Market Definition:
The global Fungicides Market was valued at USD 18.4 Billion in 2022 and it is anticipated to grow up to USD 28.4 Billion by 2032 at a CAGR of 4.4% during the forecast period.
In modern farming, fungicides play a crucial role in protecting crops from fungal diseases. Changes in farming techniques and technological advancements have encouraged the farmers to engage in effective pest management. Surge in pest management practices have also increased awareness of crop saving properties of the fungicides. These are used to kill the fungus spores and to improve the quality of crops. Fungicide reduces crop losses before and after harvest along with increase in crop yield. Chemical and pharmaceutical industries are the major sources of fungicides. In addition, there is an increase in the requirement of food products owing to surge in population. The losses in food crops mainly occur due to the diseases in crops during various crop development stages. There is an increase in the usage of fungicide in floriculture, horticulture, and mainly in farming to increase the yield of crops and to protect crops from several diseases. In farming, fungicides are primarily used in cereal crops.
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Market Outlook:
Multiple regions are agrarian economies including the majority of Asia Pacific, such as India, Indonesia, South Korea, and Thailand, American countries, such as Mexico, and Central and South America. These countries are widely dependent on their agricultural output as agriculture presents a significant portion of their GDP. For such countries, agricultural produce directly impacts the nation’s economy and therefore the farming committee is constantly made aware of the benefits of using various chemicals and other products to boost crop yield with least possible crop loss.
Fungicides are one of the most commonly utilized pesticides, which kill fungi and their spores, controls blights, rust and mildews or prevents crops against fungal infections, thereby reducing damages. However, since fungicides cannot prevent crop losses against all sorts of diseases, it is critically essential to understand the cause of the disease. For instance, the substance cannot control crop losses caused due to insects and abiotic factors. Therefore, agricultural communities are constantly updating the farming committee about the use of precise chemicals for various pest management measure.
Market Restraints and Challenges
The key restraints and challenges in the Fungicides market are:
1. Stringent government regulations: Fungicides are subject to stringent government regulations in many countries due to their potential impact on human health and the environment. This has led to a decline in the use of fungicides in some countries and regions.
2. High cost of production: The high cost of production is another major challenge facing the fungicides industry. The cost of raw materials and the need for specialized equipment and skilled labor make fungicides among the most expensive pesticides to produce.
3. Intense competition: The fungicides market is highly competitive, with a large number of multinational companies and regional players. This intense competition has led to a decline in prices and margins in recent years.
4. Slow growth of end-use markets: The slow growth of end-use markets is another challenge for the fungicides industry. The main end-use markets for fungicides, such as agriculture and horticulture, have been growing at a slow pace in recent years.
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Research Objectives:
• Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
• Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
• Identify factors influencing market growth and challenges, opportunities, drivers and restraints
• Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
• Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
• Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
• To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
• Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Global Fungicides Market Segmental Overview
The report analyses the global Fungicides Market based on active ingredient, crop type, and region.
Major Players
The key players in the market are Adama Ltd., BASF SE, Bayer AG, FMC Corporation, Corteva Inc., Novo Nordisk AG, Nufarm Ltd., Sumitomo Chemical Company, Syngenta AG and Tata Chemicals Ltd.
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Research Scope:
• Scope – Highlights, Trends, Insights. Attractiveness, Forecast
• Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
• Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
• Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
• Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
• Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis
• Market Size in 2022 – $18.4 bn
• Market Size in 2033 – 28.4 bn
• CAGR % – 4.4%
• Historic Period – 2016-2021
• Forecast Period – 2023-2032
• Base Year – 2022
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