Fungicides Market Forecasts to 2028 - Global Analysis By Type (Chemical and Biological), By Crop Type (Fruits & Vegetables, Cereals & Grains, Oilseeds & Pulses, Turfs and Ornamentals and Other Crop Types), By Formulation, By Mode of Action, By Application, By End User and By Geography
Estimated Year Value (2022)
US $20.25 BN
Projected Year Value (2028)
US $30.27 BN
CAGR (2022 - 2028)
North America, Europe, Asia Pacific, South America, and Middle East & Africa
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa
Highest Growing Market
According to Stratistics MRC, the Global Fungicides Market is accounted for $20.25 billion in 2022 and is expected to reach $30.27 billion by 2028 growing at a CAGR of 6.93% during the forecast period. Fungicide is a compound to kill the fungus in many ways without having any selectivity. The Fungicides play a crucial role in protecting crops from fungal diseases. Changes in farming techniques and technological advancements have encouraged the farmers to engage in effective pest management. The development of new plant diseases and the resistance of different fungi to the available fungicides prompted corporations to develop unique remedies to combat the fungus's mutations and reduce farmers' losses.
According to Food and Agriculture Organization, the total arable land for cereals, pulses, fruits, and vegetables is increasing every year, presenting opportunities for the farmers to meet the increasing domestic and international food demand.
Rise in adoption of organic farming
In regions like Europe and the United States, the demand for organic food products has substantially expanded in recent years. This has led to an increase in growers' demand for natural, chemical-free solutions like bio-fungicides. According to reports from the UN Food and Agricultural Organization, almost 187 nations worldwide practice organic farming. Companies are launching biofungicides to meet the rising demand in the sector as the area under organic production increases.
Growing resistance to active ingredients may hamper growth
Chemical pesticides are the most often used products for protecting crops among the various types of pesticides available on the market because of their low costs and simplicity of application. These products had a number of unfavorable side effects if they were used carelessly on crops. As an instance, helpful non-target microbes are found in plants like Tirchoderma and Arbuscular Mycorrhiza. Use of these compounds on crops may have detrimental effects on fungi. Also, the fungus that lives in the crops may become resistant to the products if these products are used on them frequently.
New product development to promote fungicide usage
As the global food system and cropping patterns evolve, additional land is being cultivated for fruits and vegetables. This has also led to a rise in the demand for fungicide products with innovative active components. For instance, in 2019, the U.S. Environmental Protection Agency approved the new active ingredient "Revysol" fungicides produced by BASF, a major agrochemical business (EPA). Also, in 2021, FMC Company was given permission by the U.S. Environmental Protection Agency (EPA) to register fluindapyr, which can be applied to turfs as well as specialty crops. The development of strobilurins in combination with other goods is a priority for the manufacturers due to the growing disease resistance to strobilurin fungicides.
Risk of exceeding MRL’s
Concerns about the decrease in the maximum residue levels, or MRLs, are growing among farmers. The term "maximum residue level" refers to the amount of pesticide residue that is legally permitted in food or feed products at any particular time. MRL laws are regulated globally, so farmers must abide by them by spending money on products that assist in reducing residue levels. As a result, farmers are choosing integrated pest management techniques to reduce the overuse of fungicides and control fungal infestations. From an environmentally sustainable perspective, using fungicides gives farmers more benefits because it reduces their reliance on crop protection products and soil exposure to various chemicals and phytotoxicity.
Lockdowns after the COVID-19 outbreak in multiple nations had a significant negative impact on product supply and production. The manpower was another factor in the interruption of the supply chain for fungicides and other plant protection products. Also, the COVID-19 epidemic has already decreased yields by disrupting the flow of crop protection goods from domestic or foreign vendors to the farm level. For instance, shipping delays were caused by the fact that there were three times as many insecticides to deliver to East Africa.
The chemical segment is expected to be the largest during the forecast period
The chemical segment is anticipated to dominate the global market during the forecast period due to their immediate capacity to halt the growth of fungi; chemical fungicidal products are typically preferred over biological factors. The chemical fungicidal preparations can also cover a vast area because of the high concentration of active components. However, dithiocarbamates, triazoles, inorganic fungicides, strobilurins, and chloronitriles are highly preferred by producers worldwide in the market for chemical fungicide products. The key elements that contribute to this segment's dominance are the high stability and simple accessibility of chemical fungicide solutions on the market.
The foliar treatment segment is expected to have the highest CAGR during the forecast period
Foilar treatment segment is expected to have lucrative growth over the projection period as several alternative application techniques are used to apply fungicides. Nevertheless, in all regions, foliar treatment is largely recommended. The consistent application and low volume required per acre of the foliar treatment account for its high favorability. By saving on input costs and preventing crop damage, the decreased volume needed per hectare boosts farmers' profitability. The foliar treatment also protects exposed plant surfaces and prevents diseases from entering the crop. The foliar treatment also reduces the secondary inoculum and assists in the eradication of pre-existing diseases.
