Market Highlights
The Global Biofungicides market is projected to be valued at USD 8.74 Billion by 2033, recording a CAGR of around 11.02% during the forecast period. The biofungicides market is a growing sector focused on natural, biologically occurring compounds used to control agricultural pests. It is characterized by a high level of fragmentation with regional and local players dominating. The market size is estimated to reach USD 4.81 billion by 2029, with a CAGR of 10.80% from 2024 to 2029. Major players in the industry are expanding their product portfolios and focusing on new launches to meet registration standards. The market is influenced by factors like government efforts to increase awareness, partnerships with regional distributors, and a shift towards Integrated Pest Management (IPM) policies.
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The COVID-19 pandemic has led to supply chain disruptions leading to supply shortages or lower demand in the Biofungicides market. The travel restrictions and social-distancing measures have resulted in a sharp drop in consumer and business spending and this pattern is to continue for some time. The end-user trend and preferences have changed due to the pandemic and have resulted in manufacturers, developers, and service providers to adopt various strategies to stabilize the company.
Segmental Analysis
The global Biofungicides market has been segmented based on Type, Form, Application and Species
Based on the Type, the market is segmented based on Microbial species and Botanical. In 2022, microbial category dominated the market. Part of the adoption rate’s rise can be attributed to the ease of producing microbial biofungicides. Due to its vast environmental variation and remarkable tolerance for soil pH, Trichoderma accounted for the majority of microbial biofungicides in 2022.
Based on form, the market has been divided into Wettable powder, Aqueous solution and Granules. The powder category had the largest revenue share in 2022 and is predicted to grow at the highest rate during the forecast period due to its ease of manufacture and application. Powdered biofungicides can be mixed easily with any basic or acidic solution because to their powder shape.
Based on the Application, the market has been divided into Foliar spray, Soil treatment, Seed treatment and Others. Since soil application is the most common way to administer biofungicides, it held the largest revenue share of the global biofungicides market in 2022. Trichoderma and other biofungicides are frequently used to fight off the fungi that infiltrate the root zone and soil.
Based on Species, the market has been divided into Bacillus, Trichoderma, Pseudomonas, Streptomyces and Others. In the Biofungicides Market, the species segment plays a crucial role in offering effective pest control solutions. This segment includes microbial species like Bacillus, Trichoderma, Pseudomonas, and Streptomyces. These microorganisms colonize and combat plant pathogens, preventing diseases and promoting plant health. The diverse range of species in biofungicides provides a natural and environmentally friendly alternative to chemical fungicides, contributing to the sustainable agriculture practices and the growing demand for organic food products in the market.
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Regional Analysis
The Biofungicides market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, &Africa. The North American region holds a dominant position in the Biofungicides market. Because of the transition from conventional to sustainable agriculture and the presence of major players in the North American market, the biofungicide market in that region will dominate this one. One of the biggest producers of organic fruits and vegetables is the continent of North America. Furthermore, it is anticipated that the growing use and use of integrated pest management (IPM) approaches will fuel growth in the region’s biofungicides market. The Europe region is witnessing rapid growth and emerging as a significant market for the Biofungicides industry. The biofungicides market in Asia-Pacific has the second-largest share of the global market. Instead of using artificial fertilizers and pesticides, the region is promoting the use of microbial pesticides to balance the expansion of the agricultural sector that is required to support its large-scale output. More than 16,000 farmers work on 35.9 million hectares, which will account for 50% of all organic land worldwide in 2020 and 9.7% of the region’s total agricultural area. From 2023 to 2032, the Europe Biofungicides Market is anticipated to develop at the quickest CAGR. Because integrated pest management (IPM) techniques are being more widely used and adopted, it is projected that the market for biofungicides in the region will continue to grow. Tight rules and regulations limiting the use of pesticides that protect plants from harmful environmental effects also drive the regional market. The strong demand for crop protection agents derived from biotechnology propels the sales of biofungicides in regional markets. Furthermore, the biofungicides market in Germany accounted for the highest part of the European market, while the biofungicides market in the UK grew at the fastest rate.
