Biological segment is projected to be the fastest-growing segment in the fungicides market

The Fungicides Market is estimated to be valued at USD 18.7 billion in 2019 and is projected to reach a value of USD 24.5 billion by 2025, growing at a CAGR of 4.6% during the forecast period. 

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.

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Biological fungicides or biofungicides comprise beneficial microorganisms that are used to control fungal diseases. Many of these beneficial microorganisms are naturally found in the soil. Biofungicides are mostly used before the occurrence of disease. Their efficiency increases if used in combination with good agricultural practices.

Biofungicides have different modes of action, such as competition/exclusion, antibiosis, parasitism, induced resistance, and plant growth promotion. Also, the over-use of chemical fungicides has harmful effects on the environment and thus, the fungicides market for biologicals is projected to grow at a higher CAGR from 2019 to 2025.

Systemic fungicides are the most commonly used fungicides, as they tend to affect a single biochemical pathway within the pathogen, and hence, are called site-specific. On entry into the crop plant, they can move to a certain extent within the crop to the site of infection. Systemic fungicides can be used as protectants, eradicants, or both. Fungi may readily develop resistance to systemic fungicides, as they usually have a specific site of action in the target fungus.

The market for fungicides in the South America region is projected to grow at the highest CAGR from 2019 to 2025. According to the FAOSTAT, Brazil is the largest producer of agricultural products due to the availability of abundant land and rural labor force, followed by Argentina. The growth of the South America market is majorly attributed to the increase in the adoption of agrochemicals and advancements in farming techniques in Brazil and Argentina, with the distribution channels established by global agrochemical players. Due to these factors, the market in the South America region is projected to record the highest growth from 2019 to 2025.  

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Key players in the fungicides market include BASF SE (Germany), Bayer AG (Germany), Corteva, Inc. (US), Syngenta AG (Switzerland), FMC Corporation (US), UPL Ltd. (India), and ADAMA Agricultural Solutions Ltd. (Israel). a

Some of the other leading players in the fungicides market include Sumitomo Chemical Co., Ltd. (Japan), Nippon Soda Co., Ltd. (Japan), Isagro S.p.A (Italy), Nufarm (Australia), Nissan Chemical Corporation (Japan), Marrone Bio Innovations, Inc. (US), Koppert Biological Systems (Netherlands), Bioworks, Inc. (US), STK Bio-ag Technologies (Israel), Verdesian Life Sciences (US), Seipasa S.A. (Spain), Ishihara Sangyo Kaisha, Ltd. (Japan), and Nutrichem (China). 


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