Albany – NY, Nov. 29, 2017 (GLOBE NEWSWIRE) -- Fungicides are chemicals that are been used for agricultural purpose to destroy and inhibit growth of fungi to protect growth of crops and plants. Based upon product type, the fungicides market has been segmented into mancozeb, chlorothalonil, metalaxyl, strobilurin and others. The others segment held a major share of the fungicides market followed by mancozeb and chlorothalonil across the globe. The product finds major demand in regions such as Asia Pacific, Europe and Latin America. Fungicides products are employed for various types of crops ranging from oilseeds & pulses, cereals & grains, fruits & vegetables and others. Mancozeb controls diseases by disrupting the lipid metabolism of fungi in vegetables & fruits and nuts. The product is primarily marketed as Penncozeb, Trimanoc, Vondozeb, Dithane, Manzeb, Nemispot, and Manzane. Mancozeb is cheaper in nature compared to other product types due to which it has major demand in the market. Chlorothalonil controls growth of mold, mildew, bacteria, algae, and other microbes that damage plants and vegetables.
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The global fungicides market was valued at US$ 12,370.2 Mn in 2016 and is anticipated to reach US$ 18,227.6 Mn by 2025, expanding at a CAGR of 4.4% between 2017 and 2025.
Based upon crop type, the fungicides market has been segmented into oilseeds & pulses, cereals & grains, fruits & vegetables and others. The fruits & vegetables segment held the major share of the fungicides market in 2016. The segment accounted over 40% of the total demand for fungicides in 2016, followed by others (ornamental and turfs) segment. Oilseeds & pulses and cereals & grains segments held average share of the fungicide market in 2016 across the globe. Consumption of cereals and grains, and oilseeds and pulses is higher in Asia Pacific region.
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Asia Pacific held major share of the global fungicides market in 2016. Development of agricultural activities in the region coupled with need to fulfill the food demand of the growing population is estimated to propel the demand for fungicides during the forecast period. China is the primary manufacturer and consumer of fungicides in Asia Pacific. India is another major consumer of fungicides in the region. Farmers in these countries are highly price sensitive and prefer low priced products. North America and Europe held average share of fungicides market across the globe in 2016.
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Governments of various countries in Asia Pacific region conduct initiatives such as educating farmers about the correct way of applying fungicides, appropriate time and quantity of application, and identifying diseases and using the right mix of fungicides in order to manage these diseases. Such information and education is imparted to farmers through online portals, seminars, and consulting representatives from companies and research institutes on call. Farmers are supported by governments, especially in India, through subsidized prices of fungicides. However, lack of awareness regarding the appropriate fungicide for a given application has led to sluggish adoption of a number of useful fungicides. Latin America is one of the rapidly growing regions of the fungicide market across globe. Brazil is the key producer and consumer of fungicides in Latin America. The country is also one of the largest producers of corn. Demand for agricultural inputs (including fungicides) is rising steadily in Brazil.
Key manufacturers operating in the fungicides market across the globe are Bayer CropScience AG, BASF SE, DowDupont Inc., Monsanto Company, Syngenta International AG and others.
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