Fungicides Market Size, Share, Growth Analysis, By Type(Synthetic Fungicides and Biofungicides), By Crop(Cereals and Grains, and Fruits and Vegetables) - Industry Forecast 2024-2031

Fungicides Market size was valued at USD 19.20 billion in 2022 and is poised to grow from USD 20.14 billion in 2023 to USD 29.53 billion by 2031, growing at a CAGR of 4.9% in the forecast period (2024-2031).

The fungicides market is characterized by a diverse range of companies offering a variety of fungicide products. These companies focus on research and development activities to develop innovative and effective fungicides that cater to the specific needs of different crops and regions. They also emphasize strategic partnerships, collaborations, and acquisitions to expand their market presence and enhance their product portfolios. Additionally, there is a growing trend of sustainable and environmentally friendly fungicides, with companies investing in biofungicides and other organic alternatives to meet the evolving consumer demand for safer and more sustainable crop protection solutions. 'Syngenta (Switzerland)', 'Bayer CropScience (Germany)', 'BASF SE (Germany)', 'Corteva Agriscience (US)', 'FMC Corporation (US)', 'Nufarm Limited (Australia)', 'Sumitomo Chemical Co., Ltd. (Japan)', 'ADAMA Agricultural Solutions Ltd. (Israel)', 'UPL Limited (India)', 'Dow AgroSciences LLC (US)', 'Marrone Bio Innovations, Inc. (US)', 'Isagro S.p.A. (Italy)', 'Kumiai Chemical Industry Co., Ltd. (Japan)', 'Jiangsu Yangnong Chemical Co., Ltd. (China)', 'Nissan Chemical Corporation (Japan)', 'Arysta LifeScience Corporation (US)', 'Certis USA L.L.C. (US)', 'Valent BioSciences Corporation (US)', 'AMVAC Chemical Corporation (US)', 'Fungicides India Limited (India)'

One of the key drivers for the growth of the fungicides market is the increasing demand for higher crop yields and reduced crop losses. With a growing population, there is a need to enhance agricultural productivity to meet the rising food demand. Fungicides play a crucial role in protecting crops from diseases caused by fungi, ensuring healthier and higher-quality yields. This driver is pushing farmers and agricultural communities to adopt fungicides as an essential tool for crop protection and maximizing agricultural output.

Increasing Use of Bio-based Fungicides: the increasing demand for bio-based fungicides, primarily driven by stringent regulations concerning chemical usage in food production. European companies are particularly focused on ramping up the production of these eco-friendly alternatives. While synthetic fungicides have proven highly effective, their repeated application has raised concerns about environmental pollution, the development of resistance among pathogens, and residual toxicity. Consequently, there is a growing emphasis on research and development in the field of biofungicides, which offer a more environmentally friendly and safer solution. Key commercial biofungicides available in the market are effective against various pathogens, including Pythium, Rhizoctonia, Fusarium, Sclerotinia, Thielaviopsis, Botrytis, and powdery mildew. Furthermore, the Food and Agriculture Organization reports a continuous increase in arable land dedicated to cereals, pulses, fruits, and vegetables, creating opportunities for farmers to meet the rising domestic and international food demand. For instance, in 2020, Asia witnessed an expansion in arable land, with a total of 497,818.7 thousand hectares, exceeding the previous year's figure of 497,255.4 thousand hectares. Consequently, farmers are increasingly adopting fungicides to safeguard their crops against a range of fungal infestations.

North America dominated the fungicides market. The region has a well-established agricultural sector and advanced farming practices, which contribute to the high demand for fungicides. The United States and Canada are the key players in this market, with a significant share of fungicide consumption. The United States holds a dominant position in North America, primarily due to its large agricultural industry and extensive crop cultivation. The country has a diverse range of crops, including corn, soybeans, wheat, and fruits, which require effective fungicide protection.