Fungicide Market Share, Size, Trends, Industry Analysis Report, By Product (Inorganics, Benzimidazoles, Biofungicides, Triazoles & Diazoles, Dithiocarbamates, and Others); By Form; By Crop Type; By Region; Segment Forecast, 2023 - 2032
- Published Date:Feb-2023
- Pages: 117
- Format: pdf
- Report ID: PM3015
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global fungicide market was valued at USD 20.23 billion in 2022 and is expected to grow at a CAGR of 6.3% during the forecast period.
The increasing population demand for advanced food security products, innovations in farming practices and techniques, and change in climatic conditions worldwide, along with the increase in the prevalence of fungicides to fight various diseases in crops, are primary factors boosting the growth of the global market.
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Growing consumer health concerns and diet programmers across the globe and increased use of technology among farmers to improve their crop efficiency, mainly in developing nations such as India, China, and Indonesia, are also expected to contribute positively towards market growth.
For instance, in November 2022, FMC announced the launch of its new fungicide Adastrio mainly for the 2023 crop season. This fungicide is a type of foliar fungicide that consists of three action modes and is the first of its type fungicide to use in SDHI class, fluindapyr. The product is developed to provide broad-spectrum control of many vital foliar diseases and is labelled for use in corn, wheat, triticale, and barley.
The outbreak of the COVID-19 pandemic has significantly impacted the growth of the fungicide market. The rapid emergence of the deadly virus was followed by lockdowns across various countries and severely impacted the production and supply chain of products. The disruptions of the product supply chain, including fungicides, were also increased by the labor shortage. However, there was a rapid increase in food product demand because of the panic buying from consumers to hold stock for their future, which augmented the market growth.
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Industry Dynamics
Growth Drivers
The rapidly growing occurrence of various crop diseases worldwide and their adverse effects on food products influence the demand for innovative and advanced fungicides, thereby propelling the market growth. Fungi are one of the most common plant pathogens that cause many significant plant diseases and are responsible for many vegetable illnesses. Fungi are propagated by water splash, wind, animals, humans, seedlings, and other plant materials moving through the contaminated soil. Hence fungicides prevent fungus from entering the plant and make the plant secure.
In addition, climate change has been a primary concern for agricultural production worldwide, as it significantly impacts crop protection, and crops are susceptible to various diseases. As a result, it affects the overall crop health and causes deviations in farming practices, and this change in temperature and rise in atmospheric moisture fuel the growth of various hazardous fungal diseases that boost the need and demand for fungal pesticide applications and fuel market growth.
Report Segmentation
The market is primarily segmented based on product, form, crop type, and region.
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By Product Type |
By Form |
By Crop Type |
By Region |
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Biofungicides segment is expected to exhibit the highest growth
The bio fungicides segment is expected to grow at a significant CAGR during the anticipated period. A rapid increase in the utilization of bio fungicides in seed treatment or as a type of preservative treatment in the media growth owing to its high stability and easy availability in the market are major factors expected to boost the development of the segment market over the forecast period.
In addition, the continuously growing demand and need for organically grown vegetables & fruits worldwide and various stringent regulations on the presence of residue levels on edible crops undertaken by several government bodies are likely to fuel the growth of the segment market.
The inorganics segment held the largest market share in revenue in 2022 and is likely to grow at a considerable growth rate over the coming years because of its wide range of beneficial features, including ease to use, pet friendliness, low cost, and acting as a fertilizer. Moreover, inorganic fungicides are extremely helpful in the specific content of nutrients and control diseases by killing or inhibiting the fungus that causes the conditions, driving the growth and demand for the market.
Liquid form segment accounted for the largest market share in 2022
The liquid form segment accounted for a considerable global market share in 2022, mainly driven by increased consumption of fruits & vegetables, higher adoption of advanced farming techniques, demand for valuable crops, and surge in the number of new novel fungicide product launches. Additionally, liquid formulations do not pose any health or mechanical problems. Hence their usage is being adopted at a global level.
However, the dry form segment is likely to register significant growth during the anticipated period due to its ability to increase yield and number of crops, new foliage growth, prevent the development of fungal diseases, and versatile applications such as systematic, contact, barrow-spectrum, and broach-spectrum. The dry fungicide segment is gaining high traction as it not only helps grass or foliage to regrow but also eliminates various fungal spores so that lawns and yards can grow without any risk of diseases in the future.
