Copper Fungicides Market Outlook
Copper fungicides are inorganic fungicides used in protecting crops and plants from fungal protection. It is used by farmers and gardeners as the first line of defense against fungal diseases. The global copper fungicides market report by Market Research Future (MRFR) contains intricate details on the market summarized by drivers, restraints, and opportunities for the period between 2020 and 2028 (forecast period).
Market Scope
The global copper fungicides market is poised to touch a value of USD 1,089.03 million by 2024. It can exhibit a CAGR of 4.80% from 2019 to 2024. Adoption of organic farming and the practice of using fungal protection for crops can drive market growth. The change in climatic conditions and the growing resistance of pests have given way to fungal diseases. Several high-value crops such as nuts, mangoes, cacao, spices, coffee, and banana have been affected by fungal infections. Awareness regarding the impact of chemicals and environmental regulations restricting their use on crops is likely to bolster market demand.
However, the risks of phytotoxicity can dampen the global copper fungicides market growth. But growth opportunities await due to the focus on product innovation.
Segmentation
The global copper fungicides market by type and application.
By type, it is segmented into organic and inorganic. Inorganic copper fungicides held the larger market share in 2017 and can reach a value of USD 883.83 million by 2024. This can be credited to its affordable price and high-performance value. Some popular inorganic copper fungicides include copper oxychloride, copper hydroxide, cuprous oxide, and Bordeaux mixture. This segment can touch a value of USD 833.83 million by 2024. However, the organic copper fungicides segment is touted to register the highest growth by the end of the forecast period.
By application, it is segmented into fruits & vegetables, cereals & grains, pulses & oilseeds, and others. Fruits and vegetables accounted for the largest market share and may exhibit a CAGR of 4.86% during the forecast period. Various copper fungicides are applied to fruits and vegetables via spraying to treat diseases such as fire blight, rust disease, brown rot, and peach leaf curl.
Regional Analysis
North America, Asia Pacific (APAC), Europe, South America, and the Middle East & Africa (MEA) are regions at the center of interest in the global copper fungicides market.
Europe accounted for the largest market share in 2018 and may lead the global market till 2024. It is the largest producer of copper fungicides due to heavy production by countries of France, Italy, and Spain. However, the APAC region is expected to exhibit a CAGR of 5.73% during the assessment period will be lucrative for manufacturers. China and India will be the biggest consumers of copper fungicides due to being the biggest producers of vegetables and fruits.
Competitive Outlook
ADAMA Agricultural Solutions Ltd, Albaugh, UPL Limited, Isagro, Synthos AGRO Sp. z o. o., Nufarm, Jiangxi Heyi Chemicals Co., Ltd., Mitsui & Co., Ltd., Bayer AG, and Industrias Químicas del Vallés SA (IQV) are prominent players of the global copper fungicides market.
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