Triazole Fungicides Market Size, Share, Industry, Forecast and Outlook (2024-2031)

Global Triazole Fungicides Market is segmented By Product Type (Tebuconazole, Epoxiconazole, Triadimenol, Propiconazole, Prothioconazole, Others), By Crop Type (Cereals And Grains, Oilseeds, Fruits and Vegetables, Others), By Form (Powder, Liquid), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030

Triazole Fungicides Market Overview

The Global Triazole Fungicides Market is estimated to reach at a high CAGR during the forecast period (2023-2030).

Triazoles are the most common range of fungicides used for the control of plant diseases. Triazoles are absorbed and translocated in the plants where they function both as preventive and curative medicine by destroying the germ tubes. These control a wide variety of fungi and are active at low rates. They also affect plant development and growth and can protect them against environmental stress. Above all, triazoles have shown positive results towards the protection of crops from various fungi and hence the market growth can be anticipated in the future along with demand for crop protection.

Triazole Fungicides Market Summary

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Triazole Fungicides Market Dynamics

The growing need for crop protection is driving the global triazole fungicides market

Growing demand for agricultural production coupled with increasing population and their changing dietary preferences towards fresh farm produce led to the growth of the triazole fungicides market. Since fungal diseases are a major threat to the growth of crops, the use of fungicides to combat fungal infections, thereby improving farm yield. Triazole fungicides have shown effective results towards controlling plant diseases, especially controlling the blackleg disease in canola. The blackleg disease is the primary disease of canola worldwide which causes annual losses of 10–15% with localized epidemics resulting in up to 90% yield loss in Australia, which is why the use of Triazole fungicides have increased rigorously in Australia since 2005. High moisture and moderate temperatures favor the growth of fungi and countries with such climatic conditions as Peru and Brazil are proving growth opportunities for the triazole fungicides market.

Environmental concerns associated with chemical residues are the major restraint to the global triazole fungicides market. Triazole fungicides are usually sprayed directly on plants and reach the roots and contaminate the soil. It has been classified in the United States Environmental Protection Agency Office of Pesticide Programs carcinogenic list as a potential carcinogen (possible carcinogen). Its acute toxicity is moderate and classified as III (mildly dangerous) according to the World Health Organization toxicity classification.

Triazole Fungicides Market Segmentation Analysis

Tebuconazole is a versatile fungicide, and hence dominated the triazole fungicides market by type

Tebuconazole is highly popular among all triazole fungicides. It is used to treat various fungal diseases such as rust fungus, sheath blight, leaf spot, and anthracnose. According to studies, Tebuconazole is considered a versatile fungicide as it can be used for the treatment of both curative and preventive fungi. Grapes, cereals, cherries, almonds, canola and rapeseed are the major crop categories using tebuconazole. The production of this fungicide is largely consolidated in China, with production share reaching nearly 70% in 2019.

Based on crop type, the cereals and grains segment held a market revenue share of YY% in the year 2020. The cereals & grains segment in the market comprises different crops, such as rice, wheat, and corn. According to the Food and Agriculture Organization of the United Nations, the production of cereal crops will increase by 60% from 2000 to 2050. The production of cereals and grains vary across different regions, depending on the topography and climatic conditions. Due to this, the cereals & grains segment recorded the highest consumption of fungicides in the North American and Asia Pacific regions. According to the FAO, global cereal production in 2016 recorded nearly 2,543 million tons, which is around 0.6% higher than the previous year. Rice is the most widely consumed staple food, particularly in Asia. It is the second-most widely produced grain after corn.      

Global Triazole Fungicides Market Geographical Share

China led Asia-Pacific to the top of the triazole fungicides market, owing to increasing agricultural activities

Asia Pacific evolved as the largest market for triazole fungicides, accounting for a share of YY% in the global sales revenue. China and India are the major contributors in terms of sales volume owing to the large agricultural activities and consumption of a broad range of crops including field crops, vegetables and turf. The growing farming activities and increasing rate of fungicide application are propelling the market growth in the region. The rising population and need for farm produce are contributing to the growth of atriazole fungicides market in this region. According to University of Melbourne and Zhejiang researcher Baojing Gu, China remains the world’s largest consumer of agrochemicals with consumption exceeding 30% of global fertilizers and pesticides consumption. The large production of cereal crops, like rice and wheat in India, is the major factor supporting market growth. Wheat production is estimated to increase to a record 108.75 million tonnes in 2020-21 from 107.86 million tonnes in the previous year, while the output of coarse cereals is likely to increase to 49.66 million tonnes, from 47.75 million tonnes a year ago. Triazole and benzimidazole fungicides have been used for controlling Fusarium head blight (FHB) in wheat for over two decades.

Triazole Fungicides Market Companies and Competitive Landscape

The global triazole fungicides market is highly competitive with some of the pioneer and new emerging players in the market. Key players like BASF, Chemtura Corporation, Corteva, Inc., Cheminova, Bayer Cropscience and Nufarm Limited adopted the strategy of acquisitions, mergers, partnerships and product launches to gain significant market share. For instance, in April 2021, Syngenta has added two novel fungicides: Mitrion (benzovindiflupyr + prothioconazole) and Alade (benzovindiflupyr + cyproconazole + difenoconazole), keeping in mind diseases such as Cercosporiosis, target spot disease, anthracnose and Asian rust that have increasingly affected soybean productivity in recent years and can cause losses of up to 90% of the crop, generating billions in annual losses. Alade brings the double systemic action of Cyproconazole and Difenoconazole, two highly selective and effective triazoles. In 2019, BASF launched its new triazole fungicide active ingredient under the brand Revysol. Revysol is used in novel triazole fungicides - Veltyma for corn and Revytek for soybeans

COVID-19 Impact

The global market remained nearly resilient to the pandemic in terms of volume sales

As the agricultural practices were exempted from all the restrictions, the demand for triazole fungicides was not impacted. But during the first half of the pandemic, the sales of certain agrochemicals slightly declined due to disruptions in trading activities, while the sales of pesticides weren’t much impacted. ​In terms of supply, a short-term shortage of migrant laborers amid distribution bottlenecks created a wide gap between the number of workers required for the production of agrochemicals and the ones available. The production of crops also decreased due to the unavailability of laborers in large-scale plantations. Many triazole fungicides manufacturers were facing issues due to lack of raw material availability, which has led to the reduction of various agrochemical product manufacturing. Post COVID-19, the agricultural activities have normalized, which has helped the companies to deliver products to target locations.