Fungicides Market Analysis, Latest Trends and Regional Growth
Fungicides Market
According to the report published by Allied Market Research, the global fungicides market was estimated at $13.4 billion in 2019, and is anticipated to reach $19.5 billion by 2027, registering a CAGR of 4.7% from 2020 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
Increase in incidence of plant diseases, limited arable land, and rise in adoption of modern farming fuel the growth of the global fungicides market. On the other hand, inappropriate use of fungicides and advent of organic farming curtail down the growth to some extent. Nevertheless, upsurge in demand for bio-fungicide is anticipated to pave the way for multiple opportunities in the near future.
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The triazoles segment to maintain its dominance till 2027-
By active ingredient, the triazoles segment contributed to nearly one-fifth of the total market share in 2019, and is projected to dominate during the study period. Simultaneously, the phenylamides segment would manifest the fastest CAGR of 5.8% by the end of 2027. The report also assesses the other segments namely Dithiocarbamates, Benzimidazoles, Chloronitriles, and Strobilurins.
The fruits & vegetables segment garnered the lion’s share in 2019-
By crop type, the fruits & vegetables segment accounted for nearly two-fifths of the total market revenue in 2019, and is expected to retain its dominance throughout the estimated period. Simultaneously, the cereals & grains segment would project the fastest CAGR of 4.9% from 2020 to 2027. The oilseeds & pulses segment is also studied in the report.
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Europe to rule the roost-
By region, Europe garnered the major share in 2019, holding more than two-fifths of the global market. At the same time, the region across Asia-Pacific would grow at the fastest CAGR of 5.2% by 2027. The other regions evaluated in the report include North America and LAMEA.
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Key players in the industry- The key market players analyzed in the global fungicides market report include BASF SE, Bayer AG, Syngenta AG, Tata Chemicals Ltd. FMC Corporation, Novo Nordisk AG, Corteva Inc., Nufarm Ltd., Adama Ltd., and Sumitomo Chemical Company. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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