Fungicides are biological organisms or biochemical compounds that prevent or kill fungi spores. They control the growth of fungi that damage plants and farms. The fungicides market is anticipated to grow to USD 15,694 million by 2019. This is on account of increased demand for fungicides from the agricultural sector in Africa.
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The key factors driving the fungicides market are increasing horticulture & floriculture sectors, decreasing arable land and improving farming technology. However, strict laws regarding the use of agro-chemicals are expected to hinder the market over the coming years. Innovations in bio-based fungicides are expected to create huge opportunities for the fungicides market. This is due to rising awareness of bio-based fungicides and augmented environmental issues regarding the use of synthetic fungicides. The fungicides market can be trifurcated into types, crops and geographies. The market, on the basis of types, can be further divided into triazoles, phenylamides, strobilurins, dithiocarbamates, benzimidazoles and chloronitriles. The fungicides market, on the basis of crops, can be further segmented into fruits & vegetables, oilseeds & pulses, wheat and cereals & grains. Geographically, the fungicides market can be sliced into four key regions, North America, Europe, Asia Pacific and row (rest of the world). Europe and North America represent the major regions of the fungicides market. This is on account of the high usage of fungicides for agriculture purposes in these two regions. These regions are matured and are expected to growth steadily over the coming years. Asia Pacific is the fastest growing market. It is expected to show considerable growth in the years to come.
Information Source: Radiant Insights