Fungicides market to reach $37.8 billion by 2032 with CAGR of 6.2%.

From GlobeNewswire: 2024-12-06 09:57:00

The Fungicides Market was valued at USD 22.1 billion in 2023 and is projected to reach USD 37.8 billion by 2032, with a CAGR of 6.2% over 2024-2032. Rising plant diseases, sustainable agriculture demand, and consumer awareness are driving market growth, especially in the EU and Asia-Pacific. Companies like Syngenta and BASF are investing in eco-friendly fungicide products. Regulatory support for integrated pest management is also boosting market expansion.

Fungicides play a crucial role in safeguarding crops and ensuring food security, especially with the growing global population. They extend shelf life, enhance produce quality, and have applications in nutricosmetics and pharmaceuticals. Supply chain challenges include raw material price volatility, high production costs, and complex distribution networks. Innovation and sustainability are key drivers in the evolving fungicides market.

The Foliar Spray segment dominated the Fungicides market in 2023, with a 50% market share due to its ease of use and effectiveness in treating various crops. Ongoing developments in spray technologies are expected to further boost this segment. Recent developments include BASF launching a new rice fungicide, Corteva acquiring Stoller, and Bayer investing in R&D for sustainable crop protection products.

In 2023, the Asia-Pacific region led the fungicides market with a 40% share, driven by large agricultural output and the use of fungicides in staple crops like rice, wheat, and vegetables. China and India are major contributors, combating diseases like rice blast and wheat rust. Cost-effective chemical fungicides, farmer awareness, and multinational company presence enhance the region’s market dominance.

The Fungicides market is poised for significant growth, driven by effective crop protection solutions, technological advancements, and a focus on sustainability in agriculture. With new innovations and a growing emphasis on organic farming, the market is expected to expand further over the forecast period. SNS Insider offers market research and consulting services for businesses looking to navigate changing market dynamics.



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