Global Fungicides Market Size By Type (Liquid, Wettable Powder), By Application (Foliar Spray, Soil Treatment), By Region, And Segment Forecasts, 2023 to 2032

The Global Fungicides Market was valued at USD 17.5 billion in 2023 and is projected to surpass USD 28.7 billion by 2031, growing at a CAGR of 6.5% during the forecast period from 2023 to 2031. This growth is fueled by the increasing prevalence of crop diseases, expanding agricultural activities, and growing demand for higher agricultural yield to support the rising global population. Fungicides play a crucial role in protecting crops from fungal infections, enhancing productivity, and ensuring food security worldwide.

Drivers

Rising Prevalence of Crop Diseases: The increasing occurrence of fungal diseases affecting various crops is a key driver for fungicide adoption. Effective fungal control ensures higher crop productivity and reduces losses.

Demand for Food Security: With the global population expected to reach 10 billion by 2050, ensuring consistent agricultural output is critical. Fungicides are pivotal in sustaining high-quality yields to meet food demands.

Technological Advancements in Fungicide Formulation: Innovations in fungicide formulations, including systemic fungicides and bio-based solutions, are contributing to market growth by providing targeted and eco-friendly crop protection.

Restraints

Stringent Regulatory Framework: Regulatory barriers regarding the use and registration of chemical fungicides, particularly in Europe and North America, can hinder market expansion.

Environmental Concerns: Concerns about the impact of synthetic fungicides on ecosystems and human health are prompting stricter regulations and limiting market growth.

Opportunities

Development of Biofungicides: The growing interest in organic farming and sustainable agriculture presents opportunities for the development of biofungicides that are eco-friendly and meet regulatory compliance.

Expansion in Emerging Markets: Rapid urbanization and agricultural mechanization in regions such as Asia-Pacific and Africa offer lucrative opportunities for market players to expand their presence.

Market by System Type Insights

Based on type, the Chemical Fungicides segment dominated the market in 2023, driven by their efficacy and cost-effectiveness. However, the Biofungicides segment is expected to register the highest growth, supported by the increasing demand for organic farming solutions and sustainable agricultural practices.

Market by End-use Insights

In terms of end-use, the Cereal & Grain segment emerged as the largest revenue contributor in 2023, holding more than 40% of the market share. This segment benefits from the extensive use of fungicides to protect staple crops like wheat, rice, and corn.

Market by Regional Insights

Geographically, Asia-Pacific dominated the fungicides market in 2023, attributed to the region's large agricultural base and increasing adoption of modern farming techniques. Latin America, led by Brazil and Argentina, is projected to register significant growth during the forecast period due to the region's expanding agricultural exports.

Competitive Scenario

Key players in the Global Fungicides Market include BASF SE, Syngenta AG, Corteva Agriscience, FMC Corporation, Bayer CropScience, and Sumitomo Chemical Co., Ltd. Companies are focusing on product innovation, mergers, and collaborations to strengthen their position in the market.

Scope of Work – Global Fungicides Market

Key Market Developments

BASF SE launched a new eco-friendly fungicide formulation in 2023, focusing on minimizing environmental impact while ensuring high efficacy.

Syngenta AG collaborated with a leading research institute in 2024 to develop biofungicides tailored for tropical crops.

FMC Corporation expanded its production facilities in Asia-Pacific in 2025 to meet the growing regional demand for fungicides.

FAQs

What is the current market size of the Global Fungicides Market? The market was valued at USD 17.5 billion in 2023.

What is the major growth driver of the Global Fungicides Market? Rising prevalence of crop diseases and the need for higher agricultural yield are key drivers.

Which is the largest region during the forecast period in the Global Fungicides Market? Asia-Pacific is expected to dominate the market, driven by its vast agricultural base.

Which segment accounted for the largest market share in the Global Fungicides Market? The Chemical Fungicides segment held the largest share in 2023.

Who are the key market players in the Global Fungicides Market? Key players include BASF SE, Syngenta AG, Corteva Agriscience, FMC Corporation, and Bayer CropScience.

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