Fungicides Market To Reach USD 35.80 Billion By 2031, Fueled By Rising Food Demand And Focus On Crop Protection

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The SNS Insider report reveals that the Fungicides market size reached USD 22.05 billion in 2023. It is anticipated to surge to USD 35.80 billion by 2031, demonstrating a CAGR of 6.2% during the 2024-2031 forecast period.

Rising populations, developing economies, and expansion of high-value crop cultivation fuel market expansion

Food security, a state of reliable access to sufficient and nutritious food, is a global necessity. Yet, despite agricultural advancements, one in eight people still experience chronic hunger. The UN reports that between 691 and 783 million people faced hunger in 2022. Recognizing this crisis, organizations like the World Bank have pledged significant funding to combat the issue. The goal to eradicate hunger by 2030, known as the“Zero Hunger” strategy, needs revitalization, as economic downturns stemming from the COVID-19 pandemic and extreme weather patterns have disrupted food supplies globally. Governments worldwide are enacting programs empowering farmers to utilize the latest yields-boosting products and technologies, stimulating the use of crop protection solutions.

Additionally, the organic food market is thriving in regions like Europe and the U.S., leading to an increased demand for natural, chemical-free bio-fungicides. The UN Food and Agriculture Organization reports that approximately 187 countries worldwide currently practice organic farming. This expansion of organic cultivation creates opportunities for bio-fungicide products, like Syngenta's“BotriStop” launched in Peru and Mexico in 2021.

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Some of the Key Players Included are:

The major key players are Bayer CropScience, Nufarm Ltd, BASF SE, Dow AgroSciences, FMC Corporation, DuPont, Adama Agricultural Solutions, Lanxess AG, Cheminova A/S, Syngenta AG, Monsanto, Simonis B.V., and other key players mentioned in the final report.

Market Analysis

Global shifts in food consumption and cropping patterns have increased the acreage dedicated to fruits and vegetables. This has propelled the demand for fungicide products with novel active ingredients. Regulatory bodies like the U.S. Environmental Protection Agency (EPA) are actively approving innovative fungicide ingredients (e.g., BASF's“Revysol” in 2019 and FMC Corporation's“fluindapyr” in 2021). Additionally, to counter the growing resistance of diseases to strobilurin fungicides, manufacturers are strategically combining strobilurins with other complementary products.

Major market players leverage innovation and strategic acquisitions to strengthen their positions

• In May 2020, BASF introduced Melyra, from the Revysol series, specifically for tomato and grape applications in the Chinese market.
• In October 2023,“ Bayer “, a prominent UK-based agricultural player, received approval from the Chemicals Regulation Division (CRD) for its new active fungicide ingredient, isoflucypram, used in their product Vimoy.
• In September 2022, Renowned agriculture nutrition manufacturer, BASF, launched its innovative fungicide Revolution, approved for use in New Zealand.
• In November 2022, Bayer introduced Luna Flex, a new fungicide under their Luna brand, approved for vital crops-including fruits and vegetables like apples-to combat diseases such as scab, melanosis, powdery mildew, and gummy stem blight.

Segment Analysis

By Type, Chemical (synthetic) fungicides dominated the market due to their efficacy in controlling fungal growth and their capacity to cover vast acreage due to high active ingredient concentrations. Dithiocarbamates, triazoles, inorganic fungicides, strobilurins, and chloronitriles have widespread use in oilseeds, pulses, fruits, and vegetables. By Crop Type, the cereals & grains segment leads in fungicide consumption, driven by the significant application rate per hectare and the extensive total harvested area.

By Type

• Biological
• Chemical

By Form

• Dry
• Liquid

By Crop Type

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

By Mode of Action

• Translaminar
• Systematic
• Contact

By Mode of Application

• Seed Treatment
• Foliar Spray
• Soil Treatment
• Chemigation
• Post-Harvest
• Others

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Impact of the Russia-Ukraine War

The Russia-Ukraine war has profoundly disrupted the global fungicides market. Both Russia and Ukraine are significant players in agriculture, particularly in grain and fertilizer production. The conflict has created severe supply chain bottlenecks, trade restrictions, and price volatility for agricultural inputs, including fungicides. Disruptions to Ukrainian agricultural production and exports, along with sanctions on Russia, have limited the availability of some fertilizer components and potentially fungicides themselves. Reduced supply and rising energy costs have pushed fertilizer and input prices sharply higher, increasing costs for farmers and potentially discouraging the use of crop protection products like fungicides. The war exacerbates existing food supply concerns. Fungicide shortages could lead to crop losses, further jeopardizing food security, especially in vulnerable nations reliant on grain imports.

Example- The price of potassium , a key ingredient in many fertilizers, has skyrocketed due to Russia and Belarus being major exporters. This affects fungicide markets as higher fertilizer costs can leave farmers with less to spend on other inputs.

Regional Landscape

Asia-Pacific- This region holds the largest fungicides market share of about 40% in 2023 due to its vast agricultural sector (China, India, Japan), growing demand for high-quality food with rising incomes, and significant cultivation of crops like rice, susceptible to fungal diseases.

North America – Farmers in this region embrace both synthetic and natural crop protection solutions, driving innovation. Companies like Syngenta cater to this market with launches like“VAYANTIS”.

Europe- The focus is on sustainable agriculture, driven by stringent regulations and environmental concerns. Bans on some older fungicides (like“Mancozeb”) necessitate alternative solutions.

Key Takeaways for the Fungicides Market Study

• The fundamental need to feed a growing population underpins the long-term demand for fungicides.
• Balancing effective disease control with environmental responsibility through new products and bio-fungicides is crucial for success.
• Companies must tailor strategies to market dynamics, regulations, and crop patterns in different regions.
• Global events like the Russia-Ukraine war and economic cycles can significantly reshape the fungicide market landscape

Table of Contents – Major Key Points