Global Fungicides Market Indicates that the Global Fungicides Market Would Reach $16.2 Billion By 2020
“Global Fungicides Market – (Type, Geography) Size, Industry Analysis, Trends, Opportunities, Growth and Forecast, 2013 – 2020″”, indicates that the global fungicides market would reach$16.2 billion by 2020, registering a CAGR of 5.4% from 2014 to 2020. High growth segments such as Triazole and Strobilurin are expected to contribute substantially to the growth of the overall global fungicide market.
Triazole, with its preventive and post infection curative property has higher consumption as compared to other fungicides available worldwide. Strobilurin is another fungicide which has wide adoption due to its translaminar capability and ability to treat broad array of plant pathogens. On the other side, interest for bio based fungicides is also growing among farmers worldwide due to growing concerns over adverse effect of synthetic fungicides on environment and human health. In the U.S., usage of the Carbendazim fungicide is banned by the Food and Drug Administration (FDA) since 2012, as it was found to cause serious health issues such as infertility and cancer. The agrochemical companies are also showing interest in new bio based fungicide innovation through research and development.Among different crop types, fungicide is majorly used in fruits and vegetables worldwide, contributing to more than 35% market share during the forecast period (2013 – 2020). Fruits and vegetables producing plants require round the year protection from acute fungal infection. Another crop type, namely, cereals and grains are prone to have seed borne diseases such as bunts and smuts. Globally, both in furrow and seed dressing, fungicide are used in significant quantity to provide plant protection to cereals and grains. Fungicides are also moderately used in controlling fungal diseases such as growing light leaf spot problem in oilseeds and pulses.
Key findings of the study:
Triazoles fungicide is expected to remain dominant throughout the forecast period with preventive and post infective usage
Chloronitriles segment is expected to grow at a CAGR of 5.3% during the forecast period, highest among all, in terms of value
Germany closely follows France in terms of consumption of fungicides and currently holds about 14% share of consumption inEurope”
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