fungicides market Key Business Opportunities Along With Potential Challenges
Manufacturers in the fungicides market have
come up with weather-based decision spray models which helps farmers and others
involved in agricultural activities tackle soil-borne diseases. The best use of
these models would come in preventing the growth of late blight disease in
potatoes. The disease tends to have damaging consequences and farmers
suffer big production losses due to their growth, which could happen because of
certain weather conditions. Factors such as the model’s cost-effective nature,
effectiveness as well as environmental-friendly features, have made it popular
among crop growers. It also helps understand and decide when to employ
fungicides.
With such benefits, manufacturers can find ideas to develop better
forecast models, which helps prevent production losses. Farmers are also
benefiting from using these models as they are getting information on aspects
such as humidity over a 3-7 day timespan.
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Development of High-Technology Products in Fungicides Market Exerts
Long-Lasting Effects On Crops’ Growth
The fungicides ecosystem does have issues that are overlooked by firms
and there is an increasing demand among cereal farmers to develop innovative
solutions to solve these problems. Apart from soil-borne diseases, some of the
other issues include fluctuating crop output and restricted natural resources.
Hence, fungicide manufacturing firms are using measures that help farmers with
creative offerings. Manufacturers in the fungicides market are coming up
with advanced models that would develop healthier crops. These fungicides come
with many benefits like long-lasting protection against the fungal activity,
and helps ensure high grain quality. By doing this adds higher cost value
to cereal growers and sustains the fungicides market for firms in the long run.
Bayer AG, a noted multinational pharmaceutical company based out of
Germany, declared the launch of iblon technology which depends on the active
ingredient isoflucypram to control the growth of fungus in cereals. In addition
to Bayer, some of the other well-known firms in the fungicides market include
ADAMA Ltd., BASF SE, PI Industries, and FMC Corporation, etc. The
fungicides market is estimated to grow from US$ 15.3 billion in 2018 to US$
22.3 billion in 2027 and expand at a compound annual growth rate (CAGR) of
approximately 4% during 2019 – 2027.
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Fungicides effects on Fruits and
Vegetables and emergence and advantages of Biofungicides
The fungicides market is moderately consolidated, and this has permitted
newer players to come into it. The challenge for these firms is to try and be
different in what they offer in order to have a long, sustainable run in the
industry and also cut down on the environmental load. Fungicides are used
to kill the growth of fungus that could destroy crops. Largely, they are used
as sprays or dust. The crops susceptible to fungal attacks include fruits and
vegetables. As a result, close to one-third of the fungicides consumption is
used for these two products. With a growing health awareness among the public,
fruit and vegetable demand has also seen a rise. This, in turn, could help
boost the demand in the fungicides market. Analysts feel that fungicide
production for fruits and vegetables is estimated to reach approximately 403
kilotons by 2027. In China and India, there has been a change in harvest
from cereal crops to cash crops. A substantial rise in the amount of food
storage and transport facilities are helping pick up the demand in the
fungicides market in these nations. Hence, an increase in the fungicides
consumption is expected to boost the demand in Asia Pacific fungicides market.
Certain crop growers are moving toward using biofungicides since
specific synthetic fungicides have been found to destroy crops if not handled
correctly, due to the presence of hazardous elements such as phytotoxicity in
them. The advantage of using these biofungicides is that it helps decrease the
environmental footprint. Manufacturers are striving to nurture plant micro
biomes to build efficient products in biofungicides market.
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The global fungicides market is segmented as follows:
Based on Region
- Asia
Pacific
- Latin
America
- North
America
- Europe
- Middle
East & Africa
Based on Crop
- Cereals
& Grains
- Fruits
& Vegetables
- Oilseeds
& Pulses
- Others
(Ornamentals, Lawns, etc.)
Based on Product
- Mancozeb
- Chlorothalonil
- Triazoles
- Strobilurin
- Others
(including Metalaxyl and Chloronitrile)
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