According to a recent study by Transparency Market
Research (TMR), the global fungicides market is consolidated in
nature, with more than two-third of the global shares collectively
owned by the top four players. The report identifies Bayer
CropScience, BASF SE, Syngenta, Monsanto Company, Dow AgroSciences
LLC, Cheminova A/S., and E.I. du Pont de Nemours and Company as some
of the leading companies in the global market for fungicides. These
key players produce their own raw material inputs and concentrate on
research and development across various regions to maintain a product
portfolio suited for those regions.
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As per the TMR evaluations, the global fungicides
market had an opportunity worth US$11.23 bn in 2014, which will
expand at a CAGR of 4.4% during the forecast period of 2015 to 2023,
reaching a valuation of US$16.30 bn by the end of 2023. Research and
development of customized products as per the requirement of various
regions will define the leader of the market in the longer run.
However, large number of small players are entering the market at
regional levels, which is stiffening-up the competition.
Vastly Populated Asia Pacific Most Lucrative
Region
By product, the report segments the global fungicides
market into chlorothalonil, mancozeb, strobilurin, metalaxyl, and
others including benzimidazoles, triazols, and phenylamides. In terms
of volume, the segment of mancozeb accounted for over 20% of the
demand and is expected to remain prominent throughout the forecast
period. This is owing to its low-cost and absence of any resistance
management issues. However, phenylamides segment is also anticipated
to expand the demand robustly over the course of next few years, as
they can be mixed with water and consequently, are easy to apply
through foliar spray, seed treatment, soil treatment, and
post-harvest. By application, the report categorizes the global
fungicides market into cereals and grains, oilseeds and pulses,
fruits and vegetables and others including grass and ornamental
plants. Out of these, fruits and vegetables segment served maximum
demand and are expected to expand at an above-average rate during the
forecast period, owing to its growing application to manage fungal
diseases in muskmelons, grapes, apples, potato, orange, tomato,
lemons, and carrots.
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Geographically, the TMR report studies the
opportunities available for the players in fungicides market in the
regions of North America, Europe, Asia Pacific, Latin America, and
the Middle East and Africa, and rates Asia Pacific as the most
lucrative region. The region accounted for 25% of the share in 2014,
although North America is expected to escalate the demand quickly
during the forecast period due to high demand from non-crop
applications as well as fruits and vegetables segment.
Demand for Protein-rich Foods and Fibers
Escalating
Escalating demand for food across the world with
rapidly growing population, which makes it mandatory to increase the
production as well as concentrate on food safety, is the primary
driver of the global fungicides market. The change in farming
practices from traditional to conventional is another important
factor favoring the market’s growth rate. Government support to the
methods of enhancing yield, sale of ornamental plants for outdoor and
indoor applications, and non-selective fungicides are expected to
further boost the demand in the global fungicides market.
According to the author of the report, “Changing
lifestyle among the urban population is shifting the dietary patterns
of the middle income population, with protein-rich foods and fibers
gaining popularity. This is opening new opportunities for the players
in this market.”
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The information presented in this review is based on
a Transparency Market Research report, titled, “Fungicides Market
(Product - Mancozeb, Chlorothalonil, Metalaxyl, and Strobilurin;
Application - Cereals and Grains, Oilseeds and Pulses, and Fruits and
Vegetables) - Global Industry Analysis, Size, Share, Growth, Trends
and Forecast 2015 - 2023.”
Key Segments of the Global Fungicides Market
Fungicides Market - Product Segment Analysis
- Mancozeb
- Chlorothalonil
- Metalaxyl
- Strobilurin
- Others (Including triazols, benzimidazoles, phenylamides, etc.)
Fungicides Market – Application Analysis
- Cereals & grains
- Oilseeds & pulses
- Fruits & vegetables
- Others (Including ornamental plants, grass, etc.)
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