A global survey has highlighted that the worldwide fungicides market is expected to reach a value of USD 20.37 Billion by 2024. According to the data revealed by the research firm, Market Research Future, growth at a CAGR of 4.5% is expected during the forecast period, 2019-24. The available data has highlighted that many factors are responsible for the growth in this segment.
The demand to reduce the effects of various diseases on plants is expected to give a boost in this market. The farming community is making every possible effort to produce the best quality crops in large quantities. Plenty of reasons are expected to contribute to the growth in this sector.
A variety of fungicides are available in the market to help farmers produce the required amount of crop yield. It is observed that the farmers are preferring to use natural fungicides to produce organic products. Since the demand for organic farming is increasing across the world, the use of EPA exempt products has seen a big increase.
Plenty of firms provide fungicides that are safe for children and pets. Due to the growing demand for organic farming, the use of fungicides free of harsh and harmful chemicals is increasing at a global level. Farmers are going for organic certified products to produce a high-quality yield in crop production.
In order to combat the impact of COVID-19 pandemic, lots of fungicides manufacturing companies are now focusing on mergers and using innovative strategies. And they have changed the investment policies to boost the R&D work in this market.