Fungicides Market Size, Share & Trends Analysis Report By Active Ingredient (Dithiocarbamates, Benzimidazoles, Chloronitriles, Triazoles, Phenylamides, Strobilurins), By Crop Type (Cereals and Grains, Oilseeds and Pulses, Fruits and Vegetables), By Regions (North America, Europe, Asia-Pacific, LAMEA) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2023-2031

Market Overview

The global fungicides market size was valued at USD 15,606.9 million in 2022. It is projected to reach USD 23,393.85 million by 2031, growing at a CAGR of 4.6% during the forecast period (2023-2031). 

Fungicides are an essential component of modern crop protection against fungal diseases. Farmers are now encouraged to practice effective pest management due to changes in farming methods and technological advancements. In addition, the increased use of pest management techniques has raised awareness of fungicides' ability to save crops. These are applied to crops to enhance quality and eliminate fungus spores. Fungicide increases crop yield while reducing crop losses before and after harvest.

Fungicides are primarily produced by the chemical and pharmaceutical industries. Further, there is an increase in the demand for food products due to the population boom. The diseases that affect crops at different stages of their development are the main cause of losses in food crops. Fungicide use has increased in floriculture, horticulture, and primarily in agriculture to boost crop yield and safeguard crops from various diseases. Fungicides are mainly used on cereal crops in agriculture.

Highlights

• Triazoles dominate the active ingredient segment.
• Fruits and vegetables dominate the crop type segment.
• Europe is the highest shareholder in the global market.

Market Dynamics

Global fungicides market drivers:

Growing number of plant diseases

The fungicides market has seen an upsurge in demand for crop protection due to increased plant diseases. Fungal organisms are responsible for about 85% of all plant diseases, impacting crop yield and quality. Weather conditions that are humid, warm, and wet are the primary causes of fungus diseases. Some of the common fungi-caused diseases include brown rot, powdery mildew, downy mildew, sclerotium rots, fusarium wilts, botrytis rots, apple scab, rust, black root rot, wilt, white blisters, and blight. In addition, fungi harm crops by obstructing the water-conducting cells, which results in the crop's death. Fungicides are pesticides that eliminate the organisms that cause fungi to treat and prevent disease. They are effective against the majority of fungus-related illnesses.

Very little arable land

Due to urbanization and industrialization, arable land is becoming less and less available daily. On the other hand, there is constant pressure to increase crop yield to meet the rising demand for food. In order to meet the rising demand for food, farmers must produce and supply large quantities of food grains on a limited amount of arable land. Farmers are using the right amount of fungicides to protect crops from various fungi-related diseases, eventually increasing demand for fungicides.

Global fungicides market restraints:

Improper application of fungicides

Crops may suffer if fungicides are used improperly or excessively. Currently, the agricultural industry is being forced to produce more food on less arable land due to the high demand for food due to the growing population. As a result, farmers are figuring out how to produce the most food grains possible in the shortest amount of time. In the end, farmers are overusing fungicides to boost crop yield. Overuse of fungicides may have a negative impact on crops and human health, which is expected to slow the market's expansion for fungicides.

Global fungicides market opportunities:

Rising bio-fungicide acceptance

Produced from helpful fungi and bacteria, bio-fungicides fight pathogens and thereby control the diseases they cause. These microorganisms are a safe alternative to synthetic fungicides because they naturally occur in soil. Bio-fungicides can only defend the roots from fungal attacks when used before the onset of the disease. Balancing the mineral contents of the soil also plays a significant part in improving the soil quality of arable lands. In addition, the use of bio-fungicides would not harm the environment or people because they are made of eco-friendly organisms. Bio-fungicides, an eco-friendly alternative to chemical fungicides, which is anticipated to create tremendous opportunities for market growth over the forecast period.

Regional Analysis

Based on region, the global fungicides market is divided into North America, Europe, Asia-Pacific, and LAMEA.

Europe dominates the global market

Europe is the most significant global fungicides market shareholder in the global market and is anticipated to exhibit a CAGR of 4.5% during the forecast period. One of the key geographic markets for fungicides is Europe. France, Germany, Italy, Spain, and the rest of Europe are included in the European market. Due to the extensive cultivation of wheat crops in Europe, disease control is a key concern for this region. One of Europe's most important agro-economic crops is wheat, so disease management of wheat crops is crucial in this area. In addition, the increase in wheat yields in Europe can be attributed to foliar fungicides, the first fungicides used to control diseases of wheat crops. Due to copper formations in the soil that results from prolonged use, the European Union (EU) has restricted the use of copper fungicides. Europe is a major fungicide market because of its extensive usage in the growth of fruits, vegetables, grapes, and wheat.

