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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 2020, 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.
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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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