The Global Fungicides Market was valued at USD 18.71 Billion in 2022 and is projected to reach USD 27.50 Billion by 2030, registering a CAGR of 4.85% for the forecast period 2023-2030.
Market Definition
The crop protection chemical industry has been undergoing significant change with its rapid expansion, shifting crop mix pattern and environmental laws. The desire for agriculture output is being driven by a number of key causes, including growing population, declining arable land, food security, and for increased need for agriculture productivity, as a result fungicides and crop protection sectors are growing rapidly.
The demand for fungicide is being driven by the growth of commercial farming especially in emerging economies. Because large scale of farming operation use monoculture technique are high crop densities they are more vulnerable to disease outbreak, in these intensive farming techniques, fungicide offer an efficient way to manage disease, significant developments in the formulation technologies have occurred in the fungicide sector, resulting in the creation of more effective and ecologically friendly solution, additionally there is notable surge in the demand for organic food items in region like US and Europe, this increases growers demand for natural and chemical free solution like bio-fungicides.
Market Size:
- 2022: USD 18.7 billion
- 2030: USD 27.5 billion
- CAGR (2023-2030): 4.85%
Fungicides Market Dynamics
Drivers Propelling the Demand for Fungicides include:
Enhance crop productivity and crop protection which drive the growth of Fungicides market:
IPM technique are being used at a faster rate as people become more conscious of sustainable farming methods, the demand of fungicide is fueled by their critical role in integrated paste management strategies. These are applied to enhance crop quality and destroy fungal spores. Fungicide increases agriculture productivity while lowering crop losses both before and after harvest. Fungicide is mostly obtained from the chemical and pharmaceutical industry, the need for products has also increased as result of population boom. The primary cause of crop disease at different phases of crop disease at different phases of crop development is crop loss in food crops. Fungicide use in rising in floriculture, horticulture, and mostly in farming in an effort to increase the crop productivity. Fungicide is essential in today’s farming as they protect crop against fungal disease farmer are being encouraged to handle pest effectively by changes in farming practices and technology breakthroughs. Increase use pest management technique has also raised awareness of fungicide ability to save crop, using variety of pest control technique including fungicide is main goal of integrated pest management, overall due to this factor fueling the growth of fungicide in the market.
For instance, in May 2023, according to BASF, A new soybean fungicide from BASF is set to hit the market in 2024. Revylok brings together two of the latest fungicidal active ingredients from BASF, Revysol, and Xemium. Revylok fungicide will be an effective tool to protect yield due to its fast uptake into the plant and long-lasting residual.
Growing demand for sustainable solution and development in formulation technologies:
Agriculture increasingly prioritizes sustainability, there is need for fungicide that provide efficient disease management with low environmental impact. The creation of bio based and ecologically friendly fungicide gives producers a chance to meet consumer demand and supply long term fixes. The market for fungicide offered chances by the ongoing improvement in formulation technology, effectiveness and targeted distribution of fungicide can be improved by innovation including nano encapsulation, combination solution, and controlled release formulation, which can improve performance and lower application rates. This development might drive market expansion by providing more economical and effective solution. Fungicide continues to be a crucial component for these IDM tactics, offering chances for their uptake and advancement. The market for fungicide is expected to grow as digital technology and precision agriculture become more widely used. Farmer are precisely track the occurrence and severity of disease because to advance sensing technologies, remote sensing and data analytics. With the use of this data driven strategy, fungicide application may be targeted and refined, cutting down on wasteful use and improving disease management technique, due to this factor the growth of fungicide market is increasing.
For instance, in July 2023, according to Syngenta, Syngenta launches Tuque exoGEM fungicide, the latest innovation for snow mold control, the new exoGEM formulation technology helps protect the active ingredients, the exoGEM formulation has been proven to increase the uptake, movement and retention of the active ingredients to significantly improve rain fastness and protect the plant quicker.
Recent Developments
In August 2022, Syngenta’s TYMIRIUM technology has received regulatory approval in Argentina, bringing farmers closer to accessing the novel nematicide and fungicide for both seed and soil uses, that is highly effective even at low use rates. TYMIRIUM technology provides long-lasting protection against invisible yet highly destructive nematodes and soil-borne diseases particularly the Fusarium species. Breakthrough technology preserves soil biodiversity and promotes soil health, enabling farmers to improve food quality as well as crop yields.
