Fungicides Global Market Report 2020’ states that in the fungicides global market there are several corporate which presently functioning more effectively for leading the highest market growth and registering the handsome value of market share around the globe during the inflowing years while delivering the better consumer satisfaction, decreasing the linked prices, implementing the profitable strategies, analyzing and studying the strategies and policies of the government as well as competitors, enhancing the specifications of the production technologies, employing the young work force, advancing the applications of the fungicides and investing the handsome amount of money includes Adama Agricultural Solutions Ltd (Formerly MakhteshimAgan Industries Ltd) (Israel), American Vanguard Corporation (United States), BASF SE (Germany), Bayer Cropscience AG (Germany), BioworksInc (United States), Dow Agrosciences LLC (United States), DuPont (United States), FMC Corporation (United States), Marrone Bio Innovations Inc. (United States), Monsanto Company (United States) and several others.
Additionally, the worldwide fungicides market was worth USD 16.67 billion in 2019. It is projected to increase at a compound annual growth rate (CAGR) of 11% and reach USD 24.89 billion by 2023.
The farmers globally are implementing the intensive farming techniques to augment the productivity per hectare, propelling the demand for pesticides and several other agricultural chemicals. The Intensive farming is an agricultural intensification and mechanization system that focuses to maximize yields from accessible land through means such as heavy usage of the pesticides and chemical fertilizers. These approaches help to meet the increasing demand for food from the increasing population and safeguard food shortages. Intensive farming approaches such as monoculture propel the requirement for pesticides. Monoculture is a practice of increasing one type of crop intensively over a great area, depleting the nutrients in the soil and making it profoundly dependent on pesticides.
The underdeveloped agricultural countries, involving China, Brazil, and India, are experiencing growing demand for inorganic fungicides owing to their lower prices than organic fungicides. Other aspects driving this market involve rapid populace growth, depleting cultivable land, shortage of proper regulations, and augmenting demand for quality fruits and vegetables. The inorganic fungicides are produced from abundantly available and effortlessly produced elements, generating the product significantly cheap. Farmers in underdeveloped regions procuring inorganic fungicides in great quantities are expected to propel the market in the review period.
During March 2017, FMC Corporation, a USA-based chemical producing company that manufactures insecticides, herbicides, miticides, and fungicides attained portion of DuPont's crop fortification business for an unrevealed amount. The acquisition effectively helped FMC Corporation in lengthening its product portfolio by bringing in DuPont's leading products in crop shield portfolio and its research & development competencies. DuPont is a USA-based chemicals company and focuses in engineering pesticides. Therefore, in the near years, it is predicted that the market of fungicides will increase around the globe more effectively over the upcoming duration.
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Ankur Gupta, Head Marketing & Communications