According to latest research by Future Market Insights, Bio rational Fungicides market is set witness remarkable growth with CAGR between 10 to 13% during the forecast period. Looking at current scenario, growing health and environment awareness among people is projected to create robust opportunities and propel the demand in near future. Overall recovery in Agrochemical sector will also help propel growth during the forecast period.
What is Driving the Demand of Bio Rational Fungicides?
Fungicides which have no or negligible harmful effects on human body as well as environment are called bio rational fungicides. Due to negligible harmful effects they qualify for use in organic greenhouses and indoor cultivation facilities. Growing trend of adoption of organic fertilizers, pesticides and fungicides etc., instead of chemicals is projected to prove beneficial for the market. Growing awareness concerning the use of organic farm products across the globe pushing the demand for such agricultural ingredients, which will eventually drive demand for organic pesticides including bio rational fungicides.
Additionally, the methods of fungus control are same for bio rational fungicides and chemical fungicide, which provides an additional plus point for marketing.
Moreover, the various regulations imposed on the use and production of harmful chemical and their derivatives in certain regions is also prompting manufacturers to shift towards production of bio rational products.
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Rising Demand for Organic Farming to augment Bio Rational Fungicides Sales
Increase in per capita income of people and faster economic growth in developing and developed economies combined with growing population will drive the growth of this market. Rising awareness about the harmful effects of chemical fungicides on environment and human health provides additional advantage for adoption of organic farming.
To satisfy the growing demand of agro products, farmers across the globe are adopting cutting edge farming techniques to increase productivity per hectare.
However, the presence of cost effective alternatives remains as a key challenge to overcome for the manufacturers.
India and China Bio Rational Fungicides Market Outlook
India and China accounts for one of the biggest market for agrochemicals owing to the significant domestic agriculture and horticulture industry. China and India are top two countries in the world in terms of population, the countries has enormous demand for food, and to satisfy farm industry demand a large number of agrochemical product manufacturers are present in these two countries. Leniency in governmental regulations and cheap labour cost provides additional advantage to the manufacturers.
Demand for bio rational fungicides in India and China will be driven by increasing uptake of organically produced agro products. Due to growing awareness about organic products in the countries demand will experience significant rise during the assessment period 2021-2031.
In addition, India also has a vast population to cater, declining fertile land area and dependency on Agriculture creates ample opportunities for the products helps in increasing per hectare production capacity including bio rational fungicides.
Market has experienced a gradual drop in 2020 owing to worldwide lockdowns and lack of transportation facilities due to COVID-19 whereas demand is set to make a V- shape recovery in the next few quarters.
In china, the ministry of Agriculture has announced a “Zero Growth Policy of Pesticide and Fertilizers by 2020”. This policy will benefit the market of Bio pesticides including bio fungicides.
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North America Demand Outlook for Bio Rational Fungicides
North America has one of the matured markets for agrochemicals across the globe. The agrochemical industry in the region has experienced robust growth and is expected to continue on this growth pattern during the forecast period. The countries in region are focused on increasing the production capacity per hectare owing to declination of in the total fertile land.
Due to some recent agriculture techniques like Integrated pest management (IPM) and organic farming, the use bio pesticides, bio insecticides, and bio rational fungicides in the region has received significant promotion.
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Who are the Key Manufacturers and Suppliers of Bio Rational Fungicides?
Some of the leading manufacturers and suppliers of bio rational fungicides include
- Syngenta AG
- Bayer Crop Science
- BASF SE
- Corteva Agriscience
- FMC Corporation
- UPL Limited
- Sumitomo Chemical Co. Ltd.
- Nufarm Ltd.
- Nutrichem Company ltd.
- Mitsui & Co. Ltd.
- kumiai chemical industry ltd.
- Nissan chemical corporation ltd.
- Nihon Nohyaku Co. Ltd.
- Mosanto Bio AG
- Rainbow Chemicals
Many manufacturers are shifting their product portfolio towards bio based product to compensate the shifting demand from consumer. Research and development investments from manufacturer side is increasing in order to cater the shifting demand and attract market by new and innovative products, this will be key strategy for the manufacturers to elevate their revenues and establish footprints.
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