Northbrook, IL 60062 -- (SBWire) -- 10/17/2023 --According to a research report titled "Fungicide Market by Type (Chemical, Biologicals), Mode of Application (Seed Treatment, Soil Treatment, Foliar Spray, Post-Harvest), Mode of Action (Contact, Systemic), Form (Dry, Liquid), Crop Type, and Region," published by MarketsandMarkets, the global fungicides market is estimated to be worth $20.8 billion in 2022, with a projected CAGR of 6.1%, bringing it to $28 billion by 2027. Several global macro indicators have played a significant role in influencing the dynamics of this market.
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Impact of Organic Farming Expansion:
The rise of organic farming worldwide, as indicated by the Food and Agriculture Organization's data, has led to increased agricultural land devoted to organic grains, pulses, fruits, and vegetables. This growth is driven by a 5.40% increase from 71.11 million hectares in 2018 to 74.95 million hectares in 2020. The surge in organic farming presents an opportunity for farmers to meet the growing demand for organic food both domestically and globally. In response, farmers are turning to fungicides to protect their crops against fungal infestations, reducing losses, and increasing overall crop yields.
R&D Investments in Sustainable Agriculture:
The escalating global pesticide consumption and foreign direct investments in agricultural activities have encouraged research and development activities in sustainable agriculture techniques. These advancements have significantly boosted the use of various fungicides in the agriculture industry. The primary crop type that witnesses substantial fungicide application is cereals and grains, with spraying and seed treatment being the preferred modes of application.
Brazil Leading Fungicidal Mixture Development:
Brazil, one of the world's largest countries in terms of area and population, has transformed into a major global supplier of various agricultural products. Manufacturers of fungicides have responded to the changing landscape, with an emphasis on developing fungicidal mixture products. These products are designed to combat soybean fungal diseases, particularly the resistant Asian rust spores. Agreements between companies like Sumitomo Chemical Company and Bayer have been struck to develop fungicidal mixture products for controlling soybean fungal diseases in Brazil, further enhancing crop protection.
Seed Coating Driving Commercial Agriculture:
The demand for seed coating in commercial agricultural operations is on the rise. Many fungal pathogens are carried on or within seeds, making seed treatment with fungicides a critical step in crop protection. Seed treatment is highly effective and cost-efficient in preventing diseases caused by soil-borne pathogens, such as seed rot, seedling mortality, or later disease production. Active ingredients used for seed treatment fungicides include metalaxyl, mefenoxam, captan, carboxin, thiram, fludioxonil, and more. These ingredients provide protection against a range of common soil and seed-borne pathogens.
Systemic Fungicides Gaining Ground:
Systemic fungicides, known as penetrants, are being increasingly adopted in agriculture. These fungicides are absorbed by plants and can translocate within the plant from the point of application. Systemic fungicides offer a longer post-infection activity by penetrating deeper into plant tissues, thus providing curative disease control and protection of hidden plant parts. They are also less harmful to the environment, as they are biodegradable by plants. These systemic fungicides provide a high level of efficacy against fungi, protecting plants both internally and externally.
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Asia-Pacific Leads the Way:
The Asia-Pacific region holds the largest share of the fungicide market. The crops grown in this region include rice, wheat, millet, pulses, cotton, sugarcane, tea, oilseeds, and rubber in countries like India, China, Pakistan, Indonesia, Malaysia, Iraq, Russia, Bangladesh, and Myanmar. Major players like BASF and Sumitomo Chemical Company have introduced innovative fungicides in this region, such as Melyra and KANAME Flowable, designed to protect crops like rice, pomegranates, corn, grapes, and cereals from a range of diseases.
In conclusion, the global fungicide market is experiencing significant growth, driven by organic farming, research and development in sustainable agriculture, and innovations in fungicidal products. The Asia-Pacific region is at the forefront of this market, demonstrating the crucial role of fungicides in modern agriculture.
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Global Fungicide Market Set to Reach $28 Billion by 2027, Driven by Organic Farming and Research Advancements
Fungicides Market by Type (Chemical, Biologicals), Mode of Application (Seed Treatment, Soil Treatment, Foliar Spray, Post-Harvest), Mode of Action (Contact, Systemic), Form (Dry, Liquid), Crop Type, and Region - Global Forecast to 2027