Copper Fungicides Market To Reach USD 500.26 Million By 2031 Due To Rising Demand For Fungal Resistance In Crops

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The SNS Insider report indicates that the Copper Fungicides market size was valued at USD 335.65 million in 2023. It is expected to grow to USD 500.26 million by 2031 and grow at a CAGR of 5.1% over the forecast period of 2024-2031.

Growing Demand

The escalating global population and subsequent rise in food demand necessitate the control of fungal diseases in crops. The United Nations projects the global population will reach 9.7 billion by 2050, while food demand could increase by 98%. Copper fungicides play a vital role in ensuring crop yields meet this demand. Their unique ability to combat diseases like downy mildew and late blight makes them invaluable, particularly for organic growers who have limited options.

The agricultural sector is a primary driver of demand for copper fungicides.

Their use as a preventative and curative measure for fungal diseases across a wide range of crops, including citrus, grapes, and others, has spurred market growth. Governments worldwide are implementing initiatives to increase agricultural output, further fueling demand for copper fungicides. This rising global agricultural production will remain a crucial market expansion factor.

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Some of the Key Players Included are:

The major key players are Corteva, UPL Ltd. India, Nufarm, Certis USA LLC, Albaugh LLC, Bayer AG, Isagro S.p.A., ADAMA, Quimetal, Cosaco, Cinkarna Celje dd, Nordox AS, and other key players mentioned in the final report.

Recent Developments

  • In September 2021, Best Agrolife Limited announces the acquisition of Best Crop Science Pvt. Ltd., a move that strengthens its position in the agrochemicals market.
  • In May 2021, ADAMA Ltd. and Jiangsu Huifeng Bio Agriculture Co., Ltd finalized the second phase of a transaction, giving ADAMA a majority stake in Huifeng's crop protection assets.

Segment Analysis

By Chemistry, the copper hydroxide segment led the market in 2023 with a 32% revenue share, largely due to its superior efficacy in controlling fungal diseases across various fruits and vegetables. By Application, Fruits & vegetables dominated in 2023 with a 42.3% share. Rising health consciousness drives demand for fresh produce, indirectly boosting copper fungicide use to protect these crops.

By Chemistry

  • Copper Hydroxide
  • Copper Oxychloride
  • Copper Sulphate
  • Cuprous Oxide
  • Others

By Application

  • Fruits & Vegetables
  • Oilseeds & Pulses
  • Cereals & Grains
  • Others

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Impact of the Russia-Ukraine War

The ongoing Russia-Ukraine war has caused disruptions in the global supply of fertilizers and other key agricultural inputs. This disruption, coupled with rising energy costs, has put immense pressure on the agricultural sector globally. Farmers are forced to seek alternatives and optimize their use of resources. The efficacy and broad-spectrum abilities of copper fungicides may make them a more attractive choice for farmers seeking cost-effective crop protection solutions during this uncertain time.

Impact of Economic Slowdown

The global economic slowdown has the potential to reduce disposable income, which might lead to decreased demand for certain higher-value fresh produce. However, staples like grains and rice, which are heavily reliant on fungicides, may see steadier or even increased demand due to their necessity. The overall effect will depend heavily on the severity and duration of the economic downturn.

Regional Landscape

Europe led the market in 2023 and accounted for the highest revenue share of more than 57.6% of the overall revenue. Easy access to raw materials and the presence of major manufacturers contribute to this dominance. Germany, a major crop producer, drives demand for fungicides to maintain yields of staples like grains and high-value produce like grapes. Asia Pacific is anticipated to grow at the highest CAGR from 2024-2031. The focus on agriculture in countries like India, Bangladesh, and Sri Lanka, along with the crop production power of China, will lead the region to increased copper fungicide use for major export crops like rice, wheat, and cotton.

Key Takeaways for the Copper Fungicides Market Study

  • Addressing fungal diseases with copper fungicides is crucial for meeting rising food demands worldwide.
  • Europe's established manufacturing base and APAC's agricultural expansion create distinct regional market dynamics.
  • Copper fungicides are vital for organic growers, offering a potential growth area as consumer interest in organic produce rises.
  • New formulations and technologies will be necessary to balance the effectiveness of copper fungicides with potential environmental impact.

Copper Fungicides Market To Reach USD 500.26 Million By 2031 Due To Rising Demand For Fungal Resistance In Crops Image

Copper Fungicides Market

Table of Contents – Major Key Points

  • Introduction
  • Research Methodology
  • Market Dynamics
  • Impact Analysis
    • COVID-19 Impact Analysis
    • Impact of Ukraine- Russia war
    • Impact of ongoing Recession
  • Value Chain Analysis
  • Porter's 5 Forces Model
  • PEST Analysis
  • Copper Fungicides Market Segmentation, By Chemistry
  • Copper Fungicides Market Segmentation, By Application
  • Regional Analysis
  • Company Profiles
  • Competitive Landscape
  • Use Case and Best Practices
  • Conclusion

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