New York, United States , May 04, 2023 (GLOBE NEWSWIRE) -- The Global Fungicides Market Size is to grow from USD 19.6 billion in 2022 to USD 34.7 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 5.9% during the projected period. The global fungicides market is expected to grow significantly in the coming years, driven by various factors such as increasing population, growing demand for high-quality crops, the need to control crop losses due to fungal diseases, and the adoption of modern agricultural practices. The development of new and innovative fungicides, the increasing demand for organic and sustainable agriculture practices, and the use of fungicides in non-agricultural applications are also contributing to the growth of the market.
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The global fungicides market refers to the market for chemical and biological agents used to control fungal diseases in plants. Fungal diseases pose a significant threat to crops, causing substantial losses in yield and quality. Fungicides help prevent and control these diseases, ensuring healthy plant growth and better crop yields. The increasing use of fungicides in non-agricultural applications and the demand for organic and sustainable agriculture practices also present significant opportunities for market growth. Ongoing R&D in the fungicides sector has resulted in the development of more effective and efficient fungicides, which are driving the market growth. The fungicides industry has undergone significant transformation in recent years as a result of the introduction of new technologies. Nanotechnology and other advancements in formulation technologies have resulted in the development of more efficient and targeted fungicides. Nanoemulsions and nanocapsules have been developed to improve fungicide efficacy, reduce the number of active ingredients required, and reduce environmental impact. However, fungicides are heavily regulated by various government agencies around the world. The registration process for new fungicides is complicated and time-consuming, and strict regulations regarding fungicide use and disposal can limit their use and raise production costs.
Browse key industry insights spread across 200 pages with 130 market data tables and figures & charts from the report on "Global Fungicides Market Size, Share, and COVID-19 Impact Analysis, By Type (Chemical, Biologicals), By Mode of Application (Seed Treatment, Soil Treatment, Foliar Spray, Post-Harvest), By Form (Dry, Liquid), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Description Here:
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The chemical fungicides segment is expected to hold the largest share of the global fungicides market over the projected period.
The global fungicides market is divided into two types: chemical and biological. Among these, the chemical fungicides segment is expected to account for the majority of the global fungicides market during the forecast period. The widespread use of chemical fungicides by farmers worldwide can be attributed to their high efficacy and effectiveness in controlling fungal diseases.
The foliar spray segment holds the largest share of the global fungicides market.
The global fungicides market can be classified into seed treatment, soil treatment, foliar spray, and post-harvest applications. The foliar spray segment accounts for the majority of the global fungicides market. The widespread use of foliar spray in crop disease control can be attributed to segmental growth. Foliar spray is frequently preferred because of its ease of application, rapid absorption by the plant, and efficacy in controlling fungal diseases. Foliar sprays are widely used in crops such as fruits, vegetables, and cereals to control fungal diseases such as powdery mildew, rust, and leaf spot.
The liquid segment is anticipated to hold the largest share of the global fungicides market over the forecast period.
The global fungicides market can be categorized into two types: dry and liquid. Among these, the liquid segment is expected to account for the majority of the global fungicides market during the forecast period. The ease of application and greater effectiveness of liquid formulations in controlling fungal diseases can be attributed to segmental growth.
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Asia Pacific is estimated to hold the largest share of the global fungicides market during the predicted timeframe.
Asia-Pacific has the largest market share of the global fungicides market, with China and India driving this growth. The region's fungicide demand is being driven by the region's growing population and the need to produce more food to feed the growing population. The use of high-yielding crop varieties, improved irrigation facilities, and the application of fertilizers and pesticides have all contributed to the expansion of the region's fungicides market. Over the forecast period, North America is expected to grow at the fastest rate in the global fungicides market. Fungicide demand in North America has increased due to the adoption of modern agricultural practices such as integrated pest management (IPM) and precision agriculture.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Fungicides Market include BAYER AG, BASF SE, SYNGENTA AG, Corteva Agriscience, FMC CORPORATION, Sumitomo Chemical Co. Ltd., UPL LIMITED, NIPPON SODA CO LTD., Nufarm, Isagro S.P.A, ADAMA, Marrone Bio Innovations Inc, Nissan Chemical Corporation, Koppert, Nutrichem Co Ltd, and Others.
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