Global Fungicides Market 2017-2021
Diseases are a common occurrence among plants, creating a significant economic impact on yield and quality. Therefore, managing diseases is an essential part of the production for most crops. Fungal infection is one of the topmost causes of crop loss worldwide. Fungicides are used for both prevention and control of fungal diseases that affect plants. They may be selective for specific diseases or non-selective, with wide-spectrum activity against multiple fungal diseases. The use of fungicides varies based on the crop type. Broadly, there are three main reasons behind the use of fungicide: (a) To control a disease during the developmental stages of a crop. (b) To enhance the productivity of a crop. (c) To improve the shelf life and quality of harvested plants and produce.
Technavio’s analysts forecast the global fungicides market to grow at a CAGR of 5.20% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global fungicides market for 2017-2021. To calculate the market size, the report considers the sales market.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Fungicides Market 2017-2021
Technavio recognizes the following companies as the key players in the global fungicides market: BASF, Bayer, FMC, Sumitomo Chemical, and Syngenta
Other Prominent Vendors in the market are: ADAMA Agricultural Solutions, American Vanguard Corporation, Isagro, ISHIHARA SANGYO KAISHA, NIPPON SODA, and UPI.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Increasing popularity of bio-based fungicides. Biological fungicides or bio-based fungicides or biofungicides help in effectively managing diseases in greenhouse vegetables and floriculture crops. Biofungicides are made of beneficial microorganisms such as specialized fungi and bacteria that attack and control plant pathogens and diseases caused by them. Biofungicides can be a viable substitute to chemical fungicides and is used as part of an integrated disease management program reducing the risk of pathogens developing resistance toward traditional chemical-based fungicides.”
According to the report, one of the major drivers for this market is Increasing food demand and agricultural land scarcity. Developing economies, with huge populations, rapid economic growth, and limited natural resources, are facing the intense pressure of ensuring food security. Economic development, rapid population growth, and urbanization have significant impacts on these countries, increasing the consumption of food and imposing excessive pressure on arable land demand. Even with substantial investments in the agricultural sector, low labor productivity, natural catastrophe, land constraints, and slowing crop yield pose significant barriers to overcome. It is highly challenging for the regions to tackle difficulties even with effective land reform policies, without negotiating the problems of food security.
Further, the report states that one of the major factors hindering the growth of this market is Genetically modified crops hampering use of fungicides. Genetic engineering involves the physical removal of DNA from one organism and transfer of genes into another. Genetically modified (GM) crops are capable of addressing problems such as pest infestations, diseases, and low crop yields where other breeding techniques have failed.
BASF, Bayer, FMC, Sumitomo Chemical, Syngenta, ADAMA Agricultural Solutions, American Vanguard Corporation, Isagro, ISHIHARA SANGYO KAISHA, NIPPON SODA, UPI
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