Biofungicides Market is Projected to Offer Huge Growth Potential in Coming Years

Posted on 2021-10-05 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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By type, the microbial species segment is projected to be the fastest-growing in the biofungicides market during the forecast period

Microbial biofungicides are more efficient in terms of their mode of action than botanical biofungicides. They act against the pathogenic fungi by parasitism, antibiosis, or competition. The ease of production of microbial biofungicides is another factor that has led to an increase in the adoption rate.

By form, the wettable powder segment is projected to be the fastest-growing in the biofungicides market during the forecast period

The flexibility in the usage, longer shelf life, and affordable prices has led to a higher preference for wettable powdered form in the market. Farmers can use the wettable powder as a direct sprinkle over the soil, or it can be mixed with water, which is meant for irrigation. It can also be mixed with the seeds before sowing, or it can be mixed with any aqueous liquid and sprayed over the soil at regular intervals.

By species, Trichoderma is projected to dominate the biofungicides market during the forecast period.

The market for biofungicides, on the basis of species, has been segmented into Bacillus, Trichoderma, Pseudomonas, and Streptomyces. Trichoderma is used as the most effective strain in controlling soil-borne and foliar fungal pathogens.

By mode of application, the soil treatment segment is projected to be the fastest-growing in the biofungicides market during the forecast period

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.

By crop type, the fruits & vegetables segment is projected to be the fastest-growing segment in the biofungicides market during the forecast period

The rising demand for organic fruits and vegetables globally has resulted in an increase in the use of biofungicides in the segment. Framers are now discarding the use of chemical-based biofungicides due to the harmful health concerns associated with synthetic products.

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This report includes a study on the marketing and development strategies, along with a survey of the product portfolios of the leading companies operating in the biofungicides market. It includes the profiles of leading companies, such as 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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