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"Global Biofungicides Market was Valued at US$ XX Bn in 2019 And it is Expected to Reach More than US$ 4.73 Bn by 2028, Likely to Grow with the CAGR of 14.71% During the Forecast Period."
Biofungicides are fungicides that are derived from microorganisms such as fungi, bacteria, and viruses, or natural materials such as plants.
Easy registration procedure of Biofungicides, increasing R&D and partnerships among the market players and increasing area under organic farming along with growing demand for food safety, these factors likely to drive the Biofungicides market over the forecast period.
Easy Registration Procedure of Biofungicides is expected to drive the Biofungicides Market
The Biofungicides tend to pose lower risks than chemical fungicides, the Environmental Protection Agency (EPA) generally requires fewer data to register a bio fungicide than to register a chemical fungicide. As a result, new Biofungicides are often registered in less than a year, compared to an average of more than three years for synthetic fungicides.
Biofungicides are regulated in the European Union in the same manner as chemical fungicides. For that instances, The Green housed spaces are increasing by 21% in the North America region the Actinovate, Root Shield, Serenade, SoilGard, Mycostop, Prestop, and Taegro are the few newly registered Biofungicides in the United States and Canada.
The Growing Grganic Farming & Demand for Organic Food are Fueling the Growth of the Global Biofungicides Market
According to FiBL‐IFOAM‐SOEL‐Surveys, organic agriculture recorded 20% of growth which is the largest growth ever. Along with it, the global sales of organic food and drink reached USD 97 billion in 2017 from USD 81.6 in 2015. Thus, increasing demand for growing organic agriculture and organic food across the globe which increases the demand for biological pesticides. These factors are likely to drive the growth of the overall Biofungicides market.
However, most of the farmers in developing regions, are familiar with chemical-based agro-products and are reluctant to adopt advanced products because of financial barriers this will be a challenge for bio fungicide suppliers during the forecast period.
Microbial Pesticides Segment is Expected to Witness Highest Growth in the Biofungicides Market Across the Globe
The microbial pesticides account for over 50% share of the Biofungicides market in 2019, due to its cost efficiency and minimal environmental impact. The manufacturers are specifically focusing on this category, providing broad-spectrum disease control and increased crop yield potential.
These Biofungicides contain bacteria, viruses, fungi, and protozoans as their active elements, which do not harm the environment, unlike chemical-based fungicides. Also, Biofungicides can be easily adopted in Integrated Pest Management systems (IPMs), owing to their lower environmental risks and cost-effectiveness.
Cereals & Grains Segment by Crop Type Held the Significant Share in Biofungicides Market in 2019
Cereals & grains are a prominent segment in the global Biofungicides market. In terms of volume and value, the cereals & grains segment constituted a substantial share of more than 25% of the global Biofungicides market in 2019. It is expected to grow at a significant rate over the forecast period owing to the increased awareness regarding their nutritional benefits. The Biofungicides prevent a wide range of pathogens and pests and provide better results than chemical-based fungicides on cereal and grain crops this is likely to derive the Cereals & grains segment.
North America to Dominate the Global Biofungicides Market During the Forecast Period
North America held a leading share of more than 40% in the global Biofungicides market in terms of volume and value in 2019. The North American market for bio fungicide was valued US$ xx million, with a CAGR of 14.3 % during the forecast period. The U.S. is a key country in the Biofungicides market in the region. The rise in the demand for organic food and stringent regulations on synthetic pesticides are key factors driving the Biofungicides market. Trichoderma harzianum strain T-22 is the most commercially used bio fungicide in the US and Canada. The adoption of modern farming techniques is boosting the Biofungicides market in North America.
While the Biofungicides market in the Asia Pacific is anticipated to expand at a rapid pace during the forecast period. The rise in the demand for food crops, primarily cereals and grains, and fruit and vegetables, owing to the growing population drive the regional market. Furthermore, an increase in the awareness about the benefits of bio-based agrochemicals among farmers is also augmenting the demand for Biofungicides in the Asia Pacific.
However, Europe is projected to expand at a significant growth rate, due to the high demand for organic foods and stringent regulations are driving the need for organic production.
The Biofungicides market is highly fragmented with the significant presence of regional players and local players. Top five companies accounting for less than 10% of the market share. Some of the key players in the global Biofungicides market are FMC Corporation, Bayer AG, Novozymes, BASF SE, Evonik Industries AG, BioWorks, Inc., Isagro USA, Inc., Agri Life, Certis USA LLC, Stanes & Company Limited, BioSafe Systems LLC, Biotech International Limited, Marrone Bio Innovations, Inc.and LALLEMAND Inc.
Biofungicides Market Key segments:
Biofungicides Market, By Source
- Microbial Pesticides
- Biochemical Pesticides
- Plant-Incorporated Protectants (PIPs)
Biofungicides Market, By Formulation
Biofungicides Market, By Crop Type
- Fruits & Vegetables
- Cereals & Grains
- Oilseeds & Pulses
- Others (Ornamentals, Lawns, etc.)
Biof ungicides Market, By Region
- North America
- Asia Pacific
- Middle east and Africa
- Latin America