Fungicides Market: Current Analysis and Forecast (2021-2027)

The global fungicides market is likely to showcase a growth of around 5% during the forecast period. Over the years, the world witnessed a rise in population and is continuously growing to create greater demand for food and changes in food consumption patterns. And the strain on land, which is a limited resource, has also grown. However, the growth of the population outpaced the land growth, thereby reducing the agricultural land per capita. Besides, the diseases which damage crops and plants are also increasing. They are reducing the production of crops and there is huge economic loss. For instance, the Food and Agriculture Organization (FAO) estimates that annually up to 40 percent of global crop production is lost to pests. Each year, plant diseases cost the global economy over $220 billion, and invasive insects at least $70 billion. This reduction in crop production due to diseases and the rising population has increased the global focus on improving crop yield, thereby increasing the interest of fungicide manufacturers to produce more advance, productive, and less toxic to humans, fungicides. Fungicides are the products used for protecting farm products from insects, pests, and diseases. These are the specific products also used for improving quality and increasing crop production.

Insights Presented in the Report

"Amongst type, the biological segment is likely to showcase robust growth during the forecast period"

Based on type, the market is categorized into chemical and biological. Of both, the biological category is likely to showcase robust growth during the forecast period owing to increasing adoption in light of the shifting focus on organic products. Biological fungicides are made up of organic matter which is used in the agriculture sector for controlling pathogenic organisms, insect infestation, and plant diseases. Bio-fungicide also plays a vital role in enhancing the soil quality of arable lands by balancing the essential contents of the soil. Moreover, chemical fungicides sometimes kill crop and plants if not handled carefully as it contains toxic substances.

"Amongst crops, the cereals and grains held a prominent market share in 2020"

Based on crop, the market is categorized into cereals and grains, fruits and vegetables, and others. Among these, cereals and grains held a prominent market share. Cereals and grains are the largest consumed class of crops. Moreover, cereals and grains cover a vast area of cultivation in the world. It has become prominent to use pesticides for cereals and grains production. The increasing consumption of cereals and grains, such as rice, wheat, rye, corn, oats, sorghum, and barley, across the region is driving the demand for fungicides in this segment.

"Amongst applications, post-harvest considerably has a large share in the market in 2020"

Based on application, the market is categorized into seed treatment, soil treatment, foliar spray, post-harvest, and others. Among these, post-harvest considerably has a large share in the market. It is very essential to store crops, fruits, vegetables, and others properly after harvesting. As many fungal diseases grow after harvesting due to moisture content and climatic conditions. So, it has become very important to use fungicides at the time of storage of crops, fruits, vegetables, and others to mitigate the losses and thereby, fueling the market of fungicides.

"Asia-Pacific accounted for a considerable share in the fungicides market"

For a better understanding of the market adoption of fungicides, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, United Kingdom, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. The large base of the agriculture sector of the Asia-Pacific region helped the region to obtain a dominating position in the market. Regional demand for fungicides due to agriculture consumption is needed in order to feed the growing and already higher population. Additionally, in countries, such as India and other southeast Asian countries, the arable land per person is decreasing at an alarming rate as the population is increasing and due to pollution and climatic conditions diseases are also increasing here the use of fungicides can play an important role in increasing the average crop yields per hectare.

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• Deep dive country-level analysis of the industry

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