Market Outlook:

The anticipated global fungicides market size is poised to reach USD 23.9 Billion by 2024, with a projected escalation to USD 34.31 Billion by 2032, reflecting a compound annual growth rate (CAGR) of 6.2% during the forecast period. 

Fungicides are pesticides that either kill or inhibit the growth of fungi and their spores. They can manage blights, mildew, and rust, among other fungi that harm plants. In other contexts, they could be utilized to manage mold and mildew. Although fungicides have different mechanisms of action, the majority of them harm fungal cell membranes or obstruct the cells' ability to produce energy. Globally, fungi constitute the main source of crop loss. Since plant illnesses are frequent and frequently have a major financial impact on yield and quality, controlling diseases is a crucial part of production for the majority of crops. In general, fungicides are used for three major purposes: (i) to control disease during the establishment and growth of a crop, and (ii) to boost crop productivity and decrease defects. Diseased food crops may yield less due to the disease affecting their leaves, which are essential for photosynthesis; and (iii) to enhance the quality and storage life of harvested plants and goods. After harvest, some of the biggest disease losses take place. 

Market Dynamics:

Driver:

The growing global temperature and changes in weather patterns drive the growth of the fungicides market.  These are all factors that promote the fungi's easier growth and spread, making a variety of crop species vulnerable in various geographical areas. This increases the likelihood that crops may fail, which has a direct impact on productivity and profitability for farmers and those involved in agricultural production. The use of fungicides is growing quickly, thus crop protection measures in the modern period must balance these dangerous dangers. The use of efficient fungicidal treatments, which are essential for maintaining crop health and stabilizing yield, has significantly increased due to the high frequency of fungal pathogen infections.   

Restraint:

The rising stringent regulations hamper the growth of the fungicides market. Numerous regulatory frameworks implemented by different nations continue to exert pressure on the fungicide business. The majority of nations' governments have been seen to prioritize public health and environmental preservation, which limits the expansion of the fungicides market. These stringent laws require that chemical fungicides undergo rigorous testing and approval procedures before being used. This increases the cost of launching new products and lengthens the time it takes. Regulation (EC) No 1107/2009 governs the marketing of Plant Protection Products (PPPs) in the EU. PPPs need to be approved in the relevant EU nation before they can be used or put on the market. The rules and procedures for PPP authorization are outlined in this regulation. 

Opportunity:

The increasing advancements in formulation and delivery technologies create a lucrative opportunity for the growth of the fungicides market. Developments such as controlled-release innovations, nano-formulations, and microencapsulation promote disease control by enhancing the durability, solubility, and bioavailability of therapeutic compounds. By lowering the total amount required and limiting off-target effects, these sophisticated formulations can aid in making fungicide applications more precise and focused. Fungicides are also guaranteed to be effective in a variety of environmental circumstances due to innovative delivery methods like seed treatments and foliar sprays with improved adhesion qualities. The market is expanding due to the creation of user-friendly formulations that make it simpler for farmers to apply fungicides and encourage wider usage, such as water-dispersible granules and ready-to-use solutions.   

Challenge:

One of the growing challenges in the global fungicide industry is the emergence of fungal strain resistance brought on by the frequent and ongoing use of certain fungicides. These strains rotate, making them less susceptible to several fungicidal treatments currently available on the market, reducing their efficacy to that of those out-of-date items. Crop protection initiatives are subsequently jeopardized by this resistance, which also increases pressure on farmers to come up with alternate remedies. 

Key Players:

• Nufarm Ltd.
• FMC Corporation
• DuPont
• BASF SE
• Cheminova A/S
• Bayer CropScience
• Syngenta AG
• Dow AgroSciences
• Lanxess AG
• Monsanto
• Adama Agricultural Solutions
• Simonis B.V.
• Others

Recent Development:

• In June 2024, In China, BASF SE introduced Cevya (400g/L mefentrifluconazole), a novel rice fungicide that effectively prevents and controls rice false smut. Its active ingredient is Revysol (mefentrifluconazole). One of the biggest independent businesses in the biologicals industry, Stoller, with its headquarters located in Houston, Texas, was purchased by Corteva in March 2023. With this acquisition, Corteva will be even more committed to providing farmers with sustainable, eco-friendly solutions that complement modern farming methods and have a track record of success.

