Fungicides are first found chemical compounds utilized by people to preserve the plants from infections and pollutions. This chemical compound reduces the fungal growth in crops and thus plays a significant role in protection of crops. It has been observed that, diseases are the key source for damage of crop and plant that can be caused by number of organisms. Fungi is the topmost cause for infection of plants all across the globe. Apart from this, other diseases that hamper the growth of crops include nematodes, bacteria and viruses. Fungicides have become a significant component for the management of plant diseases for agrarian crops. Fungicides are utilized both in agriculture as well as to kill fungal infections in animals. Fungicides are utilized as a formulated product comprising of an active ingredient and as well as inert ingredients that enhance the functioning of the product. The global fungicide active ingredients market has grown at a rapid pace over the past few years and is anticipated to expand at a significant CAGR over the forecast period.
Global Fungicide Active Ingredients: Market Segmentation
Global Fungicide Active Ingredients market is segmented on the basis of type of active ingredients such as azoxystrobin, boscalid, chlorothalonil, cyazofamid, etridiazole (ethazole), fenarimol, fludioxonil, fluoxastrobin, flutolanil, fosetyl-Al, iprodione, mancozeb, mefenoxam, metconazole, myclobutanil, PCNB (quintozene), phosphites, polyoxin D zinc, propamocarb, propiconazole, pyraclostrobin, tebuconazole, thiophanate-methyl, triadimefon, trifloxystrobin, triticonazole and vinclozolin. The global fungicide active ingredients can also be bifurcated on the basis of application in crops such as cereals, grains, pulses, oilseeds, vegetables, fruits and others.
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Global Fungicide Active Ingredients Market: Growth Drivers
Rising population leading to increase in food production which encourages the farmers to adopt optimum type fungicide for protection of crop in order to maximize the production and to minimize the risk related to crop infections. This is anticipated to expand the growth of global fungicide active ingredients market over the forecast period. Apart from this, robust demand for fungicides in major applications such as vegetable and fruit crops and in ornamental and turf grass is also likely to foster the growth of worldwide fungicide active ingredients market from 2016-2026. Expansion in population especially in developing countries such as India and China is expected to impel food related security concerns in the region which is likely to fuel the growth of global fungicide active ingredients market during the forecast period.
Global Fungicide Active Ingredients Market: Regional Outlook
Geographically, the Global Fungicide Active Ingredients industry can be divided by major regions which include North America, Latin America, Western and Eastern Europe, Asia-Pacific region, Japan, Middle East and Africa. Europe captured the maximum market share in the total revenue of global fungicide active ingredients market in 2015. Rising population along with increasing the education level in developing countries is anticipated to bolster the growth of Asia Pacific fungicide active ingredients market over the forecast period. Besides this, Latin American fungicide active ingredients market is also expected to observe robust growth during the next few years.
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Global Fungicide Active Ingredients Market: Players
Some of the leading players identified across the value chain of the global Fungicide Active Ingredients market include BASF, Bayer Cropscience, DuPont, Dow AgroSciences, Syngenta and Monsanto. In 2015, BASF marked the highest market share in terms of revenue in global fungicide active ingredients market. Most of players also function regional research and testing centers across all the geographic locations in order to keep the product market oriented as per the need. The companies are entering into widening their product portfolio and focusing on merger and acquisition in order to gain the competitive edge in global fungicide active ingredients market. Significant investment in research and development activities is expected by the companies over the coming few years in order to maintain the dominance in global fungicide active ingredients market in future.