The global fungicides market has the potential to reach a valuation of USD 20.37 billion by 2027, with a 4.30% CAGR during the forecast period of 2019 to 2027. Market Research Future (MRFR) closely studied different proceedings and listed the factors that can have a substantial impact on the market.
Among major factors, the increasing demand to curb the effects of diseases on plants is expected to boost the market outcome. This is becoming possible with the rising inclusion of advanced technologies, the introduction of advanced farming technologies, production of fungicides, demand for better yield, and others. The latest trend that accommodates precision farming is also boosting the market outcome. Organic steps are also becoming important.
The global Fungicides Market as discussed in detail in the MRFR report, has been studied on the basis of type, crop type, and mode of application. These segments revealed several crucial insights that can transform the market outcome in the coming days.
By type, the global market for fungicides has been segmented on the basis of chemical fungicides and bio fungicides. The chemical fungicides segment includes a detailed discussion of dithiocarbamates, triazoles, phenylamides, benzimidazoles, and others.
By crop type, the report on the global fungicides market has been segmented into oilseeds & pulses, fruits & vegetables, cereals & grains, and others. The rising demand for agricultural yield has triggered growth for all these segments.
By application, the study on the global fungicides market has been segmented into foliar, soil treatment, seed treatment, and others. The soil treatment segment is getting backing from several segments to ensure crops deliver proper quality.
Europe is expected to make significant progress in the market as the regional decision to adopt precision farming technologies are gaining more traction. The demand for organic products is also big, which is proving effective for regional market growth. In Asia Pacific, the presence of several agrarian economies can impact the market. The regional market has the chance to register the highest CAGR during the forecast period.
The global market for fungicides is getting substantial backing from various strategic inputs of companies like Bayer Cropscience AG (Germany), ADAMA Agricultural Solutions Ltd (Israel), BASF SE (Germany), Nufarm Limited (Australia), DowDupont (US), Sumitomo Chemical Co., Ltd (Japan), FMC Corporation (United States), UPL Limited (India), Nippon Soda Co. Ltd (Japan), Syngenta AG (Switzerland), Isagro Spa (Italy), Bioworks Inc (US), American Vanguard Corporation (US), Marrone Bio Innovations Inc. (US), and Natural Industries (US). These companies have been benefiting from their strategic use of mergers, acquisitions, collaborations, and other methods. Also, their investment policies provide proper traction from the research and development sector. This is indirectly supporting innovations and launching strategies. MRFR’s report has the latest updates initiated by these companies using which the development of various strategies would turn easier.
In Canada, Corteva Agriscience recently announced the launch of Cerefit. This product has been described as a dual mode-of-action. This includes Group 11 (picoxystrobin) and a Group 3 (propiconazole) to back up agricultural yield with both preventive and curative activity. Its inclusion is getting huge traction as its effective use in protecting leaves from going bad is helping farmers to maintain their yield standard and quantity. The product is providing better support to the producers of wheat, oats, and barley. Its application against fusarium head blight is creating a buzz in the Canadian agri-food industry. This will help the country in protecting the crops, especially during winter and spring.
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