The global biofungicides market accounted for a value of USD 1.4 billion in 2019 and is projected to register growth at a CAGR of 14.6% during forecast period.
COVID-19 has impacted the biofungicides market but the impact is not significant. The manufacturing plants are operating and there is no significant impact on supply chain of biofungicides. Many manufacturing are operating across the world and the service providers are providing biofungicides products. All these manufacturing units and service providers ensure maximum safety and sanitation during COVID-19.
For more details, visit: Global Biofungicides Market By Type (Microbial Species, Botanical, Others), By Crop Type (Oilseeds & Pulses, Cereals & Grains, Others), By Form (Granules, Others), By Mode of Application, By Region, Forecast & Opportunities to 2026
The demand for organic food products among population is increasing as people are adopting healthy lifestyle around the world. The government is regulating rules against the use of chemical-based crop protection methods. This increases adoption of biofungicides and drives growth in biofungicides market during forecast period.
On the basis of type, the biofungicides market is segmented into microbial species and botanical. The microbial species segment is estimated to be the fastest growing segment during forecast period. The microbial biofungicides are considered to be more efficient than botanical biofungicides. The microbial species helps in reducing the pathogenic fungi by antibiosis or parasitism. The demand for microbial species is increasing and this drives growth in microbial species during forecast period.
On the basis of mode of application, the biofungicides market is segmented into foliar spray, seed treatment, soil treatment and others. The soil treatment segment is estimated to be the fastest growing segment during forecast period. The soil treatment mode of application is most widely adopted segment due to the advancements in soil treatment techniques. The major fungal infections happen in the root and soil zone area of the plant which delays the growth of the plant which leads to death of the plant. This makes farmers adopt the soil treatment mode of application widely and this drives growth in this segment during forecast period.
On the basis of crop type, the biofungicides market is segmented into oilseeds & pulses, cereals & grains, fruits & vegetables and other. The fruits & vegetables segment is estimated to dominate the market during forecast period. The demand for organic fruits & vegetables is rapidly increasing around the world and this increases the consumption of biofungicides in this crops. Farmers are refraining from using the chemical based fungicides as it can have harmful effects and this increases the demand and consumption for biofungicides. This drives growth in biofungicides market during forecast period.
North America region is estimated to be lead the market during forecast period and it is estimated to grow at XX% during forecast period. The demand for organic food products is rapidly increasing in this region as people are adopting healthy lifestyle. The use of integrated pest management solutions is widely increasing in this region. This increases the demand and adoption of biofungicides and drives growth in North America region during forecast period.
The key market players in biofungicides industry are BASF SE, Bayer AG, Syngentia AG, Nufarm, FMC Corporation, Novozymes, Marrone Bio Innovations, Koppert Biological Systems, Isagro S.P.A, Bioworks, The Stockton Group, Valent Biosciences, Agri Life, Certis U.S.A, Andermatt Biocontrol AG, Lesaffre, Rizobacter, Vegalab SA and Biobest Group NV.
- What are the expected industry trends over the next three to five years?
- Which of the biofungicides type is likely to lead by 2026?
- Which of the mode of application segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2026?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?