"Biofungicides Market Forecast: USD 4.94 Billion by 2032 with 16.00% CAGR"
Biofungicides Market Outlook
The global biofungicides market will touch USD 4.94 billion at a 16.00% CAGR by 2032, as per the recent Market Research Future report. Biofungicides Market Eyeing Remarkable Growth due to Consumer Preference for Healthier and Residue-Free Produce Growing societal awareness of the negative effects of synthetic agrochemicals, a growing preference for eco-friendly and natural products, and increased attention to biotechnological advancement, particularly in developing economies, are the key biofungicides market drivers enhancing the market growth.
Drivers
Burgeoning Need for Eco-friendly and Sustainable Agricultural Practices to Boost Market Growth
Growing consumer desire for ecologically friendly and sustainable farming methods is one factor driving the market for biofungicides. Conventional chemical fungicides indeed have been linked to a number of environmental and health issues, such as the emergence of disease resistance, adverse effects on species other than the intended targets, and pollution of soil and water supplies. Because they are made from organic materials including bacteria, fungus, and plant extracts and are usually regarded as safe for use on people, animals, and the environment, biofungicides represent a more environmentally responsible and sustainable option.
Opportunities
Consumer Preference for Healthier and Residue-Free Produce to offer Robust Opportunities
Fruits and vegetables free of pesticides and residues are becoming more and more popular with consumers. To address customer demand for safer & healthier food, biofungicides are viewed as a solution to grow better crops with less chemical residues.
Restraints and Challenges
Limited Efficacy to act as Market Restraints
The limited efficacy of biofungicides and inconsistent performance may act as market restraints over the forecast period.
Market Segmentation
The global biofungicides market outlook is bifurcated based on crop type, mode of application, form, and type.
By type, microbial will lead the market over the forecast period.
By form, powder will dominate the market over the forecast period.
By mode of application, soil application will spearhead the market over the forecast period.
By crop type, fruits and vegetables will spur the market over the forecast period.
COVID-19 Analysis
Since individuals have been stockpiling necessities and staying at home more due to the epidemic, there has been an upsurge in the need for food & agricultural goods. To assure the production and quality of crops, this has raised need for bio fungicides & other crop protection products. The pandemic has also emphasized the significance of resilient and sustainable farming practices, which has increased need for bio fungicides like a safer & more environmentally friendly substitute for chemical pesticides.
Regional Analysis
North America to Head Biofungicides Market
Due to the transition from conventional to the sustainable agriculture & the presence of major companies in the North American region, the North American biofungicide market will dominate this one. One of the biggest producers of both organic fruits & vegetables is the continent of North America. The market for biofungicides in the area is also anticipated to rise as a result of the growing acceptance and use of IPM strategies. North America’s biggest markets for bio fungicides are the United States, Canada, and Mexico.
Key Players
Eminent industry players profiled in the global biofungicides market report include BASF 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), Stanes & Company Limited (India), Valent Biosciences (US), Certis U.S.A (US), Andermatt Biocontrol AG (Switzerland), Lesaffre (France), and Rizobacter (Argentina).
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