GLOBAL NANO FUNGICIDES MARKET SIZE (2023 - 2030)

The global Nano Fungicides Market is estimated to be worth USD 1.52 Billion in 2023 & is projected to hit a value of USD 2.5 Billion by 2030, growing at a fast CAGR of 6.4% during the forecast period 2023-2030.

The growing demand for sustainable agriculture practices and the increasing adoption of modern farming techniques, such as precision farming and vertical farming, are the major factors driving the growth of the nano fungicides market. Additionally, the rising demand for food safety and the need for increased crop yield to cater to the growing population is also contributing to market growth. However, the high cost of production and the limited awareness about the benefits of nano fungicides in some regions may restrain market growth to some extent. Nonetheless, the increasing focus on research and development activities to enhance the effectiveness and safety of nano fungicides is anticipated to create new growth opportunities for the market in the coming years.

Industry Overview:

Nano fungicides are a type of fungicide that employ nanotechnology to control fungal growth & forbid crop damage. They are made up of nanoparticles that are able to penetrate the cell walls of fungi, disrupting their growth and reducing their ability to spread. These fungicides are more effectual than traditional fungicides, as they require lower doses and have a longer residual effect, resulting in less environmental impact and cost savings. The demand for nano fungicides is driven by the need for sustainable crop protection solutions that are effective against a wide range of fungal diseases. This market is anticipated to grow importantly in the coming years due to increased awareness about the benefits of nanotechnology and the adoption of sustainable farming practices. However, the high cost of production and the regulatory challenges associated with nanotechnology are estimated to hinder market growth. Additionally, the lack of awareness about the benefits of nano fungicides and the availability of cheaper conventional fungicides may also pose a challenge to the market.

COVID-19 impact on the Nano Fungicides Market:

The COVID-19 pandemic has had a mixed impact on the Nano Fungicides market. On one hand, the increased awareness of holding cleanliness and hygiene has led to an increased demand for fungicides to protect crops from fungal diseases. Additionally, the interruptions in the supply chain have resulted in the need for efficient and reliable crop protection products, which has further boosted the demand for Nano Fungicides. On the other hand, the economic slowdown caused by the pandemic has resulted in a decrease in demand from various end-use industries, including agriculture, which has impacted the growth of the market. Moreover, the restrictions on movement and transportation have resulted in difficulties in the distribution of Nano Fungicides, thereby causing logistical issues for market players. The pandemic has also resulted in the closure of many manufacturing units and a shortage of labor, which has impacted the production of Nano Fungicides. Overall, the impact of the pandemic on the Nano Fungicides market has been mixed, with both positive and negative effects.

Market Drivers:

• Rising demand for sustainable agriculture practices help to drive market growth:-

• • With increasing awareness about the harmful effects of chemical pesticides & fungicides on the environment & human health, there has been a growing demand for sustainable agricultural practices. Nano fungicides are an eco-friendly & sustainable alternative to traditional fungicides. They are known to be highly effective in controlling various fungal diseases, while also being safe for the environment and human health. As a result, the demand for nano fungicides has been increasing, which is driving the growth of the market.

Increasing prevalence of crop diseases help to drive the market growth:-

• • Crop diseases caused by fungal pathogens can result in momentous yield losses for farmers. With the increasing global population, there is a growing need to increase food production to meet the demand. However, crop diseases can hinder this goal. Nano fungicides have been found to be highly effective in controlling a wide range of fungal diseases in crops, which is driving their demand in the agriculture industry. Additionally, the use of nano fungicides can lead to higher crop yields and better quality of produce, which is also contributing to their growing popularity in the market.

Market Restraints:

• The Nano Fungicides Market's growth is being stifled by High Cost:

• • One of the major market restraints for the Nano Fungicides Market is the high cost of production, which makes it difficult for the manufacturers to contend in the market with the existing established fungicides. The high cost of production of nano fungicides is because of the high cost of raw materials & the complex manufacturing process.

• The Nano Fungicides Market's growth is being hampered by Stringent Regulations:

• • Another market restraint for the Nano Fungicides Market is the stringent regulations imposed by the regulatory bodies on the usage of nano fungicides. The regulatory authorities have set rigorous guidelines for the registration & approval of nano fungicides, which makes it difficult for the manufacturers to get their products registered and approved. This has led to a slow adoption of nano fungicides in the market, especially in the agricultural sector where the regulations are more stringent.

GLOBAL NANO FUNGICIDES MARKET REPORT COVERAGE:

Market Segments:

This research report on the global Nano Fungicides Market has been segmented based on Type, Formulation, End-user Industry and Region.

