North America is Projected to Grow at the Highest CAGR in Biofungicides Market by 2025

Posted on 2021-04-14 by MarketsandMarkets in Agriculture // 0 Comments

The Biofungicides Market is estimated to account for USD 1.6 billion in 2020 and is projected to grow at a CAGR 16.1% from 2020, to reach a value of USD 3.4 billion by 2025. Factors such as an increase in demand for organic food products, stringent government regulations against the use of chemical-based crop protection products, and the growing health concerns associated with chemical-based products are projected to drive the growth of the market of biofungicides.

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Soil treatment is the most adopted mode of application for biofungicides due to the advancements in soil treatment techniques. In addition, a majority of the fungal infections happen in the soil and root zone area of the plant, which delays the plant growth and eventually leads to plant death. Therefore, farmers adopt soil treatment solutions to ensure a healthy crop yield.

The shift toward sustainable agriculture and the presence of key players in the North American region are factors that are projected to drive the growth of the biofungicides market.

North America accounted for the largest market share during the forecast period due to the presence of major players in the market in the region. The region witnesses the adoption of integrated pest management and organic farming practices, which has also promoted the growth of the market. The region is also one of the largest producers of fruits & vegetables. In addition, the increasing concerns about food safety across the globe have also contributed to the growth of the market.

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Key players in the biofungicides market 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), T. Stanes & Company Limited (India), BioWorks (US), The Stockton Group (Israel), Valent 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).

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