Allied Market Research published a report titled, “Copper Fungicides Market by Chemistry (Copper Oxychloride, Copper Hydroxide, Cuprous Oxide, Copper Sulphate, and Others) by Application (Fruits & Vegetables, Cereals & Grains, Oilseeds & Pulses, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032.” According to the report, the global copper fungicides market was valued at $484.6 million in 2022, and is projected to reach $872.9 million by 2032, growing at a CAGR of 6.1% from 2023 to 2032.
Prime Determinants of Growth:
The global copper fungicides market is experiencing growth due to several factors, such as a rise in demand from the agricultural sector and a surge in demand for fungicides. On the other hand, the toxicity of copper hinders market growth to some extent. Moreover, the rising demand from emerging markets and the use of sustainable agriculture techniques will create profitable growth opportunities over the next few years.
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Leading Market Players:
- UPL
- ALBAUGH, LLC
- NUFARM LIMITED
- CERTIS USA L.L.C.
- BAYER AG
- QUIMETAL INDUSTRIAL S.A.
- COSACO GMBH
- CORTEVA
- IQV MATHOLDING GROUP
- CINKARNA CELJE, D. D.
The report provides a detailed analysis of these key players in the global copper fungicides market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others, to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolios, and strategic moves of market players to showcase the competitive scenario.
Impact of Russia Ukraine War on the Copper fungicides Market:
Russia is one of the major producers of copper fungicides, and the conflict has led to disruptions in the supply chain. This disruption caused a shortage of raw materials, leading to increased prices and delays in production.
The closure of copper mines and the disruption of transportation routes during the conflict resulted in a shortage of copper fungicides on the market. Therefore, farmers and agricultural industries that relied on these fungicides to protect their crops from fungal infections faced challenges in accessing a sufficient supply.
Additionally, the war’s impact on geopolitics resulted in disruptions in supply chains, which had an impact on trade globally. Restrictions on import and export, higher tariffs, and political unrest all contributed to the scarcity of copper fungicides and their consequently higher costs.
The copper hydroxide segment is expected to lead the trail by 2032-
Based on chemistry, the copper hydroxide segment held the highest market share in 2022, accounting for more than two-fifths of the global Copper fungicides market revenue and is expected to lead the trail by 2032. This is attributed to the fact that copper hydroxide is approved for use in organic farming as a permitted fungicide, making it a suitable choice for organic growers. However, the copper sulfate segment is projected to manifest the highest CAGR of 6.5% from 2023 to 2032. Copper sulfate is used as a primary ingredient in the production of fungicides and insecticides used to increase crop yield.
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The oilseeds and pulses segment to maintain its lead position throughout the forecast period-
Based on the application, the fruits and vegetables segment held the highest market share in 2022, accounting for more than two-fifths of the global copper fungicides market revenue and is expected to maintain its lead position throughout the forecast period. This can be attributed to the fact that copper fungicides are effective in controlling various fungal diseases that can affect fruits and vegetables. Some common fungal diseases include powdery mildew, downy mildew, leaf spot, blight, and anthracnose. Copper ions released by the fungicide act on the fungal spores or mycelium, inhibiting their growth and preventing the spread of the disease. However, the oilseeds and pulses segment is projected to manifest the highest CAGR of 6.5% from 2023 to 2032. This is due to copper fungicides that can be applied as seed treatments to protect oilseed and pulse seeds from seed-borne fungal pathogens. This helps in preventing diseases such as seed rot, damping-off, and seedling blights, which can impact germination and early seedling development.
Europe to maintain its dominance by 2032-
Based on region, Europe held the highest market share in 2022, accounting for nearly half of the global copper fungicides industry revenue and is expected to maintain its dominance throughout the forecast timeframe. Europe exhibits its persistence in supporting the agricultural industry and sustaining high levels of crop production by capitalizing on the availability of essential raw materials and employing effective insect control strategies. Not only does the use of copper-based chemicals contribute to the success of European agriculture, but their versatility and significance on the global market are also demonstrated by their widespread applications in various industries. However, the Asia-Pacific region is projected to register the fastest CAGR of 6.4% from 2023 to 2032. This growth is attributed to increasing awareness regarding organic farming, rising disposable income levels, and an increase in foreign investments in promoting agricultural production. Copper fungicides are widely used across the Asia Pacific as they help protect crops from diseases such as Alternaria and Botrytis cinereascii fungi that cause crop damage during fruit and vegetable cultivation.
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