Biofungicides Market Size, Share and Forecast 2020-2025

The biofungicides market is estimated to account for a value of USD 1.6 billion in 2020 and is projected to grow at a CAGR of 16.1%, to reach a value of USD 3.4 billion by 2025. The biofungicides market is projected to witness significant growth due to the increasing demand for chemical residue-free and environment-friendly products. Stringent government regulations and a significant shift toward sustainable agricultural practices are factors that are projected to decrease the use of chemical-based crop protection products.

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Key Market Players:

Key players in the biofungicides market include BASF SE (Germany), Bayer AG (Germany), Syngenta AG (Switzerland), FMC Corporation (US), Nufarm (Australia), Novozymes (Denmark), Marrone Bio Innovations (US), Koppert Biological Systems (Netherlands), Isagro S.P.A (Italy), T. Stanes & Company Limited (India), BioWorks (US), The Stockton Group (Israel), Valent Biosciences (US), Agri Life (India). Certis U.S.A (US), Andermatt Biocontrol AG (Switzerland), Lesaffre (France), Rizobacter (Argentina), Vegalab S.A (US), Biobest Group NV (Belgium), and Biolchim (Italy).

Market Dynamics

Drivers

·         Regulatory Pressures And Harmful Effects Associated With The Use Of Synthetic Plant Protectants

·         Growing Emphasis On Integrated Pest Management Solutions

·         Growing Preference For Organic Products To Encourage The Adoption Of Biological Products

Restraints

·         Technological Limitations For The Use Of Biological Products

·         Need For Frequent Reapplications Of Biofungicides As Compared To Its Chemical Counterparts

Opportunities

·         Advancements In Microbial Research Undertaken By Key Players Across Regions

·         Plant Pathogens Developing Resistance To Chemical Fungicides

Challenges

·         Preference For Chemical Fungicides Among Farmers In Developing Countries

·         Introduction Of New Biofungicides In The Market

By type, the microbial segment is estimated to account for a larger market share, in terms of value, in 2020

Strains of microbial species are derived from bacteria, fungi, and viruses. Species, such as Bacillus, Trichoderma, and Pseudomonas, are majorly used to derive the active ingredients that are used as anti-fungal agents. Microbial biofungicides are proven to be efficient in controlling fungal pathogens without causing any harm to the host plant or the environment.

The soil-treatment segment, on the basis of mode of application, is estimated to hold the largest share in the biofungicides market, in terms of value, in 2020

Soil treatment is one of the most commonly adopted modes of application for biofungicides. This is mainly due to many fungal infestations in the soil/root zone of the plant. The majority of the biofungicides available in the market are used for the treatment of soil and root-zone diseases. Trichoderma-based products are widely distributed biofungicides across the globe and have a majority of the products available for treating soil and root zone diseases. However, in regions such as North America, South America, and Europe due to technological advancements, the market for biofungicides is projected to grow. The major players in the market are also investing significant amounts in R&D activities of biological seed treatment solutions, due to which seed treatment is projected to record the fastest growth rate during the forecast period.

By form, the wettable powder segment in the biofungicides market is projected to account for the largest market share in 2020

The wettable powder segment accounts for the largest share in the market during the forecast period. Powder formulations can easily be mixed with basic or acidic solutions in a spray tank or in the irrigation line depending upon the prevailing soil requirements. Bacillus spp. is the most commonly used source of biofungicides and is readily available in powdered form. The powdered form is easy to produce on a commercial scale and provides farmers with various application choices. This ease of availability has made it a preferred form among growers across the globe.

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North America is projected to grow at the highest CAGR during the forecast period

North America accounted for the largest market share during the forecast period due to the presence of major players in the market in the region. The region witnesses the adoption of integrated pest management and organic farming practices, which has also promoted the growth of the market. The region is also one of the largest producers of fruits & vegetables. In addition, the increasing concerns about food safety across the globe have also contributed to the growth of the market.

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Created on Jan 6th 2021 07:59. Viewed 223 times.

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