Published Date : Feb 08, 2016
The global fungicides market is projected to expand significantly in the coming few years. The market is driven by several factors. The booming global population is having a positive impact on the global fungicides market. This has led to rising food security concerns, which has driven the demand for fungicides. In addition to this, the global fungicides market is also driven by the demand for yield improving agrochemicals such as pesticides and fungicides. Moreover, the increasing global demand for fungicides in non-crop applications will also benefit the market.
The global fungicides market is impacted significantly by the shifting consumer preferences. Two key consumer preferences are shaping the growth of the market. Let us look at these in detail.
Rising Preference for Fruits and Vegetables
Around the world, the demand for fruits and vegetables has grown by leaps and bound. The rising awareness about the health benefits of fruits and vegetables has increased their demand. Fruits and vegetables are rich in nutrients and help maintain health and also prevent several illnesses. Furthermore, eating more fruits and vegetables also helps to lose weight.
This rising awareness among consumers regarding benefits of fruits and vegetables is driving their demand massively in both developed and developing countries. This has led to higher production of fruits and vegetables and, in turn, fuelled demand for pesticides. By application, the global fungicides market is divided into fruits and vegetables, oilseeds and pulses, cereals and grains, and others. In 2014, the global fungicides market was dominated by the fruits and vegetables segment.
Rising Preference for Non-GMO Foods
The growing awareness among consumers regarding GMO foods has led to a rising demand for non-genetically modified foods. This is restraining the global fungicides market. Consumers in several developed markets are demanding for organic produce, which is free from any pesticides or fungicides. These consumer trends are challenging the global fungicides market by a great extent.
Nevertheless, the global fungicides market is projected to show a significant growth in spite of the aforesaid challenges. Players in the global fungicides market will benefit from the rising awareness among farmers regarding the benefits of fungicides. The leading companies operating in the global fungicides market are Monsanto, BASF, Syngenta, and Bayer CropScience.