Global fungicides market is expected to witness significant growth on account of rising applications in crop protection in order to ensure higher yield and quality crops. Increasing consumption of fungicides in a variety of crops including cereals, rice, vegetables and fruits is expected to drive market growth. Rising demand for agricultural products along with modern farming techniques is expected to spur market growth over the next six years. Fungicides neutralize and inhibit fungal growth in crops, which is expected to contribute to market growth. Moreover, growing population mainly in developing markets including China, India and Brazil along with rising demand for food is expected to propel fungicide market over the forecast period.
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Europe was the largest market for fungicides in 2014 and is expected to show lucrative growth owing to high production of vegetables and fruits in the region. Asia Pacific is expected to witness significant market growth on account increasing awareness among farmers regarding usage of fungicide in order to increase crop yield and enhance product quality. Rising demand for fungicides in countries including Brazil and Argentina is further expected to drive market growth. Rising environmental and health concerns associated with usage of synthetic fungicides has led to the introduction of bio-based fungicides, which is expected to open new market avenues over the forecast period.
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Increasing demand for fungicides in order to improve storage life and quality of harvested plants is expected to augment market growth over the forecast period. Key market participants include FMC Corporation, Nufarm Ltd., DuPont, Dow AgroSciences, Cheminova A/S, Bayer AG, Lanxess AG, BASF and Syngenta. BASF provides fungicides which offers long lasting effectiveness, improves plant health and helps crops better manage stress and resources. DuPont delivers high quality fungicides for vegetable, potato and fruit crops. Syngenta provides superior, longer-lasting fungicides which control soybean rust and ensures sustainable yield. The product also finds applications in fruit and vegetables, cereals and rice. Nufarm offers non-systemic foliar fungicide having protective action which controls fungal diseases in various crops including oil palm, rubber, sugar cane and banana. Various agrochemical companies are developing bio-based fungicide through extensive R&D activities.
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