Fungicides are a class of pesticides, which primarily consists of biological organisms or chemical compounds. They are widely used in the agricultural segment, which help to restrict the fungal diseases by inhibiting or killing the fungus responsible for the crop disease. The most commonly used active ingredient for fungicides preparation is sulfur. The most common chemical fungicides available in market includes: Dithiocarbamates, Phenylamides, Benzimidazoles, Triazoles, Chloronitriles, Strobilurins and others.
Moreover, growing demand for organic fruits & vegetables and their awareness towards health is boosting the fungicides market growth. Furthermore, high acceptance for integrated pest management (IPM) by the crop cultivator’s is adding fuel to the growth of the fungicides market. However, toxicity caused due the consumption of fungicides and stringent laws in the use of certain fungicides for crop production may hinder the market growth over the review period. Nevertheless, all these factors are projected to contribute to the estimated CAGR of 5.4% of fungicides market during the forecast period 2017-2023.
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Some of the key players profiled in the global fungicides market: BASF SE (Germany), E. I. du Pont de Nemours and Company (U.S.), FMC Corporation (U.S.), Sumitomo Chemical Co., Ltd. (Japan), Adama Agricultural Solutions Ltd. (Israel), Bayer CropScience AG (Germany), DowDuPont Inc. (U.S.), Bioworks, Inc.(U.S.), Certis U.S.A. LLC (U.S.), Monsanto Company (U.S.)
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The global fungicides market is segmented into North America, Europe, Asia Pacific, and rest of the world (RoW). Europe is dominating the global fungicides market followed by Asia Pacific. Germany accounts for a higher use of fungicides for protection of fruits and vegetables from fungal diseases owing to increasing awareness about the benefits of using fungicides. Furthermore, high demand for organic fruits and vegetables from the farmers is considered to be key driving factor in this region.