The inorganics sector currently accounts for the lion’s share of the market, and this distribution is anticipated to remain unchanged throughout the forecast period.
This category of economies also includes other nations around the world. It is a known fact that in the case of such countries, farm produce does impact the economy of the country on a direct basis.
The current situation is such that there is an ever-increasing demand for yield from farms, which can be attributed to the population explosion that is occurring all over the world. As a consequence of this, there has been a surge in demand for fungicides as well as numerous other crop care chemicals, with the objective of reducing the amount of crop that is lost.
The majority of the economies in the Asia-Pacific region, including South Korea, Indonesia, India, and Thailand, as well as countries like Mexico and parts of LATAM and Central America, are characterized as agrarian economies.
For this reason, farming committees are made aware of the advantages of using several chemicals for the purpose of increasing crop yield, and doing so with the least possible crop loss.
In addition to preventing fungal infections, the elimination of rust and mildew, as well as blights and spores, are some of the functions that fungicides perform. On the other hand, it is common knowledge that fungicides are not always successful in warding off diseases of various kinds. As a result, conducting a root cause analysis with regard to this matter is obligatory.
When it comes to applications, cereals and grains make up more than sixty percent of the market share. This is because these products require monitoring on a continuous basis throughout the year.
During the period covered by this analysis, the market for fungicides for fruits and vegetables is anticipated to experience the highest annual growth rate (around 4%).
In the not-too-distant future, it is anticipated that both oilseeds and pulses will experience a significant CAGR.
More than 70 percent of the market share is controlled by Asia-Pacific, Latin America, and Central America, and this distribution of market share is anticipated to continue unabated throughout the forecast period.