Nano Fungicides Market—By Type

• Metal Nano fungicides

• Metal Oxide Nano Fungicides

• Carbon Nano Fungicides

• Others

Among these, the metal nano fungicides segment is anticipated to see significant growth during the forecast period. This can be imputed to their ability to provide better control against fungal infections and their wide range of applications in agriculture, healthcare, and other industries. The metal oxide nano fungicides segment is also estimated to witness significant growth owing to their antimicrobial properties and their use in water treatment and disinfection. In recent years, there have been several market developments and insights in the nano fungicides market. In November 2020, researchers from the Indian Institute of Technology (IIT) Bombay developed a new type of nano fungicide using selenium nanoparticles, which showed high antifungal activity against a variety of plant pathogenic fungi. In August 2021, a team of researchers from South Korea developed a nano fungicide using graphene oxide and silver nanoparticles that demonstrated high antifungal activity against various types of plant pathogenic fungi. These advancements in nano fungicides research and development are likely to drive the growth of the market in the coming years. Additionally, the growing demand for sustainable agriculture practices and the need to increase crop yields are also estimated to drive the demand for nano fungicides in the agriculture secto

Nano Fungicides Market – By Formulation

• Wettable Powder

• Water-Dispersible Granules

• Suspension Concentrates

The formulation segment is an important segment of the Nano Fungicides market. Wettable powder, water-dispersible granules, and suspension concentrates are the major types of formulations in the Nano Fungicides market. The wettable powder is the most widely used formulation type, due to its advanced stability & easy handling. These powders are mixed with water & sprayed over the plants, where they disperse easily & provide effective protection against fungal infections. Water-dispersible granules are a relatively new formulation type in the Nano Fungicides market and are gaining popularity due to their easy handling and application. These granules are mixed with water and sprayed over the plants, where they disperse easily and provide effective protection against fungal infections. Suspension concentrates are another important formulation type in the Nano Fungicides market. They are a liquid concentrate that is diluted with water and then sprayed on the plants. This type of formulation is preferred by farmers who want to reduce the amount of chemical residue left on the plants after treatment. The formulation segment is estimated to grow at a moderate rate due to the increasing demand for eco-friendly fungicides and the rising adoption of precision agriculture techniques

Nano Fungicides Market – By End-Use Industry

• Agriculture

• Horticulture

• Others

The agricultural sector dominates the end-use segment of the Nano Fungicides Market. This can be attributed to the growing need for sustainable farming practices, increasing demand for high-quality crops, & rising awareness among farmers about the benefits of nano fungicides. Additionally, the horticulture segment is also estimated to experience significant growth in the coming years due to the increasing demand for fruits and vegetables, especially in developing countries. Developing countries such as India & China are major contributors to the growth of the agriculture sector, which in turn is predicted to hike up the demand for nano fungicides in these regions. Moreover, the increasing global population is driving the demand for high-quality and disease-free food products, which is further driving the demand for nano fungicides. The use of nano fungicides is also gaining popularity in the urban gardening and landscaping industry due to their effectiveness in controlling plant diseases and improving plant growth. Furthermore, the application of nano fungicides in the forestry sector is anticipated to see significant growth in the coming years, owing to the rising concerns regarding deforestation and the need for sustainable forest management practices.

Nano Fungicides Market – By Region

• North America

• Europe

• Asia-Pacific

• Rest of the World

The Nano Fungicides Market has witnessed significant growth in recent years, & the trend is estimated to continue in the coming years. The market segmentation by region indicates that Asia-Pacific is estimated to dominate the market in terms of both production & consumption. The rising demand for agricultural products due to population growth & increasing food demand in countries such as India & China is driving the growth of the market in the region. Furthermore, the government's support for the adoption of advanced technologies in agriculture is also contributing to the maturation of the market. North America and Europe are also significant markets for nano fungicides. The rising awareness about the benefits of nanotechnology in agriculture and the increasing demand for organic food products are driving the growth of the market in these regions. Additionally, the stringent government regulations on the use of chemical pesticides in agriculture are also boosting the demand for nano fungicides in the region. In the Middle East & Africa and South America, the market is estimated to experience steady growth due to the increasing adoption of advanced technologies in agriculture & the rising need for high-quality crop yields.

Major Key Players in the Market:

1. BASF SE

2. Bayer CropScience AG

3. Syngenta AG

4. Nufarm Limited

5. FMC Corporation

6. DowDuPont Inc.

7. Sumitomo Chemical Co., Ltd.

8. Monsanto Company

9. ADAMA Agricultural Solutions Ltd.

10. UPL Limited.

Market Insights and Developments:

• In September 2020, researchers from the University of Nebraska-Lincoln developed a new type of nano fungicide that can effectively control the spread of wheat blast disease. This disease has been a major problem in countries such as Brazil & Bangladesh, leading to significant crop losses. The use of nano fungicides has shown commitment to controlling the disease, and this development is anticipated to drive the demand for nano fungicides in the agriculture industry.

• In June 2021, the European Union approved the use of copper oxide nanoparticles as a fungicide in organic farming. Copper-based fungicides have been used in agriculture for many years, but their use has been limited due to environmental concerns. The use of copper oxide nanoparticles is estimated to address some of these concerns and provide an effective alternative to conventional fungicides, driving the demand for nano fungicides in the European market.

• In November 2021, the Indian government launched a new program to promote the use of nano fungicides in agriculture. The program aims to provide financial incentives and support to farmers to encourage them to adopt nano fungicides, which are considered more effective and environmentally friendly than traditional fungicides.