Market Highlights
The Global Copper Fungicides Industry Share is estimated to be valued at USD 1,089.03 Million by 2024 and is expected to register a CAGR of 4.80% during the forecast period. Copper fungicides are pesticides that contain inorganic copper mineral and are used to prevent fungal diseases in crops. The use of copper fungicides in farming is highly regulated and restricted, with several countries across the globe following the standards set by the EU. Copper fungicides are allowed in organic farming within certain limits owing to concerns of copper build-up in the soil from prolonged use. In Scandinavia and the Netherlands, copper fungicides are forbidden in both organic and conventional farming, while in Germany and Switzerland they are allowed in lower amounts than those permitted by the EU regulations, i.e., 3–4 kg per hectare per year.
Copper fungicides are widely used in both organic and conventional farming. They are usually applied in fixed form, which lowers the water solubility. However, copper can accumulate on plant tissue when there is a lack of rain and the fungicide is sprayed repeatedly to cover new growth. In such situations, post rainfall, large amounts of copper ions may be released, leading to phytotoxicity. The solubility of copper increases with acidic pH. If the water used for spraying is acidic, it increases the solubility of the copper fungicides, thus, releasing more copper ions and leading to phytotoxicity. It is, therefore, imperative to apply copper fungicides with caution so as to not adversely affect the crops. The reluctance of farmers to use these fungicides often is expected to restrain the growth of the market to an extent.
Europe was the largest market for copper fungicides in 2018 and the regional market is expected to maintain its dominance during the forecast period. North America held a notable market share in 2018 and is expected to register an impressive growth rate of 5.18% during the forecast period. However, the Asia-Pacific market is projected to register the highest CAGR of 5.37% during the forecast period of 2019 to 2024. The rising adoption of organic farming and increasing production of fruits and vegetables in the region are driving the growth of the regional market.
Market Players
Market Research Future recognizes Mitsui & Co., Ltd. (Japan), ADAMA Agricultural Solutions Ltd (Israel), Nufarm (Australia), Jiangxi Heyi Chemicals Co., Ltd. (China), Industrias Químicas del Vallés SA (IQV) (Spain), Albaugh (US), UPL Limited (India), Bayer AG (Germany), Synthos AGRO Sp. z o.o. (Sweden), and Isagro (Italy) as the key players active in the global Copper Fungicides Industry Share.
Segmental Analysis
The global Copper Fungicides Industry Share has been segmented on the basis of type, application, and region.
By type, the market has been divided into inorganic copper fungicides and organic copper fungicides. The inorganic copper fungicides segment accounted for the larger market share in 2018. The advantages of inorganic copper fungicides include high efficacy and low price. Some of the inorganic copper fungicides are Bordeaux mixture, cuprous oxide, copper hydroxide, and copper oxychloride. However, the organic copper fungicides segment is expected to register the highest growth rate during the forecast period due to the advantages such as high efficacy, enhanced safety, and low toxicity.
Based on application, the global Copper Fungicides Industry Share has been classified as fruits & vegetables, cereals & grains, pulses & oilseeds, and others. The fruits & vegetables segment accounted for the largest market share in 2018 and is expected to register the highest growth rate during the forecast period. Various copper fungicides are applied to fruit and vegetable crops using the spraying method. Some of the diseases in fruit trees such as peach leaf curl, brown rot, rust disease, and fire blight are treated with copper fungicides.
Regional Analysis
Geographically, the global Copper Fungicides Industry Share has been segmented into North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. As per MRFR analysis, Europe dominated the market, accounting for the largest share of 35.39% in 2018. However, the market in Asia-Pacific is expected to register the highest CAGR of 5.37% during the assessment period.
Key Findings of the Study:
· The global Copper Fungicides Industry is expected to register a growth rate of 80%, in terms of value, during the period of 2019 to 2024. The increasing incidences of fungal infection on crops is projected to propel the growth of the global Copper Fungicides Industry.
· The inorganic copper fungicides segment is estimated to maintain its dominance during the forecast period of 2019 to 2024. The segment is expected to reach USD 833.83 million by the end of 2024.
· On the basis of application, the fruits & vegetables segment is estimated to account for the largest market share during the forecast period and is projected to register a growth rate of 86% in terms of value.
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