Fungicides Market - Intensifying Disease Control Strategies and Increasing Vegetarianism to Boost Global Industry

Fungicides are the most commonly used defensive chemicals for plants against harmful fungi, which normally destroy valuable crops and spread diseases to other animals and humans. Typical fungicides are synthetic. They can be used as singular agents or, with proper guidance, used in combinations to create the desired level of effectiveness. Commonly, a fungicide is synthesized to target a specific fungi, though some can be applied against a broad range of fungal diseases.

The global fungicide market is progressing at a CAGR of 4.40% from 2015 to 2023. The global fungicide market is expected to be valued at US$16.3 bn by the end of 2023, after being recorded in 2014 at US$11.23 bn.Key players in the global fungicide market are Cheminova A/S, Monsanto Company, Dow AgroSciences LLC., E.I. du Pont de Nemours and Company, Bayer CropScience, BASF SE, and Syngenta.

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Changing Dietary Patterns and Agricultural Strategies to Boost Global Fungicide Market

The greatest driving force of the global fungicide market currently is the high demand for fruits and vegetables. A major reason for this increase in the choice of vegetarianism is a greater awareness of the benefits of vegetarian food and the complementary changes in the lifestyle and diet of a large number of consumers. In developing economies, the growing concerns over foods security have also prompted rapid growth of the global fungicide market. Nations afflicted by an overall scarcity of food are showing greater demand for effective crop yield and, consequently, chemicals that help improve crop yield, including fungicides. The booming global population is in need of a greater food production rate, creating a heavy load on the global fungicide market. This market is also affected on a slightly lower level by the growth in demand for ornamental plants.

The global fungicide market is restrained by advancing research and development phases on the synthesis and use of genetically modified plants that are resistant to multiple diseases. This could be countered by adapting to the growing need to create environment-friendly fungicides that can attract a growing population of environment-conscious consumers.

Mancozeb Dominates Global Fungicide Market

More than 20% of the global fungicide market was accounted for by mancozeb. It is also expected to become the fastest growing segment of the global fungicide market in the near future. The segment of mancozeb continues to face little to no resistance from consumers as well as distributors. Apart from mancozeb, the global fungicide market is also bolstered by a growing demand for strobilurins. A downside to the excessive use of strobilurins is the ability of germs and fungi to develop a resistance to it, thereby rendering it ineffective.

Over 40% of the global fungicide market was occupied by the application segments of vegetables, fruits, and crops in 2014. The given driving factors will allow the global fungicide market to surge even further, due to the increasing consumption of fruits and vegetables, keeping the segment of vegetables, fruits and crops dominant in the global fungicides market. This growth rate, coupled with the consolidation of the global fungicide market, where 70% of it was controlled by the top five companies in it, will ensure a positive outlook for the global fungicide market in the near future.

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