Aug 05, 2020 (Market Insight Reports) -- The Global Fungicides Market is estimated to grow at a CAGR of 4.7% during the forecast period 2020-2027. As per the detailed market study, the global fungicides industry was valued $13.4 billion in the year 2019 and is anticipated to reach $19.5 billion by the year 2027.
Fungicides are a kind of pesticides, use to kill or prevent the growth of fungi and their spores. Fungicides prevent fungi that damage plants, including rusts, mildews and blights.
The global fungicides market is driven by factors such as growing demand for food security by the growing population. As per World Economic Forum, by 2050, the world must feed 9 billion people and the demand for food will be 60% greater than it is today. In addition, technological advancement in farming practices and changing climatic conditions that favours disease occurrence also driving demand for fungicides in crop fields as the use of fungicides minimizes crop loss by destroying harmful fungi affecting the crop yield. However, rising health concern has resulted in adoption of organic farming is restraining the market to an extent. Moreover, government incentive favouring more agricultural production anticipated to bring lucrative opportunities for the fungicides market over the forecast period. For instance, the United Nations has set ending hunger, achieving food security and improved nutrition, and promoting sustainable agriculture as the second of its 17 Sustainable Development Goals (SDGs) for the year 2030.
Geographical Overview of the Global Fungicides Market
The Europe fungicides market held lucrative share in 2019 and also anticipated to be the dominant segment over the study period. The major driver for the region is the presence of key players in the region. Further, Europe is the leading producer of wheat that demands largest consumption of fungicides due to maximize the yields. In the other hand, Asia-Pacific fungicides market is expected to grow with the fastest CAGR over the forecast period due to presence of countries in the region with high crop production. For instance, India is one of the major producers of wheat, rice, pulses dry fruit, sugarcane and cotton.
Segmentation Overview of the Global Fungicides Market
The global fungicides market is categorized on the basis of various market segments that include active ingredient and crop type. These major market segments are further categorized into various sub-segments to study the market in detail.
The Active Ingredient of the Global Fungicides Market is Sub-Segmented into:
The Crop Type of the Global Fungicides Market is Sub-Segmented into:
Cereals & Grains