Home > Pressrelease > Copper Fungicides Market size to reach $560 Mn by 2032
Copper Fungicides Market size to reach $560 Mn by 2032
- Published Date: April 24, 2023
Copper Fungicides Market size is predicted to reach USD 560 million by 2032, as per a new research report announced by Global Market Insights Inc.
Rapid adoption of integrated pest management (IPM) practices will complement market dynamics. IPM provides a comprehensive approach to pest and disease management, enabling farmers to cut down losses associated with disease outbreaks. It combines a variety of control methods including chemical, cultural, and biological methods.
Copper fungicides are a crucial part of the IPM programs as they ensure superior effectiveness with lower toxicity. IPM practices gained prominence due to high volumes of crop losses due to pest infestation. As per the Food & Agriculture Organization of the U.S., 20% to 40% of global crop production is affected by pests annually. While plant diseases account for USD 220 billion of global spending, invasive insects cost the world USD 70 billion.
Surging fruit production to propel the demand for copper hydroxide fungicide
The copper fungicides market from copper hydroxide segment is anticipated to expand at a 7% CAGR between 2023 and 2032. Copper hydroxide is widely used in agriculture as a bactericide, and fungicide due to its ability to support sustainable farming practices. It has a relatively low environmental impact and efficiency in controlling a spectrum of plant diseases.
Copper hydroxide caters to a wide variety of fruits and vegetables including citrus fruits, mangoes, pears, apples, peppers, lettuce, onions, beans, tomatoes, plums, and grapes. The increasing production of fruits & vegetables will spur the demand for copper hydroxide. As per the Department of Agriculture & Farmers Welfare estimates, fruit production increased from 102.48 million tonnes in 2020-2021 to 107.10 million tonnes in 2021-2022.
Browse key industry insights spread across 350 pages with 458 market data tables & 27 figures & charts from the report, “Copper Fungicides Market - By Chemistry (Copper Oxychloride, Copper Hydroxide, Cuprous Oxide, Copper Sulphate), By Formulation (Water-dispersible Granules, Wettable Powder, Soluble granules), By Application (Fruits & Vegetables, Cereals & Grains, Oilseeds & Pulses), & Forecast, 2023 – 2032”, in detail along with the table of contents:
Rise in yield loss in cereal crops to fuel the adoption of copper fungicides
In terms of revenue, the copper fungicides market from cereals & grains segment is poised to exceed USD 220 million by 2032. The agricultural sector has experienced a notable rise in output demand due to expanding global population and concerns associated with food insecurity. To prevent agricultural losses, farmers are extensively using copper fungicides in the form of sprays and powders to manage fungal diseases in cereals and grains.
Recent advancements in copper-based fungicides and the development of novel formulations are providing cost-effective and environmentally friendly protection solutions. According to a study published by researchers from the University of Exeter, and the University of Bath in December 2022, half of the wheat crops grown across Europe are affected by fungal infections causing infestation of degrading mycotoxins. Hence, the growing focus on reducing the impact of fungal pathogens will foster demand for copper fungicides.
Stringent regulations to prompt adoption of copper fungicides across Europe
Europe copper fungicides market size is projected to surpass USD 150 million by 2032. Europe is set to emerge as a major hub for crop protection methods with a massive agricultural sector. A paradigm shift toward sustainable and eco-friendly agricultural practices is encouraging farmers and growers to replace synthetic fungicides with copper bio fungicides to minimize the environmental impact. European agencies and governments have deployed several regulations and restrictions, promoting sustainable crop protection formulations, thus offering lucrative business prospects for the manufacturers of copper fungicides.
Strategic deals & agreements to boost copper fungicides industry growth
Spiess-Urania Chemicals GmbH, UPL Limited India, Nufarm, Albaugh, LLC, Certis USA L.L.C., Isagro S.p.A., Bayer AG, Nordox AS, Quimetal, ADAMA, Cosaco, Corteva, Cinkarna Celje dd, Industrias Químicas del Vallés (IQV) are some of the leading companies in the global copper fungicides market. These firms are foraying into strategic agreements and mergers to expand their business footprint. For instance, in November 2022, Corteva, Inc. signed a definitive agreement with Houston-based Stoller, a leading provider of biologicals, to provide farmers biological tools compatible with evolving farming practices.