New York, July 08, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Fungicides Global Market Report 2022” – https://www.reportlinker.com/p06281527/?utm_source=GNW
and Monsanto Company.
The global fungicides market is expected to grow from $19.32 billion in 2021 to $20.64 billion in 2022 at a compound annual growth rate (CAGR) of 6.8%. The market is expected to grow to $26.09 billion in 2026 at a CAGR of 6%.
The fungicides market consists of sales of fungicides. Fungicides control fungal diseases by killing or inhibiting fungi or fungal spores.
Fungi can cause serious damage in agriculture, resulting in critical losses of yield, quality, and profit. Tea tree oil, cinnamaldehyde, and nimbin are examples of natural fungicides.
The main types of fungicides are synthetic fungicides and bio-fungicides. Fungicides control fungal diseases by killing or inhibiting fungi or fungal spores.
The active ingredients involve are dithiocarbamates, benzimidazoles, chloronitriles, triazoles, phenylamides, strobilurins, and other active ingredients that are used for seed treatment, soil treatment, foliar spray, chemigation, and post-harvest. The various applications are cereals and grains, oilseeds and pulses, fruits and vegetables, and other applications.
Asia Pacific was the largest region in the fungicides market in 2021. South America was the second-largest region in the fungicides market.
The regions covered in the fungicides report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Farmers globally are adopting intensive farming techniques to increase productivity per hectare, driving the demand for pesticides and other agricultural chemicals.Intensive farming is an agricultural intensification and mechanization system that aims to maximize yields from available land through means such as heavy use of pesticides and chemical fertilizers.
These techniques help to meet the rising demand for food from the growing population and prevent food shortages. Intensive farming techniques such as monoculture drive the demand for pesticides.
Monoculture is the practice of growing one type of crop intensively over a large area, depleting the nutrients in the soil and making it heavily dependent on pesticides.
The rising demand for organic food products is expected to negatively impact the fungicides market. This can be attributed to the changing lifestyles and increasing preference for organic food.
Organic food products are derived through farming systems without the use of fungicides. According to the 2020 Organic Industry Survey released by the Organic Trade Association, US organic food sales hit $50.1 billion in 2020, up 4.6% from 2019. Similarly, in 2019, the sales of organic food and drinks in the UK rose by 4.5% to $3.28 billion (£2.45 billion). Rising demand for organic food products will limit the use of fungicides in crop production, restricting the growth of the fungicides market.
Developing agricultural countries, including China, Brazil, and India, are experiencing increasing demand for inorganic fungicides due to their lower prices than organic fungicides. Other factors driving this market include rapid population growth, depleting cultivable land, lack of proper regulations, and increasing demand for quality fruits and vegetables.
Inorganic fungicides are manufactured from abundantly available and easily produced elements, making the product significantly cheap. Farmers in developing regions procuring inorganic fungicides in large quantities are expected to drive the market in the forecast period.
In December 2019, Gowan Crop Protection Limited, an affiliate of Gowan Company which is a family-owned agricultural solutions provider, acquired rights of Bayer AG’s active ingredients Fenamidone and Pencycuron for an undisclosed amount. The acquisition includes product registrations and trademarks including Consento, Reason , Monceren, and Prestige, and related intellectual property and labels for both fungicides.
Bayer AG is a German multinational pharmaceutical and life sciences company.
The countries covered in the fungicides market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, and Australia.
Read the full report: https://www.reportlinker.com/p06281527/?utm_source=GNW
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