Global Biofungicides Market is Expected to Grow at a CAGR of 16.1%

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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Key drivers for biofungicides include:

1. Growing awareness regarding integrated pest management
2. Regulatory policies discouraging use of harmful agrochemicals
3. Development of pest resistance against synthetic chemicals
4. Increasing area under organic cultivation
5. Sustainable agriculture

Restraints impeding the market include:

1. Use of improper strains for production
2. Lack of skilled personnel
3. Unavailability of high-quality carrier materials
4. Short shelf life

Biofungicides are used in almost all the crop segments. Their dosage, active ingredients, and application rates vary from crop to crop. Biofungicides are predominantly applied in fruits and vegetables followed by cereal crops, pulses and oilseeds. Turf and ornamentals are also becoming an important segment where the biofungicides are applied for effective pest control. The leading crop segments are ranked below by their application.

Leading crop application segments for biofungicides include:

1. Fruits and vegetables
2. Cereal crops
3. Oilseeds and Pulses
4. Turf and Ornamentals

Biofungicides comprise of various microbial species their strains that are used in crop protection. These strains and species fall under genus comprising of bacteria and fungi and the major ones are enlisted below.

Top microbial species of biofungicides fall under:

1. Trichoderma
2. Bacillus
3. Streptomyces
4. Pseudomonas
5. Saccaromyces
6. Aureobassidium
7. Coniothyrium

With advancement in new technological platforms required to manufacture biofungicides on a commercial scale, increasing awareness and adoption rate by the farmers and focus on sustainable agriculture, several agrochemical and specialty chemical manufacturers have developed biofungicides. The leading players in biofungicides are listed below.

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