Fungicides Market | Key Players | Global Forecast
The Fungicide Market is valued at USD 20.8 billion in 2022. It is projected to reach USD 28.0 billion by 2027, recording a CAGR of 6.1% during the forecast period.
Climate change poses a serious threat to sustainable agriculture, due to its relationship with biotic and abiotic pressures. Drought, flood, heat, and salinity stress are major abiotic risks connected with climate change. Fungicides of the triazole and strobilurin families not only treat fungal diseases but also promote plant development and production under abiotic conditions by influencing physiological and biochemical processes. Fungicides are one method of preventing and controlling fungal diseases in plants. Fungi are one of the leading reasons for crop loss across the globe. Fungicides, in general, find usage for disease control during the planting and growth of a crop, increased productivity, and reducing blemishes. The availability of fungicide products, growing awareness, increase in fungi attacks, and rising pest resistance toward crop protection products drive the multiple application of fungicides, increasing fungicide consumption across countries.
Key players in this market include BASF SE (Germany), Isagro S.P.A (Italy), Corteva Agriscience (US), Syngenta AG (Switzerland), and Bayer AG (Germany).
BASF is one of the world’s largest chemicals groups, providing customers in various sectors including agriculture solutions, to overcome diverse social and environmental challenges with its broad portfolio of chemicals, plastics, performance products and crop protection products. Headquartered in Ludwigshafen, Germany, with 390 production sites in 90 countries, BASF employs more than 122,000 people and achieves annual sales revenues of about USD 78.95 billion in 2021.
Bayer AG is a multinational pharmaceutical and biotechnology company in the world. The focus areas of Bayer include pharmaceuticals, consumer healthcare products, agricultural chemicals, seeds, and biotechnology products. The company offers products under the business segments of pharmaceuticals, consumer health, and crop science. Fungicides fall under the agricultural segment. The brands under fungicides include Flint, Fox, Luna, Sonata, and Mikal.
Corteva Agriscience was formed after the merger of Dow and DuPont in June 2019. Corteva Agriscience is a global leader in two of the largest and most promising markets in the agricultural sector: seed and crop protection. The company has a comprehensive, balanced, and diverse seed and crop protection business. It provides agriculture products, develops, and supplies germplasm and traits in corn, soybean, and sunflower seed markets. The company also offers products that protect against weeds, fungi, and other pests and diseases, as well as enhance crop health both above and below ground via nitrogen management and seed-applied technologies.
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