In May 2022, Corteva Agriscience launched a Zorvec Encantia, Zorvec Encantia is based on Zorvec active, which is the first member of a novel class of fungicides to control diseases caused by oomycete pathogens. Zorvec offers an unmatched combination of consistency and longer-lasting disease control, helping you yield healthier, more uniform potato crops for better business.
In September 2021, Corteva, Inc. and Gaiago, a biotechnology company, announced today a multi-year agreement to validate, develop and commercialize bio fungicides for farmers worldwide, through the agreement, Corteva Agriscience receives an exclusive, global testing license and associated optional commercial rights for a novel bio fungicide technology that can help protect grapevines, potatoes, vegetables, and stone and pome fruits against pathogens such as downy mildew, late blight, powdery mildew and botrytis.
Restraint
Increasing resistance to active ingredients hinder the growth of Fungicides Market:
Chemical pesticide is often used products for safeguarding crops among the numerous types of pesticides available on the market because of their low cost and simplicity of application. Numerous unfavorable side effects resulted from the items indiscriminate application on the crops. For example, using these chemicals on crop may have harmful effect on beneficial non-target microorganism present in crops such as arbuscular mycorrhizal fungi and Trichoderma. Furthermore, if these treatments are used on crops on a regular basis, the fungus that lives there may become resistance to them, for example the grey mold fungus botrytis cinerea, which grows on fruits and vegetables, become resistance to fungicide, a number of additional fungi have also grown resistance to fungicide treatment, this is one of the major factors restraining the adoption of fungal pesticide from being widely used to protect crops.
Challenges
Risk of exceeding Maximum Residue Level (MRL’s) impact on the Fungicides Market
Farmers are more and more concerned about the lowering of maximum residue level or MRL’s. the largest amount of pesticide residue that is permitted by law in food or feed product is known as maximum residue level. Farmers must invest in items that assist them in lowering the residue level in order to comply with MRL law, which are monitored globally. Therefore, in order to residue the overuse of fungicide and control fungal infestations, farmers have started using integrated pest management technique. Fungicide used provide farmers with additional benefits from an environmental conscious standpoint because it reduces soil exposure to various chemical and phytotoxicity and it somewhat reduces reliance on crop protection products. Spray drift requires the application of protective chemical and soil preparation a large area of square feet when employing technique like aerial spraying. However, the use of biological treatment lowers this exposure in small square feet area.
Opportunities
Raising harvesting of GM crops has curtailed crop rotation technique, resulting in need for soil replenishment
Overtime plantation and crop deplete the nutrient in soil by using up in nutrient. Additionally, they foster an environment that is favorable to disease unique to given a crop, therefore crop rotation was the only method used in the past to assist the soil renew its nitrogen content and get rid of disease. Crop rotation methods have however decreased as a result of high market value and worldwide demand for specific commodities. In order to increase their earning, farmer concentrate on growing crops with high economic value, consequently the soil nutritional value decreases and the pathogenic flora flourishes in such environment, for example crop protection practices have been curtailed in eastern Europe countries is an effort to increase profitability. In the places where crops like sunflower are grown in Russia and Ukraine this has led to decline in soil nutrient and increases in soil borne fungal infections. In the end this has raised the demand for product that cure seeds. These treatments lessen the effect of restricted crop rotation technique while giving seeds the necessary protective and nutritional component.
Snapshot:
| Attributes | Details |
| Market Size in 2022 | USD 18.7 Billion |
| Market Forecast in 2030 | USD 27.5 Billion |
| Compound Annual Growth Rate (CAGR) | 4.85 % |
| Unit | Revenue (USD Million) and Volume (Kilo Tons) |
| Segmentation | By Type, By Mode of Application, By Mode of Action, By Form, By Crop Type & By Region |
| By Type |
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| By Mode of Application |
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| By Mode of Action |
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| By Form |
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| By Crop Type |
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| By Region |
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| Base Year | 2022 |
| Historical Year | 2018 - 2022 |
| Forecast Year | 2023 - 2030 |
Segment Analysis of the Fungicides Market
The Fungicides Market is segmented by type, mode of application, mode of action, form, crop type and region.
