The Triazole Fungicides Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Triazole Fungicides Global Market Report 2024, The triazole fungicides market size has grown strongly in recent years. It will grow from $3.87 billion in 2023 to $4.09 billion in 2024 at a compound annual growth rate (CAGR) of 5.5%. The growth in the historic period can be attributed to disease outbreaks in crops, increased intensity of commercial farming, global population growth, awareness and education, regulatory approvals.
The triazole fungicides market size is expected to see steady growth in the next few years. It will grow to $4.92 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The growth in the forecast period can be attributed to climate change impact on diseases, expansion of precision agriculture, globalization of agriculture, rising focus on sustainable agriculture, development of new fungicide formulations. Major trends in the forecast period include technological advancements in formulations, management of fungal resistance, globalization of agriculture and trade, focus on disease forecasting and early intervention, integration into integrated pest management (ipm) programs, regulatory support for safe pesticide use, r&d for novel triazole formulations.
The need for disease management and crop protection is expected to propel the growth of the triazole fungicide market going forward. Crop protection refers to the methods and practices used to safeguard crops from pests, diseases, weeds, and other factors that negatively impact growth and productivity. Disease management involves various techniques and strategies to prevent, control, and mitigate the impact of diseases on plants, animals, and humans. The fungicides offer broad-spectrum activity, systemic and curative action, and effectiveness against resistant pathogens. They protect crop yields and quality, and advancements in formulation and application techniques have further contributed to their adoption. For instance, in June 2021, according to Food and Agriculture Organization, an Italy-based specialized agency of the United Nations, every year, approximately 40% of global crop production is lost due to pest damage. Further, the Food and Agriculture Organization of the United Nations estimates that plant diseases alone incur a cost of around $220 billion to the global economy annually, while invasive insects cause losses amounting to approximately $70 billion. Therefore, the need for disease management and crop protection is driving the growth of the triazole fungicide market.
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The triazole fungicides market covered in this report is segmented –
1) By Product Type: Epoxiconazole, Triadimenol, Propiconazole, Prothioconazole, Metconazole, Cyproconazole, Tebuconazole, Flusilazole, Paclobutrazol
2) By Crop Type: Cereals And Grains, Oilseeds And Pulses, Fruits And Vegetables, Other Crop Types
3) By Application: Seed Treatment, Soil Treatment, Foliar Spray, Chemigation, Post-Harvest
Product innovations are a key trend gaining popularity in the triazole fungicide market. Major companies operating in the triazole fungicide market are adopting new technologies to sustain their position in the market. For instance, in December 2022, BASF SE, a Germany-based chemicals company, launched Revysion, a new fungicide developed over 11 years with an investment of €250 million. Revysion belongs to the triazole family and offers significant improvements compared to conventional fungicides. It is based on the active substance Revysol, which provides a flexible molecule with good adaptation to fungal enzymes, high efficacy, and a broad spectrum of action. The fungicide targets various fungal diseases in grapes, apple trees, pear trees, and stone fruit. The launch took place in Italy, showcasing the research process and involving experts from the fruit sector. Revysion is part of BASF’s ambitious international research project and is currently the only fully approved triazole fungicide under EU regulations. The product demonstrates BASF’s innovative approach, starting with the regulatory profile before evaluating efficacy. Revysion offers farmers an advanced solution for effective disease management in various crops.
The triazole fungicides market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3.Triazole Fungicides Market Trends And Strategies
4.Triazole Fungicides Market analysis
5. Triazole FungicidesMarket Size And Growth
6. Triazole Fungicides Segmentation
7. Triazole Fungicides Regional And Country Analysis
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27.Triazole Fungicides Competitive Landscape And Company Profiles
28.Triazole Fungicides Key Mergers And Acquisitions
29. Triazole Fungicides Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- BASF SE
- Dow Inc.
- Mitsubishi Chemical Corporation
- Syngenta AG
- Bayer CropScience AG
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