The Fungicide Market is valued at USD 20.8 billion in 2022. It is projected to reach USD 28.0 billion by 2027, recording a CAGR of 6.1% during the forecast period.
The fungicide market has been influenced by some of the macro indicators witnessed across the globe. According to the Food and Agriculture Organization, total agricultural land under organic farming for grains, pulses, fruits, and vegetables is increasing year after year. Global agricultural land under organic farming in 2020 was 74.95 million hectares, showing a growth of 5.40% from 71.11 million hectares in 2018. This increase in agricultural land under organic farming, provides farmers with the opportunity to fulfil rising domestic and worldwide organic food demand. As a result, farmers are using fungicides to protect their crops from various fungal infestations to minimize crop losses and increase overall crop yield.
Asia-Pacific is hold the largest share in the market during the forecast period
The crops grown in Asian countries are rice, wheat, millet, pulses, cotton, sugarcane, tea, oilseeds and rubber in India, China, Pakistan, Indonesia, Malaysia, Iraq, Russia, Bangladesh and Myanmar. Sugarcane, yam, taro, Noni, cava, coconut, cassava, bananas and betelnuts in Pacific countries.
China produces rice, wheat, potatoes, tomato, sorghum, peanuts, tea, millets, barley, cotton, oilseed, corn and soybean. According to FAOSTAT, in 2021, corn was produced 272 MMT (million metric tonnes), rice was produced 212 MMT (million metric tonnes) and wheat at 136 MMT (million metric tonnes).
BASF has launched Melyra fungicide in China with a F500 active ingredient. This provides farmers with new solutions to harvest crops. This fungicide is based on Revysol fungicide in China that has an excellent effect on biological performance against the pathogens which are hard to control in speciality and row crops while meeting the high regulatory standards. Farmers trust Revysol containing products which treat a broad spectrum of diseases in a variety of crops safely and sustainability. This can be used in various crops such as rice, pomegranate, corn, grapes and cereals. In rice they protect against sheath blight and blast, Septoria leaf blotch in cereals, gray leaf spot, northern corn blight and phaeosphaeria leaf spots and rusts in corn plant.
Sumitomo Chemical Company Limited has introduced in Japan KANAME Flowable, a new horticultural fungicide containing INDIFLIN (inpyrfluxam). One of Sumitomo Chemicals pipeline products, INDIFLIN, is a brand-new fungicide active component that the company expects to finish registering in major markets by the year 2020. (B2020 initiative). It belongs to a group of fungicides called succinate dehydrogenase inhibitors (SDHI), which prevent pathogenic fungus from producing energy. In both internal and external tests, it has demonstrated remarkable efficacy against a wide range of plant diseases due to its excellent fungicidal action, strong leaf penetration, and systemic action. Thus, it is anticipated that INDIFLIN will provide fresh approaches to managing widespread illnesses that threaten important crops like soybeans and grains.
The key players in this market include BASF SE(Germany), Syngenta AG (Switzerland), Corteva Agriscience (USA), UPL Ltd. (India) and FMC Corporation (US).
