Meticulous Research®_ leading global market research company published a research report titled ‘Biofungicides Market by Origin (Microbial, Biochemical), Formulation (Dry, Liquid), Mode of Application (Soil Treatment, Seed Treatment, Foliar Spray), Crop Type (Fruits & Vegetables, Cereals & Grains), and Geography - Global Forecast to 2029.’
According to this latest publication from Meticulous Research®, the biofungicides market is expected to reach $4.06 billion by 2029, at a CAGR of 12.6% from 2022 to 2029. By volume, the biofungicides market is expected to reach 214.9 KT by 2029, at a CAGR of 10.1% from 2022 to 2029. The growth of this market is driven by factors such as rising environmental concerns, the production of higher crop quality and yield with the use of biofungicides, the growing organic farming sector & demand for organic food, and the increasing government initiatives to promote the biopesticides sector.
Furthermore, the wide agricultural diversity and arable lands in emerging countries from Asia-Pacific and Latin America are expected to offer significant growth opportunities for players operating in the biofungicides market. However, factors such as lack of awareness about biofungicides, the low adoption rate of biofungicides, and the complex and lengthy regulation processes for biofungicides are expected to hamper the growth of this market to a notable extent.
The biofungicides market is segmented based on origin, formulation, mode of application, crop type, and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on origin, the biofungicides market is segmented into microbial, biochemical, and plant-incorporated protectants. In 2022, the microbial biofungicides segment is estimated to account for the largest share of the biofungicides market. This segment is also expected to register the highest CAGR during the forecast period. Microbial origin fungicides are composed of naturally occurring living microorganisms such as bacteria and fungi. These fungicides are more effective than other biofungicides. In addition, the ease of production increases the adoption of microbial fungicides. Microbial fungicides are mostly preferred for organic and residue-free food production. Furthermore, the higher advantage of selectivity, high effectivity, minimal to zero adverse effects on humans, plants, and animals, and ease of use drive the demand for microbial biofungicides globally.
Based on formulation, the biofungicides market is segmented into dry biofungicides and liquid biofungicides. In 2022, the dry biofungicides segment is estimated to account for a larger share of the biofungicides market. The large market share of this segment is attributed to the longer effect duration of dry biofungicides compared to liquid biofungicides and better performance in disease control. The high preference for the dry formulation of biofungicides is attributed to factors such as usage flexibility, longer shelf life, and lower costs.
Based on mode of application, the biofungicides market is segmented into soil treatment, seed treatment, foliar spray, post-harvest, and other modes of application. In 2022, the soil treatment segment is estimated to account for the largest share of the biofungicides market. Fungal infections usually occur in the soil and root zone area of plants, which delays the growth of plants and eventually leads to their death. Thus, farmers are increasingly adopting soil treatment solutions to ensure healthy crop yields.
Based on crop type, the biofungicides market is segmented into fruits & vegetables, cereals & grains, oilseeds & pulses, and other crops. Biofungicides improve crop quality and marketability and are widely used across various crops. In 2022, the fruits & vegetables segment is estimated to account for the largest share of the biofungicides market. The large market share of this segment is attributed to the increasing global production of fruits & vegetables, the growing organic farming sector, and the increasing number of fungi diseases affecting fruits & vegetables.
Based on geography, the biofungicides market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, North America is estimated to account for the largest share of the biofungicides market, followed by Europe and Asia-Pacific. North America’s large market share is mainly attributed to factors such as the rising environmental concerns regarding the use of harmful chemicals, the growing demand for organic food, and the presence of a streamlined registration process. In addition, the presence of several key players in North America and the growing adoption of eco-friendly farming methods by farmers drive the growth of this regional market.
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The key players profiled in the biofungicides study are Bayer AG (Germany), Marrone Bio Innovations, Inc. (U.S.), Certis USA L.L.C. (Part of Mitsui & Co.) (U.S.), Andermatt Biocontol AG (Switzerland), BASF SE (Germany), Som Phytopharma India Limited (India), Syngenta AG (Part of ChemChina) (Switzerland), International Panaacea Ltd (IPL) (India), The Stockton (STK) Group (Israel), BioWorks, Inc. (U.S.), Novozymes A/S (Denmark), W. Neudorff GmbH KG (Germany), Valent U.S.A. LLC (part of Sumitomo Chemical Co., Ltd.) (U.S.), FMC Corporation (U.S.), and Gowan Company, LLC. (U.S.).
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