The global fungicides market was valued at USD 21.18 billion in 2024 and is projected to grow from USD 22.22 billion in 2025 to USD 31.91 billion by 2032, representing a CAGR of 5.31% over the forecast period. In the U.S., the market is expected to reach USD 2.53 billion by 2032, driven by rising demand for effective crop protection solutions and advancements in fungicide formulations. Asia Pacific led the global market in 2024 with a 28.89% share, reflecting the region’s extensive agricultural activities.
The fungicides market experienced temporary setbacks due to the COVID-19 pandemic, which disrupted supply chains and reduced production. In 2020, the market declined by 2.15%, primarily due to labor shortages and transportation delays. Lockdowns and reduced global logistics, such as increased shipping costs to regions like East Africa, created gaps between demand and supply, impacting product prices. Nevertheless, the market is rebounding, supported by increased cultivation of high-value crops and the rising prevalence of plant diseases caused by changing climatic conditions.
Information Source: https://www.fortunebusinessinsights.com/fungicides-market-103267
Market Segmentation
The fungicide market is segmented by type, crop type, application method, and region. Chemical fungicides dominate due to their extensive use, especially in developing countries, while biological fungicides are also present. Key crop segments include cereals, oilseeds & pulses, fruits & vegetables, and others. Application methods encompass foliar treatment, chemigation, seed treatments, and additional approaches. The market is analyzed across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Key Market Drivers and Restraints
The growing prevalence of plant diseases and pest outbreaks, exacerbated by climate change, is driving demand for effective crop protection solutions, thereby boosting fungicide adoption. As changing climatic conditions make crops more susceptible, farmers increasingly rely on fungicides to safeguard yields. However, the high costs of advanced fungicides and stringent regulatory compliance in certain regions pose challenges that may constrain market growth.
Regional Insights
Asia Pacific leads the global fungicides market, supported by a rapidly growing agriculture sector, expanded rice cultivation, and significant post-harvest losses. In the U.S., market growth is driven by the introduction of new products and initiatives to optimize active ingredients, while in Europe, demand is shaped by climatic fluctuations that elevate the incidence of crop diseases.
Competitive Landscape
Leading players in the fungicides market focus on product innovation, acquisitions, and strategic collaborations to strengthen their market position. Companies continually invest in R&D to develop new fungicide formulations and explore partnerships to expand their global footprint.
Key Market Players:
Bayer AG (Leverkusen, Germany) BASF SE (Ludwigshafen, Germany) Syngenta AG (Basel, Switzerland) Corteva, Inc. (Delaware, U.S.) FMC Corporation (Pennsylvania, U.S.) Sumitomo Chemicals (Tokyo, Japan) UPL Ltd. (Mumbai, India) Nufarm (Melbourne, Australia) ADAMA Agricultural Solutions Ltd. (Ashdod City, Israel) Isagro SpA (Milan, Italy) Recent Development:
February 2020:BASF launched Revysol in the Irish market, a novel fungicide suitable for wheat and barley, providing enhanced protection against a range of diseases.