Biofungicides Market is Projected to Expand at a CAGR of more than 14% from 2019

Posted by amol on July 16th, 2019

Biofungicides Market: Key Highlights

In terms of value, the global biofungicides market is projected to expand at a CAGR of more than 14% from 2019 to 2027, according to a new research report titled, ‘Biofungicides Market – Global Industry Analysis, Value, Share, Growth, Trends, and Forecast, 2019–2027’.

In terms of value, the global biofungicides market is expected to reach a value of more than US$ 730 Mn by 2027. The biofungicides market is driven by the rise in the demand for bio-based products across the globe.

North America held a significant share of the global biofungicides market in 2018. Furthermore, the biofungicides market in Asia Pacific is estimated to expand at a CAGR of more than 14% during the forecast period, owing to the increase in the demand for efficient agrochemicals the region.

Based on source, the microbial segment accounted for a key share of the global biofungicides market in 2018. Cereals & grains is estimated to be a prominent application segment in the global biofungicides market in the near future.

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Rise in the Demand for Microbial Fungicides  

Based on source, the microbial segment accounted for a prominent share in the global biofungicides market in terms of value and volume in 2018. The microbial segment is highly lucrative due to low prices, less toxicity, and easy availability in the biofungicides market.

Microbial biofungicides possess excellent performance properties for precise pathogen and pest control on targeted organisms.

Liquid Formulation Segment Gaining Momentum

Based on formulation, the dry segment holds a key share in the biofungicides market, due to the excellent properties and desirable concentration of dry formulation as per the requirement of crops.

Dry formulation can be in granular or powder form. This is the conventional method of using fungicides. It can be diluted by adding water and spray over the affected organism of crops and plants.

The liquid segment is estimated to expand at a significant pace during the forecast period, due to the instant and safe application method of the formulation. 

Extensive Usage in Cereals & Grains 

Based on application, the cereals & grains segment constituted a substantial share in the global biofungicides market in 2018. The need to maximize agricultural output and rise in the demand for organic food are factors driving the demand for biofungicides in the cereals & grains segment.

Conventional techniques of applying pesticides dominate the agricultural sector in most developing countries. Farmers are also unaware about the ill-effects of chemical-based fungicides, such as soil infertility and environmental pollution. This adversely affects the biofungicides market, specifically in developing nations.

Growth in the trade of fruits & vegetables and oilseeds & pulses is fuelling the need to maintain their nutrient values and quality. This is expected to increase the usage of bio-based products, such as biofungicides, in various applications such as cereals & grains and fruits & vegetables.

North America Accounts for a Substantial Share of the Biofungicides in Terms of Volume and Value

North America was a prominent region in the global biofungicides market, accounting for more than 30% share in terms of volume and value in 2018.

Rise in the awareness about the harmful effects of chemical-based agro products and increase in the demand for organic food are key factors driving the biofungicides market in the region.

The biofungicides market in Asia Pacific is anticipated to expand at a considerable pace during the forecast period.

Increase in the demand for food yield due to the ever-growing population has boosted the demand for efficient agrochemicals in the region. Thus, cost-effectiveness and excellent performance in terms of pest & pathogen control is projected to fuel the demand for biofungicides during the forecast period. 

Biofungicides Market: Competition Landscape

The global biofungicides market is highly fragmented with the presence of a large numbers of global and local players.

Major companies operating in the biofungicides market include Agri Life, Certis USA LLC, T. Stanes & Company Limited, BioSafe Systems, LLC, Biotech International Limited, Gujarat State Fertilizers and Chemicals Ltd., FMC Corporation, Bayer AG, Novozymes, BASF SE, Marrone Bio Innovations, Inc., Seipasa, LALLEMAND Inc., Evonik Industries AG, BioWorks, Inc., and Isagro USA, Inc.