Executive Summary 

Global Fungicides Market Set For Rapid Growth, To Reach USD 15.74 Billion by 2024

The fungicide market was valued at USD 13.41 billion in 2018, and is expected to reach a value of USD 15.74 billion, registering a CAGR of 3.04% during the forecast period (2019-2024).

During the forecast period, the fungicides market is expected to have slower growth than other crop protection chemicals, like insecticides, due to lesser developments in the market and rapid adoption of fungal disease resistant crops, as compared to insect-resistant crops.

Based on the various types of fungicides, the global fungicides market is segmented into chloronitriles, dithiocarbamates, triazoles, strobilurins, benzimidazoles, mancozeb, and others. Among these, mancozeb was the leading segment in 2018 and it is also anticipated to be the fastest growing product segment of the market within the forecast period. This growth is attributed to the strong and rapid increase in demand for mancozeb, especially from China and India. Additionally, triazole was the second largest leading product segment of the global fungicides market in 2016. It accounted for more than 20% share of the total market. It is one of the active curative ingredients that are extensively used for each compound and it also has the ability to reduce production of pathogens that play a role in fungi sterol production. Thus, it is expected to witness the significant growth in the near future.

Adoption of New Farming Practices Driving the Market

Fungicide usage and demand have fluctuated enormously over the years. The major factors that affect consumption pattern are changes in crop acreage, pest resistance, pesticide regulation, and technology adoption. Increased adoption and high effectiveness of fungicides have fueled the industry growth.

In the recent years, the popularity of bio-fungicides has increased among farmers, producers, and end consumers. Factors, like increasing demand for food safety and security, and government support, are driving the growth of this industry. The development of bio-pesticides or eco-friendly crop protection products has become a priority of the research and funding agencies all over the world. Growing profits in organic-based farming are influencing farmers to look toward the synthetic chemical alternatives to control plant health problems.

The points of difference of the raised idea in compare with former activities:

• This product is biological and has no detrimental environmental effect.
• The cost of the product is approximately 70% lower than the fungicide pesticides.
• Production of this product is easier in compare to chemical pesticides.
• The survival of Streptomyces bacteria in the environment due to its high resistance to heat and reduced nutrients that eliminates the need for repeated spraying.
• The bacteria will not allow early growth of the fungus due to the release of antifungal substances and will also prevent early infections.