The global fungicides market is driven by the rising need for yield-enhancing agrochemicals, led by food security concerns due to the booming global population. In addition to this, the rising demand for fruits and vegetables is also propelling the global fungicides market. The growing demand for fungicides in the non-crop application segment will also benefit the market. Nevertheless, the global fungicides market is suppressed by the rising resistance of crops to fungicides. Moreover, the rising preference of consumers to non-GMO crops will also challenge the global fungicides market.
Regionally, the global fungicides market is segmented into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa (MEA). The global fungicides market is marked by the presence of unique dynamics for each region. Each regional segment of the global fungicides market is driven by specific trends. Let us look at the regional dynamics that will impact the overall global fungicides market.
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Key Regional Trends of Global Fungicides Market
Product-wise, the global fungicides market is segmented into strobilurin, metalaxyl, chlorothalonil, mancozeb, and others. In 2014, the mancozeb segment dominated the global fungicides market and is expected to enjoy the fastest growth during the forecasting horizon.
Key manufacturers in the global fungicides market are integrated backward and are involved in producing their own raw material inputs. Presently, the global fungicides market is consolidated in nature. In 2014, the top four players held more than a two-third revenue share in the global fungicides market. Players in the global fungicides market will benefit from the rising awareness among farmers regarding the benefits of fungicides.
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The majority of global players are also operating regional research and testing centers across the aforesaid regions. This helps them keep their products oriented to the regional needs. The key players operating in the global fungicides market are Syngenta AG, Monsanto Company, Nufarm Limited, BASF SE, Bayer CropScience AG, Sumitomo Chemical Co., Ltd., and FMC Corporation.