Agricoltura
Increasing Food Demand Coupled With Concerns About Food Security is Pushing Uptake of Fungicides for Better Yield; Market Valuation to Increase to US$22.3 bn by 2027: Transparency Market Research
ALBANY, New York , Feb. 13, 2020 /PRNewswire/ -- Transparency Market Research has recently published a new report that provides in-detailed insights on the overall working dynamics of the global fungicides market. The research report predicts that the global market will exhibit a healthy CAGR of ~4% for the given forecast period ranging from 2019 to 2027. With this rate of growth, the global market will reach to valuation worth around US$22.3 bn by the end of 2027. Initially, the global market was valued at US$15.3 bn in 2018.
Fungicides are mainly used for controlling disease attacks on yield and crops from fungi. They play an important role in improving the overall production rate of crops by saving them from fungal attack. Thus, there is an increasing demand for these fungicides across the globe from farmers and other stakeholders in the agricultural industry.
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The competitive landscape of the global fungicides market is quite fragmented. This is because there are several notable brands that are operating in the global market. One of the key trend that has been observed in the competitive landscape of the fungicides market is growing focus on developing eco-friendly products that will help in improvement of crop yield.
Some of the key companies in the global market are, Sumitomo Chemical Co., Ltd., PI Industries, FMC Corporation, ADAMA Ltd., BASF SE, UPL, Corteva Agriscience, Nufarm Ltd., Quimetal Industrial S.A., and Bayer AG.
- Biofungicides market is expected to reach a valuation of USD $730 million by end of 2027. The valuation of the market stood at a meagre US$220 million in 2018.
- Global biopesticides market would grow at a CAGR of 14.2% over the period between 2019 and 2027. The total value of this market is slated to touch US$ 6.8 Bn by the end of 2027.
- Global microencapsulated pesticides market was valued at US$ 327.05 mn in 2017. During the forecast period from 2018 to 2026, the microencapsulated pesticides market is anticipated to rise at a CAGR of 10.4%.
- Global agricultural adjuvants market is likely to rise at a healthy rate of 6.6 % CAGR. The market is likely to touch a market valuation of US$ 4.16 Bn through 2024.
- Global insecticide market is forecast to US$23 mn by the end of 2025, from US$14.6 mn , which was its value in 2016. During this period, the market is expected to exhibit a CAGR of 5.3%.
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