The cereals & grains segment held a significant market share in 2022
The cereals & grains segment held the highest market share in 2022 and is expected to grow at a healthy CAGR during the projected period. The increase in the demand for staple food items like corn, wheat, and rice, especially in countries such as India, China, Africa, Indonesia, and European countries as a result of a rapid increase in the population across these countries are key factors boosting the growth of the segment market.
Furthermore, the fruits & vegetables segment is anticipated to be the fastest-growing segment with a healthy growth rate. Fungicides play a crucial role in the protection of fruits & vegetables and are highly applied to curb the growth of fungal spores. Increased consumer awareness towards the benefits of these fungicides of fruits and others on their product quality and sustainability is expected to create high market growth opportunities.
The Asia Pacific region dominated the global market in 2022
Asia Pacific region led the industry and accounted for a substantial market share in 2022 and is expected to maintain its dominance throughout the projected period. The regional market's growth can be attributed to the presence of some world's largest agriculture-dependent economies like China, India, and Indonesia, a surge in rice cultivation, and rising post-harvest damages. Moreover, with the increase in disposable income and high spending capacity, consumers are increasingly interested in purchasing high-quality food products, which further act as a driver of the regional market and are likely to contribute significantly during the forecast period.
North America is projected to be the fastest emerging region across the globe in the fungicide market over the forecast period, which is mainly accelerated by an increase in the adoption of both natural and synthetic crop protection solutions to provide better products to consumers. Major crop protection companies in the region are implementing innovative products and ingredients and introducing them into the market to cater to evolving consumer preferences.
Competitive Insight
Some of the major players operating in the global market include FMC Corporation, Bayer CropScience, Syngenta AG, Dow AgroSciences, Adama Agricultural Solutions, Simonis B.V., DuPont, Corteva Agriscience, Sumitomo Chemical, Isagro S.p.A., Nissan Chemical Corporation, Koppert, BioWorks Inc., Verdesian Life Sciences, Nutrichem Co. Ltd., and BOF Agrochemical Company.
Recent Developments
In December 2022, BASF, announced the launch of its new fungicide named Revysion that belongs to the family of triazole having various substantial features. The product is mainly developed with an aim to fill out the gap left by the drop in efficiency and several revocations because of the development of plant resistance against the fungicides. The newly developed fungicide is more flexible, high in efficacy, and consist favorable regulatory profile.
In November 2022, Bayer, unveiled its new fungicide under the Luna brand named Luna Flex for several crops including apples, citrus, & vegetables. This fungicide will further help growers with new form of the defense to control problematic diseases such as scab, melanose, mildew, & gummy stem blight.
Fungicide Market Report Scope
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Report Attributes |
Details |
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Market size value in 2023 |
USD 21.47 billion |
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Revenue forecast in 2032 |
USD 37.10 billion |
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CAGR |
6.3% from 2023 – 2032 |
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Base year |
2022 |
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Historical data |
2019 – 2021 |
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Forecast period |
2023 – 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2023 to 2032 |
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Segments covered |
By Product, By Form, By Crop Type, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key companies |
FMC Corporation, Bayer CropScience, Syngenta AG, Dow AgroSciences, Adama Agricultural Solutions, Simonis B.V., Lanxess AG, DuPont, Bayer AG, Corteva Agriscience, Sumitomo Chemical Co. Ltd., NIPPON SODA Co. Ltd., Isagro S.p.A., Nissan Chemical Corporation, Koppert, BioWorks Inc., Verdesian Life Sciences, Nutrichem Co. Ltd., and BOF Agrochemical Company. |
FAQ's
Fungicide Market Size Worth $37.10 Billion By 2032.
key players are FMC Corporation, Bayer CropScience, Syngenta AG, Dow AgroSciences, Adama Agricultural Solutions, Simonis B.V., DuPont, Corteva Agriscience, Sumitomo Chemical, Isagro S.p.A., Nissan Chemical Corporation, Koppert.
Asia Pacific contribute notably towards the global fungicide market.
The global fungicide market expected to grow at a CAGR of 6.3% during the forecast period.
key segments are product, form, crop type, and region.
