Fungicides Market Size, Share, Growth 2027
The global fungicides market is expected to gain impetus from the rising awareness about the benefits of consuming fruits and vegetables. The World Health Organization (WHO) declared that worldwide, approximately 1.7 million deaths occur because of the lack of consumption of fruits and vegetables. Fortune Business Insights™ mentioned this information in a new report, titled, “Fungicides Market Size, Share & Industry Analysis, By Type (Chemical and Biological), Crop Type (Cereals, Oilseeds & Pulses, Fruits & Vegetables, and Others), Application Method (Foliar, Chemigation, Seed, and Others), and Regional Forecast, 2020 – 2027.” The report further states that the fungicides market size was USD 18.29 billion in 2019 and is projected to reach USD 26.50 billion by 2027, exhibiting a CAGR of 4.78% during the forecast period (2020-2027).
The emergence of the COVID-19 pandemic has brought the production processes of various industries to a standstill. Even though there are relaxations in the lockdown measures, certain norms, such as social distancing and reduction of the workforce are mandatory to adopt. However, we will soon be able to get back to our normal lives by cooperating with the regulatory bodies. Our reports would aid in finding the best strategy that you can currently follow to gain a competitive edge in the market.
Drivers & Restraints-
High Demand for Fungicides Equipped with Novel Active Ingredients to Boost Growth
The areas under the cultivation of fruits & vegetables is surging rapidly backed by the changes in the food structure worldwide. The persistent changes in cropping patterns are also propelling the demand for fungicides equipped with novel active ingredients. Syngenta, for instance, unveiled its latest fungicides consisting of pydiflumetofen. It is called MIRAVIS Duo. Several manufacturers are nowadays aiming to develop new products to cater to the needs of the masses. However, the present situation of COVID-19 is impacting many countries severely. It is anticipated to affect the price dynamics and availability of all crop protection chemicals. It has also created disruptions in the supply chain. This factor may hamper the fungicides market growth in the near future.