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Global Fungicides Market: Surging Demand from Middle East and Africa to Drive Market

Article Description

Fungicides refer to chemical formulations used to manage fungal diseases in plants. They are primarily used in major crops such as cereals, grains, oilseeds, pulses, fruits, and vegetables. Fungicides are also used over turf grass in stadiums, for ornamental plants, and municipal causeways. The growing need for yield-enhancing agrochemicals led by concerns over food security will drive the global fungicides market. Changing dietary patterns have led to an increase in the demand for fruits and vegetables, thereby augmenting the growth of the global fungicides market.

However, increasing incidence of fungicide resistance will hamper the market’s growth in the coming years. The overall market has an opportunity to grow with increasing awareness among farmers about the benefits of fungicides.

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Mancozeb to be Fastest Growing Segment of Global Fungicides Market

According to product type, the global fungicides market has been segmented into metalaxyl, mancozeb, chlorothalonil, strobilurin, and others, including benzimidazoles, phenylamides, and triazols. In terms of volume, mancozeb accounted for more than 20% of the market and dominated the overall market in 2014. During the period between 2015 and 2023, mancozeb fungicides are expected to be the fastest growing segment of the market. The increased demand for mancozeb can be attributed to its low price and very effective non-selective fungicidal activity. Strobilurin, another major fungicide, is witnessing increasing resistance against fungicidal activity in cereals and vegetables crop types.

On the basis of application, the global fungicides market has been categorized into oilseeds and pulses, cereals and grains, fruits and vegetables, and others including ornamental plants and grass. The cereals and grains and fruits and vegetables segments are expected to drive the demand from the market in the coming years.

Key Regions in Global Fungicides Market

The global fungicides market has been segmented into five key regions: Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. In 2014, in terms of volume, Asia Pacific dominated the overall market with a share of more than 25%. In the coming years, the demand for fungicides is expected to be high across the fruits and vegetables and cereals and grains segments.

In North America, the fungicides market is anticipated to expand at an above-average CAGR due to increased demand from fruits and vegetables and non-crop applications. During the period between 2015 and 2023, the Middle East and Africa is expected to be the fastest growing region in the market owing to investments from international welfare organizations such as the United Nations. Latin America is expected to emerge as another major region in the market, witnessing moderate growth in the coming years. The Europe fungicides market is matured and is projected to register a below-average growth rate in the near future.

Key Players in Global Fungicides Market

The global fungicides market is consolidated and only a few players operate worldwide. Large-scale producers have vertically integrated operations, thereby offering them a cost advantage over smaller players. Some of the prominent players operating in the global fungicides market are BASF SE, Syngenta, E.I. du Pont de Nemours and Company, Bayer CropScience, Dow AgroSciences LLC, Nufarm Limited, Monsanto Company, ADAMA Agricultural Solutions Ltd., Sumitomo Chemical Co. Ltd., and Cheminova A/S.