By Type
The chemical segment held the largest market share in 2022:
By type is sub segmented into chemical and biological. The chemical segment accounted for 75% in 2022. Synthetic fungicide sometime referred to as chemical original fungicidal or biocidal compounds that have the ability to either kill or stop the growth of fungi and their spores. Because chemical fungicidal agents have an immediate effect on fungal development they are generally favored over biological products. Large areas can be covered by chemical fungicidal products because of their high concentration of active component. Global growers have a strong preference for Di thiocarbamate, triazole, inorganic fungicide, strobilurins, and chloronitrile in the market for chemical fungicide product. These triazole, chloronitrile, and Di thiocarbamate derivative are widely used in oilseed, pulses, fruits and vegetable. High stability and easy availability of chemical fungicide product in the market are the crucial factors that are responsible for dominance of segment.
On the other hand, the biological segment has the significant market share due to due to the increasing demand for organically grown fruits & vegetables and stringent government regulation on the presence of residue levels on the edible crops.
By Mode of Application
The foliar spray segment was the leading segment in 2022:
By mode of application, which is divided into seed treatment, soil treatment, foliar spray, post-harvest, other. The foliar spray application segment accounted for largest share in 2022. There is various technique used to apply fungicide, however foliar spray treatment is highly preferred because of their consistent application and low volume required per hectare. Farmers profit rise when the volume require per hectare is decreased because they save money on inputs and protect their crop from harm, furthermore, the foliar treatment protects sensitive plant surfaces and prevents disease from invading the crop, additionally the foliar spray lessens the secondary inoculum and aids in the eradication of preexisting disease.
On the other hand, the seed treatment segment is anticipated to expand due to seed treatment fungicide are applied to seed before they planted, this help to protect seeds from fungal disease and pests also they improve crop yield.
By Mode of Action
The contact segment was the leading segment in 2022:
By mode of action, the Fungicides Market is segmented into contact and systemic. The contact segment is accounted for the largest revenue market share in 2022. Protectants another name for contact fungicide, stick to the surfaces of plants instead of absorbing into the plant tissue. They serve as a barrier to prevent the fungus from entering the plant tissue and causing damage, but contact fungicide is limited to usage as a preventative if an infection has already been established. Downy mildew, rust, tikka leaf spot, citrus cancer, stem bleeding, bud rot, pink disease, and onion smut are main diseases controlled by contact fungicides. Contact fungicides are applied in various forms such as seed treatment, foliage application, wound dressing, soil drenching, broadcasting, furrow application, fumigation, and fruit protectant. Contact fungicides typically inhibits spore germination and stop infections. Due to this factor fueling the growth contact fungicide segment.
On the other hand, the systemic segment is anticipated to grow fast. Fungicide classified as systemic move throughout the plant system after being absorbed by plant, this prevent fungal disease on the plant even in places where the fungicide was not sprayed directly, plants can be treated with systemic fungicide through their seed, leaves and root.
By Form
The liquid segment dominated the Fungicides Market in 2022:
By form, market is segmented into liquid and dry, in terms of revenue share, the liquid segment held largest market share of the fungicides market in 2022. Because they facilitate spray drifting, liquid fungicide assists in reaching a high active content that is necessary in commercial formulation, adjuvant and surfactant are occasionally included in formulations as additions to help improve leaf penetration and wetting. Liquid penetration does not present the same health or mechanical risks as dusts, their use is currently spreading throughout the world. The following factors should be considered when applying liquid based formulants, using the right formulation for the crop and diseases outbreak. Choosing the right nozzle type, calculating the water to formulant ratio, checking the pH solution before spraying monitoring the weather because the rainy season is best for using liquid formulants and adding adjuvants. Bonide Liquid Copper Fungicide provided by planet natural controls a large variety of plant diseases including peach leaf curl, powdery mildew, black spot, rust, anthracnose, fire blight and bacterial leaf spot. Use on vegetables, roses, fruits and turf, overall due to this element fungicide market is boosting.
