Fungicides Market to Emerge at 4.4% CAGR: Rising Awareness Regarding Benefits of Fungicides to Expedite Growth, Says TMR
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In terms of products, the global fungicides market is classified into strobilurin, chlorothalonil, metalaxy, and mancozeb. Out of these, strobilurin leads the market in terms of volume owing to a high demand leading to an increase in production.
In terms of crop type, the global fungicides market is segregated into cereals & grains, fruits and vegetables, and oilseeds & pulses. Among, vegetables and fruits segment leads the market owing to a shift in preference towards quality food.
Based on geography, the global fungicides market is segmented into Europe, North America, Middle East and Africa, and Latin America, and Asia Pacific. Of them, Asia Pacific dominates the global market during the forecast period owing to a growing population. Moreover, a rise in disposable income has also contributed to the market's growth in this region.
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Rapidly Shrinking Arable Land to Drive Market's Growth
Fungicides are responsible for preventing plants from numerous diseases, thereby increasing the crop yield. This is a key factor driving the growth of global fungicides market. Moreover, it enhances the post-harvest economic value of the crops. In addition, rapidly diminishing arable land has significantly driven the fungicides market's expansion.
Furthermore, changes in dietary pattern resulting in an increased demand for quality fruits and vegetables has acted as a propellant in the fungicides market. Along with this, rising awareness regarding the benefits of fungicides has escalated the market's growth. Governments of several countries are taking initiatives to promote the use of fungicides leading to a significant adoption. Also, there has been a considerable expansion in the agro-chemical industry leading to a surge in the fungicides market.
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In addition to the aforementioned drivers, changes in farming practices such as the adoption of new technology and extensive use of bio-pesticides have contributed to an expansion in the global fungicides market. Changes in crop acreage and pesticide regulation are other drivers impacting the market positively. These changes have also spurred the research activities leading to the development of new products. This has provided a major thrust to the fungicides market, thereby stimulating its growth.
New Product Launches to Create Growth Opportunities
There are a few restraints that may thwart the global fungicides market's growth. Some countries have imposed stringent laws pertaining to the use of certain fungicides. This has impacted the fungicides market negatively, thereby impeding its growth. Additionally, a lengthy product registration process may pose a threat to the market. Nonetheless, increasing population and rising awareness towards health may offset the effects of the restraints. Moreover, new product launches may present several growth opportunities for the market. For instance, Syngenta launched two new fungicides called Posterity and Secure Action. These fungicides offer enhanced control on common turf diseases.
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The study presented here is based on a report by Transparency Market Research (TMR) titled "Fungicides Market (Product - Mancozeb, Chlorothalonil, and Metalaxyl, Strobilurin; Crop - Oilseeds & Pulses, Cereals & Grains, and Fruits & Vegetables) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025."
The global fungicides market is segmented based on:
Product
Crop
Geography
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