Fungicides Market to Experience a Positive Demand Across the World
The fungicides market is estimated to account for a value of USD 18.7 billion in 2019 and is projected to grow at a CAGR of 4.6% from 2019, to reach a value of USD 24.5 billion by 2025.
The global fungicides market is projected to witness significant growth due to factors such as the increase in demand for food security by the growing population, advancement in farming practices & techniques, and changing climatic conditions that favors disease occurrence. Fungicides are highly used for destroying harmful fungi affecting the crop yield. Thus, the need for fungicides to minimize crop loss is increasing across the world.
The liquid segment is projected to be the largest segment in the fungicides market during the forecast period.
Liquid forms can be water-based, oil-based, polymer-based, or their combinations. Water-soluble liquids (SL) are liquid formulations based on technical materials, which are insoluble in water and contain 36%–85% technical materials and solvents. Oil-based forms such as oil dispersions, which include EW (oil in water) & EO (water in oil) and emulsifiable concentrates, provide stable emulsions for foliar application. The emulsifiable concentrates (EC) are liquid formulations based on technical materials, which are not soluble in water and consists of 25%–80% technical materials, solvents, and emulsifiers.
The triazoles segment is estimated to account for the largest market share, in terms of value, in 2019.
Triazole fungicides, also known as sterol inhibitors (SIs), are a large class of fungicides used globally on a wide variety of crops. Their mode of action is the inhibition of ergosterol production, which is an essential sterol in the membranes of most fungi. Triazoles are used to control several diseases, such as powdery mildew, leaf spots, and rusts. The fungus then needs to form additional infection structures—an aspersorium and penetration peg. This requires the formation of new membranes and sterols, which is prevented by triazoles.
The cereals & grains segment, on the basis of crop type, is estimated to account for the largest market share, in terms of value, in 2019.
The cereals & grains segment in the market comprises different crops, such as rice, wheat, and corn. The production of cereals and grains vary across different regions, depending on the topography and climatic conditions. Due to this, the cereals & grains segment recorded the highest consumption of fungicides in the North American and Asia Pacific regions. According to the FAO, global cereal production in 2016 recorded nearly 2,543 million tons, which are around 0.6% higher than the previous year. Rice is the most widely consumed staple food, particularly in Asia. It is the second-most widely produced grain after corn.
The increasing demand for various crops in the Asia Pacific regions is projected to drive the growth of the fungicides market.
The increasing agricultural practices and the requirement of high-quality agricultural produce are factors that are projected to drive the fungicides market growth in this region. Major crops produced in Asia include rice, sugar beet, fruits & vegetables, cereals, and grains. The region consumes 90% of the global rice produced. According to the FAO, the demand for rice is projected to increase by 2025, as in the majority of the Asian countries, rice consumption is expected to increase faster than the population growth. In addition, due to population growth, the demand for rice is projected to increase in the coming decades.
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