Fungicides Market Trends

Growth Drivers

• Increased Emphasis on High-Value Crops Yield - High value crops are typically non-staple agricultural products that offer farmers higher net returns per hectare. These crops include fruits, vegetables, flowers, ornamentals, and spices. Growing high-value crops has a considerable impact on agricultural income, consumer spending, and poverty reduction. Therefore, increasing emphasis on the cultivation of high-value crops is fueling up the fungicides market over the forecast period. For instance, the worldwide tomato crop is expected to increase from 37 to 39.8 million metric tons by 2022.

• Worldwide Increasing Consumption of Cereals – According to a report published by the Food and Agricultural Organization of the United Nations, in 2022-23, global cereal consumption is expected to be nearly 2 784 million tons.

• Rising Food Insecurity Rate – According to the United Nations, as per current estimates, approximately 690 million people, or 8.9% of the world's population, are starving, that denotes an increase of 10 million in one year and nearly 60 million in five years.

• Worldwide Growing Adoption of Organic Farming – For instance, at the end of 2018, there were nearly 70 million hectares of land farmed organically, an increase of 3 million hectares or over 4% from the previous year. Additionally, with 36 million hectares, Australia has the most land that is organically farmed till 2020, followed by Argentina 3.5 million hectares, and China 3 million hectares.

• Escalating Global Population - According to United Nations figures, the global population is predicted to reach 8.5 billion in 2030 and 9.7 billion in 2050.

Challenges

• Rising Environmental and Health Concerns
• Risks of Developing Resistance Against the Fungicides
• Higher Risks of Effecting Beneficial Microorganisms Presents in Crops

The global fungicides market is segmented and analyzed for demand and supply by crop type into cereals & grains, oilseeds & pulses, fruits & vegetables, and others. Out of these, the fruits & vegetables segment is anticipated to garner the largest share of the market over the forecast period owing to the rising prevalence of fungal disorders in fruits and vegetables plants across the globe, and the majorly increasing use of fungicides to treat fruits and vegetables plants. For instance, strawberries suffer substantial damage from a variety of pests and illnesses. Black spot (Colletotricum acutatum), powdery mildew (Podosphaera aphanis), grey mold, white leaf spot, leaf scrotch, and other diseases that affect the yield are the most common in strawberries around the world. As of these diseases, in Ukraine, the yield of strawberry was reduced by 13 to 90% between 2020-2021.