Region with largest share:
Due to some of the major economies that are reliant on agriculture, like China, India, and Japan, among others, the Asia Pacific region is anticipated to hold the largest market share over the projection period. The major factors driving the market in this region are the expanding rice cultivation and the rising post-harvest damages. Major crops, including rice, soybeans, and wheat, are grown in these regions. Moreover, the growing demand for premium food products among customers in these regions is another factor driving the expansion of the regional market.
Region with highest CAGR:
Due to the use of both natural and artificial crop protection strategies by nations like the United States and Canada to increase crop production, the North American area is anticipated to have the highest CAGR throughout the projected period. Hence, major crop protection businesses are creating novel products and active ingredients and launching them to the market while taking into consideration changing consumer preferences. For instance, Syngenta introduced "VAYANTIS®" in 2021 as a new product for corn and soybean seeds.
Key players in the market
Some of the key players in Fungicides market include Bayer AG, UPL Ltd., BASF SE, Wild Planet Foods Inc., FMC Corporation, ADAMA Agricultural Solutions Ltd., Corteva Inc., Sumitomo Chemical Co., Ltd., NOVO NORDISK A/S, Nufarm Ltd., TATA CHEMICALS LTD., Syngenta AG and Isagro Spa.
In October 2021, AgNova Technologies Pty Ltd. was purchased by American Vanguard Company. Its crop protection offering was increased by this acquisition.
In September 2020, Nufarm and Sumitomo Chemical inked a contract regarding the novel fungicide "metyltetraprole" for the European market. The businesses agreed to look into the possibility of distributing Pavecto-based products in Germany, the UK, and Poland. "Pavecto" trademarked the new compound.
In February 2020, BASF launched its new fungicide, Revysol in the Irish market. This product can be used on wheat and barley and has powerful adaptation to disease mutations.
In December 2019, FMC Corporation launched Rayora, a systemic demethylation inhibitor (DMI) to prevent and cure dollar spots.
Crop Types Covered:
• Fruits & Vegetables
• Cereals & Grains
• Oilseeds & Pulses
• Turfs and Ornamentals
• Other Crop Types
Mode of Actions Covered:
• Systemic Fungicides
• Contact Fungicides
• Foliar Treatment
• Seed Treatment
End Users Covered:
