Fungicides Market size Register Unwavering Growth during COVID-19 2023
Fungicides are biological chemical compounds or biological organisms used to kill parasitic inhibits or their spores. They kill the unwanted pests, which harm the crops and thereby affect the yield. They are commonly used in active ingredient in fungicides preparation in sulfur. The most common chemical fungicides available in the market are Dithiocarbamates, diazoles, storbilurins and others. The rising demand for fruits and vegetables is expected to drive demand for fungicides over the forecast period. Additionally, the increasing awareness among farmers regarding the benefits of the fungicides has urged the demand for the market. As per the current scenario, the global fungicides market is accounted for USD XXX million and expected to reach USD XXX million by 2023.
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Benefits of the fungicides-
(1) It protects crops and plants against fungal diseases.
(2) They can control pathogens that provide mycotoxins.
(3) Fungicides can also help plants to protect themselves from drought and extreme temperatures.
(4) It helps in maintaining and improving the quality of the crop.
(5) It allows plants to utilize nitrogen fertilizer and conduct photosynthesis more effectively.
Segmentation analysis-
The fungicides market is segmented based on product type and crop type. On the product type, it is divided into Mancozeb, Chlorothalonil, Matalxyl, Stroilurin and others. Further, on the basis crop type, it is divided into oilseeds and pulses, cereals and Grains, fruits and vegetables and others. According to the market statistics, cereals and grains segment is assumed to dominate the market because of the increasing consumption of the fruits and vegetables because of the nutritional benefits and growing inclination of people toward a healthy lifestyle.
Geographical Segmentation-
The fungicides market is a widespread market as is commonly used in North America, Europe, Asia Pacific and Latin America. Asia-pacific accounted for the largest share of the global fungicides market followed by China and India because if the use of advanced agricultural techniques. Further, Europe is also one of the major market holders of the fungicides market. Italy and France constituted the largest country in the European countries.
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Competitive landscape-
The key players of the market are Syngenta AG, DowDupont Inc., BASF SE, Bayer CropScience AG and Other Major & Niche Key Players. The increasing awareness regarding the benefits of the fungicides provides lucrative opportunities for market players during the forecast period. All the players in the market are providing tough competition in the market. BASF and VanderSat have collaborated to provide farmers with individually tailored application maps and optimized timings for crop protection measures. The technology will be an additional data source and calculates the risk of disease on a field-by-field basis.
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