Segment Insights:

By Type

The type segment is bifurcated into chemical and biological in which the chemical segment is dominating the market. Biocidal chemicals that can kill or inhibit the growth of fungi and their spores are chemical-based fungicides, sometimes known as synthetic fungicides. Chemical fungicidal products are typically preferred over biological ones since they may stop fungal development right away. Additionally, chemical fungicidal products can cover a broad acreage due to the high concentration of active components. Dithiocarbamates, triazoles, inorganic fungicides, strobilurins, and chloronitriles are highly preferred by producers worldwide when it comes to chemical fungicide products. Fruits, vegetables, oilseeds, and pulses all contain large amounts of these triazole, chloronitrile, and dithiocarbamate group chemicals.

By Crop Type

The crop type segment is bifurcated into cereals, oilseeds & pulses, fruits & vegetables, and others in which the cereals segment is dominating the market. The cereals industry reported consuming a huge amount of fungicide products, which is explained by the wide area harvested and the high application rate per hectare. Additionally, staple foods in America, Europe, and Asia-Pacific include corn, wheat, and rice, respectively. Therefore, an increase in the demand for cereal crops should boost their yield, which would in turn increase the need for fungal pesticide products. Furthermore, according to the Food and Agriculture Organization (FAO), 715.39 million hectares of land were used for grain harvesting in 2018. This vast harvested area shows how much demand there is for cutting-edge fungicidal crop protection products.

 Regional Insights:

The market for fungicides is dominated by Asia Pacific due to the region's large agricultural practices, fast population growth, and rising demand for food security. Major agricultural producers like China, India, and Japan grow commodities that are vital to both local consumption and the world's food supply networks. The need for efficient fungicide solutions is fueled by the region's varied climate, which makes crops especially vulnerable to a range of fungal infections. Further driving market expansion in the Asia Pacific region are supportive government initiatives meant to increase agricultural production and grow farmers' knowledge of the advantages of applying fungicides to improve crop yields and quality. It is anticipated that the region's dominance in the fungicides industry will grow as it continues to modernize farming methods and increase agricultural output.

Segmentation:

By Type

• Chemical
• Biological

By Crop Type

• Cereals
• Oilseeds & Pulses
• Fruits & Vegetables
• Others

By Product

• Inorganics
• Benzimidazoles
• Dithiocarbamtes
• Triazoles & Diazoles
• Biofungicides
• Others

By Mode of Application

• Contact
• Systemic

By Formulation

• Liquid
• Dry

By Application Method

• Foliar Treatment
• Chemigation
• Seed Treatment
• Others

By Region

North America

• USA

• Canada

• Mexico

Europe

• France

• UK

• Spain

• Germany

• Italy

• Rest of Europe

Asia Pacific

• China

• Japan

• India

• South Korea

• Rest of Asia Pacific

Middle East & Africa

• GCC

• South Africa

• Rest of the Middle East & Africa

South America

• Brazil

• Argentina

• Rest of South America

What to Expect from Industry Profile?

1. Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the Fungicides market in the world.

2. Use PORTER’s Five Forces analysis to determine the competitive intensity and therefore market attractiveness of the global Fungicides market.

3. Leading company profiles reveal details of key Fungicides market players’ global operations, strategies, financial performance & recent developments.

4. Add weight to presentations and pitches by understanding the future growth prospects of the global Fungicides market with forecast for the decade by both market share (%) & revenue (USD Million).

FAQ’s

1) What are the major factors driving the growth of the Global Fungicides Market?

• The growing global temperature and changes in weather patterns drive the growth of the fungicides market. 

2) What would be the CAGR of the Global Fungicides Market over the forecast period?

• The Global Fungicides Market is poised to grow at a CAGR of 6.2% from 2025 to 2032.

3) Which region will provide more business opportunities for the growth of the Global Fungicides Market in the future?

• The Asia Pacific region is expected to create more opportunities in the market.

4) Who are the major players dominating the Global Fungicides Market?

• Nufarm Ltd., FMC Corporation, DuPont, BASF SE, Cheminova A/S, Bayer CropScience, Syngenta AG, Dow AgroSciences, Lanxess AG, Monsanto, Adama Agricultural Solutions, Simonis B.V., Others.

5) What are the segments in the Global Fungicides Market?

• By Type, By Crop Type, By Product, By Mode of Application, By Formulation, and By Application Method are the industry key segments considered for the research study.

6) What is the estimated market revenue for the Global Fungicides Market in 2032?

The estimated revenue for the Global Fungicides Market in 2032 is USD 211.80 billion.