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Global Biofungicides Market to Grow at a CAGR of 14.5% in the Forecast Period of 2022-2027.

According to a new EMR report titled ‘Global Biofungicides Market Report and Forecast 2022-2027’, the global biofungicides market attained a value of USD 515.25 million in 2020. The market is further expected to grow at a CAGR of 14.5% between 2022 and 2027.

The North America region holds a significant share of the global biofungicides market due to the presence of a robust organic produce industry driven by the rising demand for organic food products. In the coming years, the Asia Pacific and Latin America are also expected to emerge as some of the major regions for biofungicides. The growth of the biofungicides market in these regions is driven by the adoption of integrated pest management practices and organic farming. Due to the increasing demand for food crops, primarily cereals, grains, fruit, and vegetables, the biofungicides market in the Asia Pacific is projected to expand at a rapid rate over the forecast period. The rising awareness among farmers of the benefits of bio-based agrochemicals is also increasing the demand for biofungicides in the Asia Pacific region.

In 2018, Marrone Bio Innovations, Inc. launched a series of biopesticides and biofungicides, including REGALIA CG, GRANDEVO, CG, and VENERATE CG in the United States, which are formulated to control highly destructive pests and diseases. Such product launches have impacted the market positively. The growing acceptance and adoption of the product have also positively influenced the market. In March 2021, ManKocide, a biofungicide and bactericide by Certis USA, a subsidiary of Mitsui & Co. (U.S.A.), Inc. (OTCMKTS: MITSY), was approved to be used on all tree nut crops by the California Department of Pesticide Regulation.

Market Analysis by Source, Formulation, Application, and Region:

  • Based on source, the market can be divided into microbial, biochemical, and plant-incorporated protectants.
  • The market for biofungicides can be bifurcated into dry and liquid form based on its formulation.
  • Biofungicides are used in a wide variety of applications, including cereals and grains, oilseeds and pulses, fruits and vegetables, and other applications.
  • Regionally, the market is divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. 

Key Findings of the Report:

  • A key driver of the global biofungicides market is the adoption of integrated pest management practices and organic farming.
  • The growth in the demand for organic fruits and vegetables has positively affected the biofungicides market.
  • Biofungicides deliver better results on cereal and grain crops than chemical-based fungicides, since they can prevent a wide range of pathogens and pests. This is expected to provide a boost to the biofungicide market growth.
  • The growth in gardening activities is expected to boost the biofungicides market.                     

Key Offerings of the Report:

  • The EMR report presents an overview of the global biofungicides market for the periods 2017-2021 and 2022-2027.
  • The report also offers the historical (2017-2021) and forecast (2022-2027) market information for the sources, formulations, applications, and regional markets of biofungicides.
  • It also provides the regional price trends in the global biofungicide market for the periods (2016-2020) and (2022-2027).

Bayer AG, Gujarat State Fertilizers and Chemicals Ltd, FMC Corporation, Certis USA LLC, Symborg S.L., and Biotech International Ltd., among others, are the key players in the global biofungicides market. The EMR report looks into the capacity, market share, and latest developments of these major players like plant turnarounds, mergers and acquisitions, and capacity expansions.

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