Manufacturers in the fungicides market have come up with weather-based decision spray models which helps farmers and others involved in agricultural activities tackle soil-borne diseases. The best use of these models would come in preventing the growth of late blight disease in potatoes. The disease tends to have damaging consequences and farmers suffer big production losses due to their growth, which could happen because of certain weather conditions. Factors such as the model’s cost-effective nature, effectiveness as well as environmental-friendly features, have made it popular among crop growers. It also helps understand and decide when to employ fungicides.
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With such benefits, manufacturers can find ideas to develop better forecast models, which helps prevent production losses. Farmers are also benefiting from using these models as they are getting information on aspects such as humidity over a 3-7 day timespan.
Development of High-Technology Products in Fungicides Market Exerts Long-Lasting Effects On Crops’ Growth
The fungicides ecosystem does have issues that are overlooked by firms and there is an increasing demand among cereal farmers to develop innovative solutions to solve these problems. Apart from soil-borne diseases, some of the other issues include fluctuating crop output and restricted natural resources. Hence, fungicide manufacturing firms are using measures that help farmers with creative offerings.
Manufacturers in the fungicides market are coming up with advanced models that would develop healthier crops. These fungicides come with many benefits like long-lasting protection against the fungal activity, and helps ensure high grain quality. By doing this adds higher cost value to cereal growers and sustains the fungicides market for firms in the long run.
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Bayer AG, a noted multinational pharmaceutical company based out of Germany, declared the launch of iblon technology which depends on the active ingredient isoflucypram to control the growth of fungus in cereals. In addition to Bayer, some of the other well-known firms in the fungicides market include ADAMA Ltd., BASF SE, PI Industries, and FMC Corporation, etc. The fungicides market is estimated to grow from US$ 15.3 billion in 2018 to US$ 22.3 billion in 2027 and expand at a compound annual growth rate (CAGR) of approximately 4% during 2019 – 2027.
Fungicides effects on Fruits and Vegetables and emergence and advantages of Biofungicides
The fungicides market is moderately consolidated, and this has permitted newer players to come into it. The challenge for these firms is to try and be different in what they offer in order to have a long, sustainable run in the industry and also cut down on the environmental load. Fungicides are used to kill the growth of fungus that could destroy crops. Largely, they are used as sprays or dust. The crops susceptible to fungal attacks include fruits and vegetables. As a result, close to one-third of the fungicides consumption is used for these two products.
With a growing health awareness among the public, fruit and vegetable demand has also seen a rise. This, in turn, could help boost the demand in the fungicides market. Analysts feel that fungicide production for fruits and vegetables is estimated to reach approximately 403 kilotons by 2027. In China and India, there has been a change in harvest from cereal crops to cash crops. A substantial rise in the amount of food storage and transport facilities are helping pick up the demand in the fungicides market in these nations. Hence, an increase in the fungicides consumption is expected to boost the demand in Asia Pacific fungicides market.
Certain crop growers are moving toward using biofungicides since specific synthetic fungicides have been found to destroy crops if not handled correctly, due to the presence of hazardous elements such as phytotoxicity in them. The advantage of using these biofungicides is that it helps decrease the environmental footprint. Manufacturers are striving to nurture plant micro biomes to build efficient products in biofungicides market.
The global fungicides market is segmented as follows:
Based on Region
- Asia Pacific
- Latin America
- North America
- Middle East & Africa
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Global Fungicides Market: Highlights
- In terms of value, the global fungicides market is anticipated to expand at a CAGR of ~4%during the forecast period, to reach ~US$ 22.3 Bn by 2027.
- Based on product, the triazole segment held a major share of the global fungicides market in terms of value in 2018. Effective action on various fungi and the ability of triazole to mix with other fungicides are the key factors driving the segment.
- The shift in harvest from cereals crops to cash crops is being experienced in various countries, primarily China and India. Significant increase in the number of food storage and transportation facilities are fuelling the demand for fungicides in these countries. Thus, rise in the adoption of fungicides among end users is estimated to fuel their demand in Asia Pacific.
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