North America is anticipated to exhibit a CAGR of 4.6% over the forecast period. Due to the increased use of fungicides in cultivated areas, North America is a growing fungicide market. The U.S., Canada, and Mexico comprise the three geographic segments of the North American market in fungicides. In the North American region, various fungicides are widely used for cultivation. Numerous plants, such as cereals, lentils, chickpeas, peas, soybeans, sugar beets, potatoes, oilseeds, and beans, can be protected by using these fungicides. In addition, to combat the issue of fungicide resistance, the companies are engaging in extensive R&D initiatives. In order to combat diseases like blight, halo blight, and bacterial brown spots, the Canadian government has approved using DuPont's copper fungicide Kocide in cultivating beans, tomatoes, potatoes, and short crops.

Asia-Pacific fungicide markets in China, India, Japan, South Korea, Australia, and the rest of Asia-Pacific are all examined. After China, India is the second-largest market for fungicides in the Asia-Pacific region. Fungicides are frequently used to cultivate cotton, wheat, rice, corn, soybeans, and potatoes in Asia-Pacific. The top players in the market are introducing more recent products with innovative results. The governments of developing nations like India offer farmers efficient financial assistance to buy fungicides and other items necessary for farming. In addition, the increase in urbanization, the rise in population, and the decline in arable land all contribute to the growth of the market in India. The region's market is anticipated to experience a lot of growth opportunities thanks to factors like increased production and economies of scale that reduce costs.

In the LAMEA region, fungicides are frequently used to boost crop production. Many businesses, including Syngenta, are establishing manufacturing facilities in this area. This would effectively lower costs while increasing production capacities. Businesses are also releasing newer products to combat resistance and hold onto market share. In addition, the LAMEA region conducts significant research and development related to phytophthora. A group of European scientists and experts known as Euroblight research and develop phyophthora-related remedies in the South African region.

Segmental Analysis

The global fungicides market is segmented by active ingredient and crop type.

Based on active ingredients, the global market is divided into dithiocarbamates, benzimidazoles, chloronitriles, triazoles, phenylamides, and strobilurins.

The triazoles segment is the largest contributor to the fungicides market and is expected to exhibit a CAGR of 4.4% over the forecast period. Triazoles have antifungal, antibacterial, and enzyme-inhibitor properties. These are utilized in turf, small vegetables, field crops, fruit trees, and fruit crops. Triazoles are particularly useful in wheat and barley crops because they are economically accessible. In addition, triazoles primarily combat rust, leaf-spotting fungi, and diseases like powdery mildew. Triazoles can effectively slow the progression of the disease if used in the early stages of infection, though their effectiveness declines once spore production begins. Triazole can be divided into two categories: fungicides for plant protection and antifungal medications. Fluconazole, voriconazole, isavuconazole, and itraconazole are among the triazole antifungal medications.

Based on crop type, the global market is divided into cereals and grains, oilseeds and pulses, and fruits and vegetables.

The fruits and vegetables segment is the highest contributor to the fungicides market and is anticipated to exhibit a CAGR of 4.7% during the forecast period. Various fruit and vegetable crops are protected from fungal diseases using fungicides. Fruits and vegetables are frequently affected by blight, specifically early blight or alternaria, canker, anthracnose, fusarium wilt, rust, and powdery mildews. Blight may cause leaves to dry out and develop brown and black spots on leaves. In addition, beets, potatoes, and carrots are a few examples of root crops that fall under the fruit and vegetable crops category. Botrytis, powdery mildews, sclerotinia, root-knot nematodes, and leaf blight can all impact root crops. Canker primarily affects stone fruits. Using the right fungicides for the various types of pathogens is crucial. Fungicides are used specifically to prevent the spread of diseases on already contaminated fruits and vegetables.

Recent Developments

• February 2023- Lavie Bio Ltd., a subsidiary of Evogene Ltd. and a leading ag-biological company focusing on improving food quality, sustainability, and agriculture productivity through the introduction of microbiome-based products, announced progress in its bio-fungicides programs based on successful results from field trials conducted in 2022 for its bio-fungicides LAV311 and LAV321, after the conclusion of the analysis of its statistic results.
• March 2023- Corteva Agriscience announced the commercial launch of Adavelt™ active, with recent product registrations in three countries – Australia, Canada, and South Korea. Adavelt Active is a novel fungicide with a new mode of action that protects against a wide range of diseases that can impact crop yields.