Biofungicides Market: Drivers, Trends, Scope and Forecast to 2025
The increase in demand for organic food products, stringent government regulation against the use of chemical-based crop protection methods, and the growing awareness among farmers about the benefits of adopting biofungicides are some of the factors that are projected to drive the growth of the market.
The global biofungicides market is estimated to account for a value of USD 1.6billion in 2020 and is projected to grow at a CAGR of 16.1%, to reach a value of USD 3.4billion by 2025. The biofungicides market is projected to witness significant growth due to the increasing demand for chemicalresidue-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.
By type, the biofungicides market has been segmented into microbial species and botanical biofungicides. The microbial segment accounted for the largest market share in 2020, in terms of value,being the most preferred type due to a wide range of microbial species strains available in the market.
The market for biofungicides, by form, has been segmented into wettable powder, granules, and aqueous solution. The wettable powder segment accounted for the larger share in 2020, in terms of value, in the biofungicides market due to its higher shelf life and cost-effectiveness.
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The market for biofungicides, by mode of application, has been segmented into soil treatment, seeds treatment, and foliar spray. The market was dominated by the soil treatment segment due to the increase in instances of soil-borne fungal pathogens.Soil-borne fungal pathogens infect the root systems of plants affecting its overall growth and yield.
Some of the major players in the biofungicides marketareBASF 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), Valnet 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). New productlaunchesand partnerships are some of the major strategies adopted by the leading players in the biofungicides market to enhance their market presence by diversifying their businesses geographically, strengthening their distribution networks, and expandingtheir product portfolios.
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