New York City, NY, 20 February, 2020/ 24 Market Reports:
It is estimated for the global fungicides market to grow from USD 18.9 billion in 2019 and reach that of USD 24.2 billion by 2025, witnessing the growth at a CAGR of 4.4% during the forecast period of 2019 to 2025. Increase in demand for food security by the growing population, advancement in farming techniques and practices and changing climatic conditions that favour disease occurrence is the factors that are driving the growth of the market during the forecast period. The use of fungicides takes place for destroying harmful fungi affecting the crop yield. Thus, the need for fungicides to minimize crop loss is increasing across the globe.
The need for crop protection materials is increasing with the growth in population and the consequent rise in demand for food materials thereby increasing the demand for innovative fungicides solutions across regions. Owing to the increasing number of crop types grown in abundance, the demand for fungicides in various regions is projected to remain high during the forecast period.
Beneficial microorganisms that are used to control fungal diseases belong to biological fungicides or bio fungicides. These are naturally found in the soil and are mostly used before the occurrence of the disease. If used in combination with good agricultural practices the efficiency of these biological fungicides increases. Competition/exclusion, antibiosis, parasitism, induced resistance and plant growth promotion are the different modes of action of these fungicides. The fungicides market for biologicals is projected to grow at a higher CAGR during the forecast period as the over-use of chemical fungicides has harmful effects on the environment.
Water-based, oil-based, polymer-based, or their combinations are the segmentation for the liquid form segment by form. Water-soluble liquids (SL) are liquid formulations based on technical material, which are insoluble in water and contain 36%–85% technical material and solvent. Water-based forms, such as suspension concentrates, liquid concentrates, and capsule suspensions, require the addition of inert ingredients, which include stabilizers, stickers, surfactants, colouring agents, antifreeze compounds, suspending agents (such as bentonite), and additional nutrients.
Fungal infections contribute significantly to post-harvest losses in crops. To reduce the number of fungicides used and problems related to wastewater disposal the use of this method takes place. Fruits & vegetables get highly damaged after the harvest by fungi and bacteria. Various chemicals are been used in the form of spray or dip. Post-harvest fungicides are most frequently applied as aqueous suspensions.
Increasing agricultural practices and the requirement of high-quality agricultural produce are the factors that are estimated to drive the growth in the Asia Pacific region during the forecast period. Rice, sugar beet, fruits & vegetables, cereals and grains are the crops that are produced in the Asia Pacific region. The majority of the consumption is estimated to witness the increase in the consumption of rice with the increase in population and this factor is estimated to propel the growth of the market in the region during the forecast period.