Biofungicides Market Size, Share, Growth | Report, 2028

Posted by perter taylor on April 13th, 2021

Research Nester published a report titled “Biofungicides Market: Global Demand Analysis & Opportunity Outlook 2028” which delivers a detailed overview of the biofungicides market in terms of market segmentation by type, by mode of application, by species, by crop type, and by region.

Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis, and Porter’s five force model.

Biofungicides are designed for collecting biomedical waste. They are labeled, colored, and marked separately for different types of hospital waste, as per the healthcare standards. The waste contains infectious materials and is generated from the diagnosis, prevention, or treatment of diseases in the healthcare sector.

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The biofungicides market is expected to obtain a notable CAGR of more than 15% between 2020 and 2028. The market is segmented by type, mode of application, species, crop type, and region. Among product types, the microbial species segment is projected to be the fastest-growing segment during the forecast period. This segment has become a preferable choice for the manufacturers for their broad-spectrum disease control and increased crop yield potential. Microbial biofungicides are verified to be effective in controlling fungal pathogens without initiating any harm to the host plant or the environment.

Among the mode of application, the soil treatment segment is holding the dominating position in the market as it’s the most commonly adopted modes owing to increasing fungal infestations in the soil of the plant.

Regionally, the biofungicides market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.

As a result of the rising prevalence of organic farming and organic food consumption in the regions coupled with major key players present in the region and strict government policies regarding usage of synthetic fertilizers, North America is estimated to hold the leading market share in the biofungicide market followed by Europe.

The European market is expected to expand at a very fast pace owing to the higher demand for organic food consumption and shifting food habits.

The Asia Pacific region is estimated to grow at a steady pace during the forecast period owing to the budding population, rapid development, rise in the demand for food crops, primarily cereals and grains, and fruit and vegetables, and growing inclination of farmers of the region owing to numerous benefits associated to biofungicides.

An upsurge in inclination towards organic farming practices and growth in the adoption of integrated pest management practices

The growing awareness amongst farmers around the negative impacts of synthetic plant protection products and the stringent government policies concerning synthetic chemical fertilizer usage are boosting the adoption of these products across the globe.

However, lack of awareness related to the benefits of biofungicides among farmers, the low cost of chemical fertilizers, the low shelf life of bio-based fungicides, and lack of proper distribution channel might hamper the market growth in the foreseeable future.

This report also provides the existing competitive scenario of some of the key players of the biofungicides market which includes company profiling of Nufarm (ASX: NUF), FMC Corporation (NYSE: FMC), Isagro S.P.A (BIT: ISG), Bioworks Inc., Bayer AG (ETR: BAYN), Syngenta AG, BASF SE (ETR: BAS), Koppert Biological Systems, Marrone Bio Innovations (NASDAQ: MBII), Novozymes (CPH: NZYM-B).