• Soil Treatment
• Other End Users
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
3 Market Trend Analysis
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Fungicides Market, By Type
5.2.7 Other Chemicals
6 Global Fungicides Market, By Crop Type
6.2 Fruits & Vegetables
6.2.1 Citrus Fruits
6.2.2 Pome Fruits
6.2.3 Leafy Vegetables
6.2.4 Root & Tuber Vegetables
6.2.6 Other Fruits & Vegetables
6.3 Cereals & Grains
6.3.4 Other Cereals & Grains
6.4 Oilseeds & Pulses
6.4.3 Other Oilseeds & Pulses
6.5 Turfs and Ornamentals
6.6 Other Crop Types
7 Global Fungicides Market, By Formulation
7.2.1 Suspension Concentrates (SC)
7.2.2 Soluble Liquid Flowable
7.2.3 Emulsifiable Concentrates (EC)
7.3.1 Wettable Powder (WP)
7.3.2 Water Dispersible Granules (WDG)
8 Global Fungicides Market, By Mode of Action
8.2 Systemic Fungicides
8.3 Contact Fungicides
9 Global Fungicides Market, By Application
9.3 Foliar Treatment
9.4 Seed Treatment
10 Global Fungicides Market, By End User
10.2 Soil Treatment
10.7 Other End Users
11 Global Fungicides Market, By Geography
11.2 North America
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.5 Other Key Strategies
13 Company Profiling
13.1 Bayer AG
13.2 UPL Ltd.
13.3 BASF SE
13.4 Wild Planet Foods Inc.
13.5 FMC Corporation
13.6 ADAMA Agricultural Solutions Ltd.
13.7 Corteva Inc.
13.8 Sumitomo Chemical Co., Ltd.
13.9 NOVO NORDISK A/S
13.10 Nufarm Ltd.
13.11 TATA CHEMICALS LTD.
13.12 Syngenta AG
13.13 Isagro Spa
List of Tables
1 Global Fungicides Market Outlook, By Region (2020-2028) ($MN)
2 Global Fungicides Market Outlook, By Type (2020-2028) ($MN)
3 Global Fungicides Market Outlook, By Chemical (2020-2028) ($MN)
4 Global Fungicides Market Outlook, By Triazoles (2020-2028) ($MN)
5 Global Fungicides Market Outlook, By Strobilurins (2020-2028) ($MN)
6 Global Fungicides Market Outlook, By Chloronitriles (2020-2028) ($MN)
7 Global Fungicides Market Outlook, By Dithiocarbamates (2020-2028) ($MN)
8 Global Fungicides Market Outlook, By Inorganics (2020-2028) ($MN)
9 Global Fungicides Market Outlook, By Phenylamides (2020-2028) ($MN)
10 Global Fungicides Market Outlook, By Other Chemicals (2020-2028) ($MN)
11 Global Fungicides Market Outlook, By Biological (2020-2028) ($MN)
12 Global Fungicides Market Outlook, By Microbials (2020-2028) ($MN)
13 Global Fungicides Market Outlook, By Macrobials (2020-2028) ($MN)
14 Global Fungicides Market Outlook, By Biochemicals (2020-2028) ($MN)
15 Global Fungicides Market Outlook, By Crop Type (2020-2028) ($MN)
16 Global Fungicides Market Outlook, By Fruits & Vegetables (2020-2028) ($MN)
17 Global Fungicides Market Outlook, By Citrus Fruits (2020-2028) ($MN)
18 Global Fungicides Market Outlook, By Pome Fruits (2020-2028) ($MN)
19 Global Fungicides Market Outlook, By Leafy Vegetables (2020-2028) ($MN)
20 Global Fungicides Market Outlook, By Root & Tuber Vegetables (2020-2028) ($MN)
21 Global Fungicides Market Outlook, By Berries (2020-2028) ($MN)
22 Global Fungicides Market Outlook, By Other Fruits & Vegetables (2020-2028) ($MN)
23 Global Fungicides Market Outlook, By Cereals & Grains (2020-2028) ($MN)
24 Global Fungicides Market Outlook, By Corn (2020-2028) ($MN)
25 Global Fungicides Market Outlook, By Wheat (2020-2028) ($MN)
26 Global Fungicides Market Outlook, By Rice (2020-2028) ($MN)
27 Global Fungicides Market Outlook, By Other Cereals & Grains (2020-2028) ($MN)
28 Global Fungicides Market Outlook, By Oilseeds & Pulses (2020-2028) ($MN)
29 Global Fungicides Market Outlook, By Soybean (2020-2028) ($MN)
30 Global Fungicides Market Outlook, By Cotton (2020-2028) ($MN)
31 Global Fungicides Market Outlook, By Other Oilseeds & Pulses (2020-2028) ($MN)
32 Global Fungicides Market Outlook, By Turfs and Ornamentals (2020-2028) ($MN)
33 Global Fungicides Market Outlook, By Other Crop Types (2020-2028) ($MN)
34 Global Fungicides Market Outlook, By Formulation (2020-2028) ($MN)
35 Global Fungicides Market Outlook, By Liquid (2020-2028) ($MN)
36 Global Fungicides Market Outlook, By Suspension Concentrates (SC) (2020-2028) ($MN)
37 Global Fungicides Market Outlook, By Soluble Liquid Flowable (2020-2028) ($MN)
38 Global Fungicides Market Outlook, By Emulsifiable Concentrates (EC) (2020-2028) ($MN)
39 Global Fungicides Market Outlook, By Dry (2020-2028) ($MN)
40 Global Fungicides Market Outlook, By Wettable Powder (WP) (2020-2028) ($MN)
41 Global Fungicides Market Outlook, By Water Dispersible Granules (WDG) (2020-2028) ($MN)
42 Global Fungicides Market Outlook, By Mode of Action (2020-2028) ($MN)
43 Global Fungicides Market Outlook, By Systemic Fungicides (2020-2028) ($MN)
44 Global Fungicides Market Outlook, By Contact Fungicides (2020-2028) ($MN)
45 Global Fungicides Market Outlook, By Application (2020-2028) ($MN)
46 Global Fungicides Market Outlook, By Chemigation (2020-2028) ($MN)
47 Global Fungicides Market Outlook, By Foliar Treatment (2020-2028) ($MN)
48 Global Fungicides Market Outlook, By Seed Treatment (2020-2028) ($MN)
49 Global Fungicides Market Outlook, By End User (2020-2028) ($MN)
50 Global Fungicides Market Outlook, By Soil Treatment (2020-2028) ($MN)
51 Global Fungicides Market Outlook, By Volatilization (2020-2028) ($MN)
52 Global Fungicides Market Outlook, By Dusting (2020-2028) ($MN)
53 Global Fungicides Market Outlook, By Spraying (2020-2028) ($MN)
54 Global Fungicides Market Outlook, By Post-Harvest (2020-2028) ($MN)
55 Global Fungicides Market Outlook, By Other End Users (2020-2028) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
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