Latest demand in prevalence of plant diseases, limited arable land, and increase in adoption of modern farming drive the growth of the global fungicides market
PORTLAND, OREGON, UNITED STATES, September 11, 2020 /EINPresswire.com/ — Allied Market Research published a report, titled, "Fungicides Market by Active Ingredient (Dithiocarbamates, Benzimidazoles, Chloronitriles, Triazoles, Phenylamides, Strobilurins, and Others), and Crop Type (Cereals & Grains, Oilseeds & Pulses, Fruits & Vegetables, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2027." According to the report, the global fungicides industry was pegged at $13.4 billion in 2019, and is expected to hit $19.5 billion by 2027, registering a CAGR of 4.7% from 2020 to 2027.
Drivers, restraints, and opportunities-
Rise in prevalence of plant diseases, limited arable land, and increase in adoption of modern farming drive the growth of the global fungicides market. On the other hand, inappropriate use of fungicides and emergence of organic farming curb the growth to some extent. However, surge in demand for bio-fungicide is expected to create lucrative opportunities in the industry.
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The triazoles segment to retain its dominance by 2027-
Based on active ingredient, the triazoles segment accounted for nearly one-fifth of the global fungicides market revenue in 2019, and is expected to lead the trail throughout the forecast period. This is due to its beneficial characteristics such as site specificity and others. The phenylamides segment, on the other hand, would portray the fastest CAGR of 5.8% till 2027.
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The fruits & vegetables segment to rule the roost-
Based on crop type, the fruits & vegetables segment contributed to nearly two-fifths of the global fungicides market share in 2019, and is anticipated to maintain the dominant share throughout the forecast period. The fact that fruit and vegetable plants are often affected by fungal disorders has increased the use of fungicides to a significant extent which, in turn, fuels the segment growth. At the same time, the cereals & grains segment would manifest the fastest CAGR of 4.9% during the study period.
Europe, followed by North America, to dominate in terms of revenue-
Based on geography, Europe, followed by North America, held the highest share in 2019, garnering more than two-fifths of the global fungicides market. High demand from wheat producers and presence of key players in the region drive the growth of the market. Simultaneously, the Asia-Pacific region would register the fastest CAGR of 5.2% from 2020 to 2027. Increase in population in countries such as India and China boosts the market growth.
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Frontrunners in the industry-
Tata Chemicals Ltd.
Sumitomo Chemical Company
Novo Nordisk AG
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Source: EIN Presswire