PUBLISHER: The Business Research Company | PRODUCT CODE: 1409294
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409294
“Chemical Fungicides Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on chemical fungicides market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for chemical fungicides? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The chemical fungicides market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Chemical fungicides are a type of pesticide specifically designed to combat fungi and their spores, effectively targeting plant-damaging organisms such as rust and mildew.
The primary classifications of chemical fungicides include bio-based fungicides and synthetic fungicides. Bio-fungicides are formulations derived from live organisms that help regulate the activities of bacteria and fungi responsible for plant diseases. These formulations are available in different forms such as liquid and dry. They consist of various active ingredients such as dithiocarbamates, benzimidazoles, chloronitriles, triazoles, phenyl amides, strobilurins, and other components, working through different actions such as contact and systemic methods. Chemical fungicides find applications in diverse areas such as seed treatment, soil treatment, foliar spray, chemigation, and post-harvest treatments.
The chemical fungicides market research report is one of a series of new reports from The Business Research Company that provides chemical fungicides market statistics, including chemical fungicides industry global market size, regional shares, competitors with a chemical fungicides market share, detailed chemical fungicides market segments, market trends and opportunities and any further data you may need to thrive in the chemical fungicides industry. This chemical fungicides market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The chemical fungicides market size has grown strongly in recent years. It will grow from $22.67 billion in 2023 to $24.3 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. During the historical period, the growth in the use of chemical fungicides can be attributed to several factors. These include efforts to enhance crop yield, effectively manage diseases affecting crops, the expansion of agricultural activities, advancements in the formulation of chemical products, concerns related to public health, and the globalization of agricultural practices and markets.
The chemical fungicides market size is expected to see strong growth in the next few years. It will grow to $31.25 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. Anticipated growth in the upcoming period within the chemical fungicide industry is expected to be influenced by several factors, notably market globalization and evolving trade dynamics, a transition towards Integrated Pest Management (IPM) practices, the impact of climate change on diseases affecting crops, the expansion of precision agriculture methods, and changing regulations emphasizing sustainability in agricultural practices. Key trends projected in the forecast period encompass the increased adoption of biological fungicides, the development and application of precision technologies for fungicide use, concerns and strategies related to residue management, the implementation of integrated disease management practices, as well as the development of strategies for managing resistance to fungicides in agricultural settings.
The anticipated increase in the occurrence of crop diseases is set to drive the growth of the chemical fungicide market. Crop diseases, caused by various pathogenic organisms such as fungi, bacteria, viruses, and nematodes, pose a significant threat to agricultural productivity. Chemical fungicides play a crucial role in eradicating or inhibiting the development of fungi and their spores, offering effective protection against rust, mildew, and other plant-damaging pathogens. Notably, in May 2021, The Proceedings of the National Academy of Sciences highlighted the global impact of increasing food crop pests and diseases, leading to substantial production losses. Potatoes, soybeans, rice, maize, and wheat experienced mean losses ranging from 17.2% to 30.3%. The United Nations' goal to reduce these losses and increase food production by 60% by 2050, aiming to feed a growing population of approximately 10 billion people, underscores the pivotal role of chemical fungicides in supporting food production.
The rising growth of the global population is expected to be a significant driver for the chemical fungicide market. Population growth, quantifying the total number of individuals in a defined area, plays a crucial role in driving the demand for increased food production. Chemical fungicides contribute to controlling and preventing the spread of fungal diseases in crops, ensuring higher yields to meet the needs of a larger population. For example, as of January 2022, the United States Department of Commerce reported a population of 332,403,650 in the US, reflecting a 0.21% increase from 2021. This demographic trend underscores the correlation between population growth and the demand for chemical fungicides to support agricultural productivity.
A notable trend gaining traction in the chemical fungicide market is technological advancement. Leading companies in the market are focusing on product innovation to enhance their market position. In August 2022, Syngenta, a Switzerland-based agrichemical company specializing in chemical fungicides, introduced TYMIRIUM technology with registered approval in Argentina. This innovative technology offers broad-spectrum defense against nematodes and major fungal diseases, empowering farmers to improve food quality and achieve greater crop yields. Furthermore, TYMIRIUM technology emphasizes the preservation of soil biodiversity and promotion of soil health, aligning with the industry's commitment to sustainable and technologically advanced solutions.
Prominent companies in the chemical fungicide market are actively engaged in product innovation to maintain their competitive edge. This innovation entails the development and introduction of new formulations or active ingredients that aim to enhance effectiveness, safety, and sustainability in crop protection. A notable example is BASF SE, a Germany-based chemicals company, which, in May 2022, launched Priaxor 225 EC. This fungicide stands out for its high effectiveness and consistency in controlling Coffee Berry Disease (CBD), thereby improving crop quality and yield. Priaxor 225 EC boasts a dual mode of action that facilitates broad-spectrum disease control and integrated resistance management. Designed for use in winter and spring wheat, durum wheat, winter and spring barley, oats, rye, and triticale, Priaxor 225 EC is a protectant and systemic fungicide. Its systemic and translaminar properties contribute to heightened disease control and reduced crop damage, reinforcing its significance in the chemical fungicide market.
In January 2021, Lanxess AG, a Germany-based chemicals company, acquired Intace SAS for an undisclosed amount. This acquisition signifies Lanxess AG's commitment to strengthening its position as a leading manufacturer of biocides and antimicrobials, particularly in the packaging industry, while also expanding its customer network. Intace SAS, based in France, specializes in the production of chemical fungicides, and its integration into Lanxess AG's portfolio aligns with the company's broader strategic goals in the chemical fungicide market. This acquisition underscores the industry's dynamic landscape and the emphasis placed on strategic partnerships and expansions to drive innovation and growth.
Major companies operating in the chemical fungicides market report are BASF SE, Bayer AG, Corteva Inc, Syngenta AG, FMC Corporation, UPL Ltd., Sumitomo Chemical Co. Ltd., Nippon Soda Co. Ltd., Isagro S.p.A, Nufarm, ADAMA, Nissan Chemical Corporation, Marrone Bio Innovations Inc., Koppert Biological Systems, Bioworks Inc., STK Bio-ag Technologies, Verdesian Life Sciences, Seipasa S A, Ishihara Sangyo Kaisha Ltd., Nutrichem Co. Ltd., Certis LLC, Valent BioSciences LLC, Stockton Group, Lallemand Plant Care, Albaugh LLC, Rotam CropSciences Ltd., Sipcam Agro USA Inc., Kumiai Chemical Industry Co. Ltd., Arysta LifeScience Corporation, Heranba Industries Ltd
Asia-Pacific was the largest region in the chemical fungicides market in 2023. The regions covered in the chemical fungicides market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the chemical fungicides market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The chemical fungicides market consists of sales of mancozeb, maneb, nabamand zineb. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.