(MENAFN- iCrowdNewsWire) The global fungicides market is expected to reach USD 25.93 Billion by 2027, according to a new report by Reports and Data. The growing occurrence of plant and crop diseases are driving the growth of the market. Diseases are a significant source of crop and plant damage, which may be caused by several plant pathogenic organisms. Fungi are the leading reason for crop loss across the globe. Diseases often have a substantial economic impact on quality and yield; hence disease management is an indispensable component of production for the majority of the crops. Fungicides, in general, find usage for disease control during the planting and growth of a crop, increased productivity, and reducing blemishes. Diseased food crops, typically, produce less as their leaves, necessary for photosynthesis, are affected by the disease. It has been found that one in every eight crop plants fails to yield owing to fungal disease, thereby necessitating the need for crop protection policies.
The 'Global Fungicides Market Report,' published by Reports and Data, offers a panoramic vision of the global Fungicides market. The report presents accurate details on market size and revenue growth rate over the forecast period. It expounds on the current industry scenario and offers a detailed assessment of the latest and emerging market trends. The report contains key industry statistics presented in a tabular format to give readers an exclusive picture of the global Fungicides market.
Key participants include BASF SE, FMC Corporation, Nufram, Bayer AG, Nissan Chemical Corporation, Nippon Soda Co. Ltd., Corteva Inc., Sumitomo Chemical Co. Ltd., Syngenta AG, and Isagro Spa, among others.
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Population across the globe is presently growing at a rate of about 1.05% per year. The existing average increase in population is anticipated at 81 million people each year. The world population has increased two-fold from 3 billion in 1959 to 6 billion in 1999. It is projected that it will take another approximately 40 years to grow by another 50% to reach 9 billion by the year 2037. This trend indicates a growing demand for food products worldwide. Food demand is likely to increase in the range of 59.0% to 98.0% by 2050. One of the ways, this demand could be met by improving productivity on existing agricultural lands by use pesticides such as fungicides to prevent crop damage.
COVID-19 Impact
The COVID-19 pandemic is having a significant impact on the chemicals & materials industry. Demand for chemicals is suffering severe shocks across various end-use markets, worldwide supply chains are upset, and the competitive order of manufacturers/producers has witnessed a change. The shortage of demand has fast-tracked the global chemical sector into an oversupply situation. Lack of free movement of the labor force required for the application of pesticides in the agricultural fields is lacking, thereby hindering the growth of the market in the COVID-19 pandemic. Movement restrictions appear to be a direct and immediate effect, and once the compulsory social distancing ends, it is expected things would get back to normal conditions.
Further key findings from the report suggest
- By type, synthetic fungicides contributed to a larger market share in 2019 and are likely to grow at a rate of 4.0% in the forecast period. The availability of a variety of synthetic fungicides and ease of use are causative of the high market demand. Other benefits offered by this product type are higher crop quality, higher crop yields, and lower labor costs.
- By mode of action, contact fungicides are likely to grow at a rate of 5.2% in the forecast period. Contact fungicide or protectant functions by destroying the fungi when it comes in contact. Moreover, it prevents several other pathogens from getting into the tissue of plants.
- By application method, post-harvest is likely to grow at the fastest rate in the period 2020-2027. Some of the most significant crop losses owing to diseases occur post-harvest. Fungi frequently spoil stored vegetables, tubers, fruits, and seeds. A few which contaminate grains produce toxins capable of triggering severe illness or even death when consumed by humans and animals.
- By crop type, cereals & grains held the second-largest market size in 2019 and is likely to grow at a rate of 5.0% in the forecast period. An increase in population and the resulting rise in demand for food materials has resulted in an increase in the demand for crop protection chemicals, thus increasing the demand for novel fungicides solutions worldwide.
- Europe dominated the market in 2019 and is likely to grow at a rate of 3.9% in the forecast period. The market dominance of Europe is owing to the presence of leading market players in the region. Also, there is increased usage of fungicides in Europe for the protection of cereal crops.
- In April 2019, STK bio-ag technologies, a leading company in botanical sustainable crop safety, announced its partnership with Summit Agro U.S., which would become the exclusive distributor of STK products in the U.S.
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Fungicides Industry Overview
The global materials & chemicals industry revenue growth can be majorly attributed to increasing demand for essential consumer goods including soaps, detergents, and beauty & personal care products worldwide, rising preference for sustainable and eco-friendly raw materials, and growing use of advanced chemicals and raw materials in industries including agriculture, food & beverage industries, buildings & construction, automotive, packaging, and manufacturing industries. Other major factors driving growth of this industry are rising pollution levels, increasing environmental awareness, increasing use of technologically advanced chemicals and materials, and rising demand for organic materials.
For the purpose of this report, Reports and Data have segmented the global fungicides market on the basis of type, form, application method, crop type, and region:
Type Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Million; 2017-2027)
- Synthetic Fungicides
- Bio-Fungicides
Mode of Action Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Million; 2017-2027)
Application Method Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Million; 2017-2027)
- Seed Treatment
- Soil Treatment
- Foliar Spray
- Chemigation
- Post-Harvest
Crop Type Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Million; 2017-2027)
- Cereals & Grains
- Oilseeds & Pulses
- Fruits & Vegetables
- Others
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Regional Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Million; 2017-2027)
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
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