Fungicides Market Seen Soaring ~6.2% Growth to Reach USD ~ XX Billion by 2032, Projects UnivDatos Market Insights.

According to a new report by UnivDatos Market Insights, the Fungicides Market is expected to reach USD ~XX billion by 2032 by growing at a CAGR of 6.2%. The fungicide market which exists all over the world is a major input in the agricultural sector by providing farmers with solutions to fungal diseases affecting their crops. Fungi diseases are of great concern when it comes to crop production because they reduce the amount of produce and quality of the produce that is produced. Thus, fungicides have turned into an inevitable part of contemporary husbandry to minimize these threats. Fungicides are chemical or biological agents used to prevent or control the growth of fungi in plants and their use has increased as the world struggles to meet the food demands. This paper examines the main factors, involvement, and future direction for the growth of the global fungicide market.

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Increasing Population Density and the Need to Feed World Population and Protect the Crops

The increased world population and the ability this has triggered in the demand for food is a key driver of the liquid fungicide market. Since most of the land is unsuitable for cultivation, growers have had to use the available area to increase production and guarantee the quality of the produce. Some of the fungal diseases include powdery mildew, rust, and blight among others, which if not managed result in a declining yield. Chemical control is necessary to overcome these diseases so that farmers can produce enough food to feed the world’s population.

Moreover, global climate changes have affected the increased volatilized susceptibility in crops to fungi. It is for this reason that warmer and wetter climates increase the rate of occurrences of fungi in nature. Therefore, the demand for fungicides has increased to aid the growth of the market in various locations.

Main Factors Influencing the Global Fungicide Market:

Increased Efficiency in Methods of Agricultural Activities

Planting techniques have advanced to precision farming where plants are planted closely on the farm to cover as much land as possible. Nevertheless, such practice poses the potential to see the spread of fungal diseases worsening. That is why fungicides are applied as a component of the IPM approach for effective crop protection and high yields. New farming practices like precision farming have also applied pressure towards the use of fungicides. Micro-spraying fungicides can be applied using precision farming practices, thus there will be little wastage of fungicides.

Increased Consumer’s Preference for Quality Food Products

Consumers have demanded good quality vegetables and fruits that are free from diseases and the agriculture industry has been anticipated to deliver this. To reduce crop losses and produce quality fruits, vegetables, grains, and other crops, fungicides are of immense importance. The higher use of organic farming and the need for produce without chemical input has also given rise to what is called ‘biopesticides which include ‘bio fungicides’ which are safer than synthetic fungicides.

Horticulture and Floriculture globalization

The significant growth of the horticulture and floriculture production units especially in emerging markets is prompting the demand for fungicides. Plants used for beautification and flowers are very vulnerable to attack from fungi and hence are likely to develop a bad appearance or market value. Today fungicides are commonly used in the management of ornamental plants as they enhance their appearance and quality. Increased disposable income per capita especially in the developing nations coupled with the increased uptake of urban horticulture and landscaping are factors influencing the application period of fungicides in these sectors.

The increasing concern with the biosphere and its endangerment has contributed to the specification of a new type of fungicide – biological or bio fungicides. These products are biologically based and are obtained from microorganisms like bacteria, fungi, and plant origin which makes them more environment friendly compared to synthetic fungicides. Bio fungicides are under expansion because they are less hazardous to the environment, and their resistance development is lesser than chemical fungicides, and they can be applied to organic farming. Rising demand for eco-friendly solutions as governments and regulating bodies increase pressure on agricultural producers will further raise the adoption rate of bio fungicides.

Despite its growth, the fungicide market faces several challenges that could impact its future trajectory:

Laws that regulate the use of pesticide:

The application of fungicides is generally prohibited and then regulated such as in Europe and North America where many cases of the adverse effect of the chemical pesticides are reported. This has been caused by increased regulatory measures by bodies like the EPA and even the EFSA, in regulating the usage of some fungicides for most farmers. Some of the fungicides have been withdrawn or rendered limited for use because they have been thought to present toxicological risks to any non-target organism in the ecosystem, pollinators waterborne animals, and insects.

Resistance to the fungicide

Resistance of fungal pathogens to the fungicides is another problem which has been experienced in the fungicide industry. Over time, persistent use of fungicides will encourage the development of mutant forms of fungi that cannot be controlled by some of the fungicides. This has resulted in an increased need for more fungicides and therefore integrated pest management approaches, involving the regular rotation of fungicides with other control measures. However, more development in resistance is another factor which is a major threat to the agricultural production sector.

Extensive cost associated with the conduct of research and development.

The invention of new fungicide products especially the bio fungicides demands increased research and trials hence meeting the demands of the regulating bodies and efficiency. This procedure is cumbersome and costly hence putting pressure on the manufacturing expenses of the fungicides. They are usually charged directly to farmers, and because many operate under thin profit margins, especially in the agricultural sector, it hampers the take-off of new products.

The global fungicide market is expanding across various regions, with distinct trends and growth factors influencing each market:

North America

This market is well developed because North America is one of the largest producers of crops such as corn, soybeans, and wheat. Market drivers that contribute to the growth of the market in the region include better-developed agricultural technology, high usage of modern methods of farming, and definitive consumer demand for better-quality produce. Moreover, due to advancing climatic conditions, the diseases caused by the fungus have also risen higher and higher, which in turn has a higher demand for fungicides in this region.

Europe

Europe can be considered as one of the regions with the highest level of regulation of fungicides being published with a big focus on the sustainable use of the product and protection of the environment. The European Green Deal and the Farm to Fork Strategy respond to the goals of reducing the dependency on chemical pesticides, including fungicides for its member states, by encouraging organic farming and biopesticides. However, some of the factors hindering the regional fungicide markets are the regulatory issues affecting these regions, and still, the markets are vibrant benefiting from the strong agriculture industry of the region to support high-quality and export-oriented crops.

Asia-Pacific

The Asia-Pacific is expected to be the most dynamic market for fungicides due to factors such as the increasing demand for food, a growing population base, and increasing agricultural practices. China and India are the leading producers of agricultural products and the rising trend of using fungicides to control diseases affecting crops is also fueling market development. The desire for the right food production and increasing rates of crop productivity is also contributing to the use of fungicides in this region.

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Latin America as well as MEA.

The third promising region is the Latin American region which has vast produce of fruits, vegetables, and cash crops that require fungicide intervention. Tropical climatic conditions in the region make crops very vulnerable to fungal attacks thus the need for fungicides. Due to government efforts on food production in the Middle East and Africa and increased agricultural activities, the demand for fungicides especially in the cereal and horticultural segments is rising.

Conclusion

The global fungicide market demonstrated a gradual increase in the past few years due to the increasing food requirements, increasing crop protection requirements, and improving agriculture technology. That is why it is still a challenge to enter this market, but the future looks quite bright, especially considering the trend toward the usage of environmentally friendly products, such as bio fungicides. With food security challenges and environmental degradation remaining a worrying factor in the world today, the fungicide market will greatly help farmers protect their produce and feed the world’s population to the best of their abilities.