The new report by Expert Market Research titled, ‘Global Biofungicides Market Analysis, Share, Price, Trends, Growth, Report and Forecast 2023-2028, gives an in-depth analysis of Biofungicides, assessing the market based on its segments like source, formulation, application, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 14.5%
Growth in the sustainable farming trends is one of the key factors for driving the biofungicides market globally. These are highly used in the cultivation of cereals, grains, fruits and vegetables, oilseeds, and pulses for pest control.
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The increasing shift of the consumers towards organic fruits and vegetables is increasing the demand for biofungicides. New product development and innovation policies in the biofungicides market have resulted in increased efficiency and crop yields thus, further aiding the industry growth.
Industry Definition and Major Segments
Biofungicides refer to the fungicides that contain the active ingredient of a microorganism and are used in crop control of fungal pathogens. The beneficial microorganisms (biofungicides) are isolated from soil and hinder the activity of plant pathogens. Biofungicides are free-living fungi, bacteria, or actinomycetes that are active in the root, soil, and foliar environments.
By source type, the market is segmented into:
• Plant-incorporated Protectants
Based on formulation, the industry can be divided into:
By application, the market can be bifurcated into:
• Cereals and Grains
• Oil Seeds and Pulses
• Fruits and Vegetables
The regional markets for the Global Biofungicides Market can be separated into:
• North America
o United States of America
o United Kingdom
• Asia Pacific
• Latin America
• The Middle East and Africa
o Saudi Arabia
o United Arab Emirates
o South Africa
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Increasing awareness related to organic, and clean label products is gaining adoption all across the world which will increase the demand for biofungicides specially in the agricultural sector. By the incorporation of sustainable products, farmers are also able to increase their income which is a key motivating factor to the farmers for the adoption of biofungicides.
Increasing consumer preference specially of millennials and generation Z towards the products derived from natural pest control will generate an enhanced demand for biofungicides and bioinsecticides.
Key Market Players
The major players in the market include Bayer AG, Gujarat State Fertilizers and Chemicals Ltd., FMC Corporation, Certis USA LLC, Symborg Corporate S.L, Biotech International Ltd., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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