On the other hand, dry segment is anticipated to grow in forecast period, dry fungicide is spread as powders or granules. In situation where applying liquid fungicide is challenging, like in row crops, dry fungicide is frequently utilized. Dry fungicide is also preferred over liquid fungicide due to their longer shelf life.
By Crop Type
The cereals and grains segment dominated the fungicides market in 2022:
By crop type, market is segmented into cereals & grains, oilseeds & pulses, fruit & vegetables, others, in terms of revenue share, the cereal and grains segment have the highest market share of 65.5% in 2022. Application of the material in cereal and grains require through grasp of the many diseases kind in order to benefit farmers and grains in industry as a whole. Farmers can apply the right amount of fungicide to stop the spread of infection by accurately identifying the symptoms of their crops. The most effective method to stop fungal infection in grains is thought to be to understand cultivar resistance, grains and cereal require continuous observation throughout the growing seasons. The two significantly followed methods of application of fungicides to cereals are through direct foliar spray into stems or leaves and by application in furrow, the application of substance in initial stage helps to prevent the spread of the disease, due to this cereal and grain segment is fueling the growth of fungicide market.
On the other hand, oilseed and pulses segment has significant growth over the forecast period. There are certain ways to curb the spread of fungal diseases in oilseeds and pulses, which includes an understanding of the crop type and the diseases that these crops are prone to, analyzing the time frame of disease spread, having a holistic view of the canopy, and understanding the size of the plants and subsequent impact time frame of the diseases.
Regional Analysis
Asia Pacific occupied the largest market share in 2022:
Asia Pacific has gained the largest revenue market share of 38.20% in 2022, Asia Pacific is mostly an agrarian region, with nations like South Korea, Japan, Indonesia, India and Thailand heavily reliant on annual crop production. Crop care chemicals such as fungicide and other pesticides are in great demand. But agriculture communities and government everywhere are working hard to impose the idea of modern farming one in which farmers and their committees understand crop type, soil conditions, fungicide treatment schedule and the use of different pesticides. This will require less expenditure and have greater effect on crop productivity. Key countries highly investing in new technologies in the Asia Pacific region include India, China, Japan, and Australia. A few emerging economies, mostly from East and Southeast Asia, are also growing in agricultural trade. Loss in crop production due to pathogen attacks can heavily impact the GDP of developing countries. Mainly, cultivators of fruits and vegetables are adopting fungicides in Asia Pacific, as such crops are produced in tropical and sub-tropical climates in abundance for domestic and export purposes. Therefore, Asia Pacific is projected to grow at a rapid pace in the market.
On the other hand, Europe accounted for the significant share of the global Fungicides market in 2022. Europe offers plenty of opportunities for organized farming and the introduction of cutting-edge machinery and technology has boosted the sector there, when combined bactericides and fungicides make up the majority of the pesticide used in farming operation in European countries.
Segmentation Analysis of the Fungicides Market
By Type
- Chemical
- Biological
- Seed treatment
- Soil treatment
- Foliar spray
- Post-harvest
- Other
- Contact
- Systemic
- Liquid
- Dry
- Cereals & Grains
- Oilseeds & Pulses
- Fruits & vegetables
- Others
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
List of the prominent players in the Fungicides Market:
- BASF SE
- Syngenta AG
- Nufarm Ltd
- FMC Corporation
- DuPont
- Cheminova A/S
- Bayer CropScience
- Syngenta AG
- Dow AgroSciences
- Lanxess AG
- Monsanto
- Adama Agricultural Solutions
- Simonis B.V
- Nippon Co Ltd.
Impact of the COVID-19 Pandemic on the Fungicides Market:
Following the COVID 19 pandemic, lockdown was implemented in a number of countries, which severely impacted goods supply and production. The lack of labor was another factor contributing to the interruption in the supply chain of products for plant protection, especially fungicides. Furthermore, lower output has already been experienced as a result of the COVID 19 pandemics disruption of the supply of crop protection product to farms, weather from domestic or foreign vendors. For examples there are now three times as many flights to East Africa, which has resulted in threefold increases in the cost of pesticide delivery. As a result, COVID 19 outbreak caused a discrepancy in supply and demand which in turn affected product prices.
