According to a new market research report titled, ‘Biofungicides Market by Origin (Microbial, Biochemical), Formulation (Dry, Liquid), Mode of Application (Soil Treatment, Seed Treatment, Foliar Spray), Crop Type (Fruits & Vegetables, Cereals & Grains), and Geography - Global Forecast to 2029,’ the biofungicides market is expected to 2029 to reach $4.06 billion by 2029, at a CAGR of 12.6% from 2022 to 2029. By volume, the biofungicides market is expected to reach 214.9 KT by 2029, at a CAGR of 10.1% from 2022 to 2029.
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Over the last few decades, agricultural yields have increased tremendously through the extensive application of chemicals that have long-lasting effects on the environment and humans. However, higher and advanced productive agricultural methods are a requirement to meet the food demand of the growing population. Therefore, the use of biofungicides has increased significantly across the globe.
Biofungicides are compounds formulated to specifically affect target pathogenic fungi and other related organisms. Biofungicides are a suitable alternative for synthetic fungicides in crop protection since they are economically viable, eco-friendly, and easy to use. Biofungicides obtained from microorganisms and other biological agents play a vital role in minimizing and controlling pest infestations and increasing crop yields.
Impact of COVID-19 on the Biofungicides Market
The COVID-19 pandemic adversely impacted economies globally. The implementation of nationwide lockdowns and curfews to curb the spread of infection impacted numerous industries worldwide, including agriculture and crop protection. The biofungicides market registered a strong decline in sales in the first quarter of 2020 due to disruptions in the logistics sector. Furthermore, the value chain of this market, from raw materials supply to manufacturing, packaging, and distribution, was significantly disrupted due to the pandemic.
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Key Findings in the Biofungicides Market Study
The biofungicides market is segmented based on origin, formulation, mode of application, crop type, and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.
Based on origin, the biofungicides market is segmented into microbial, biochemical, and plant-incorporated protectants. In 2022, the microbial biofungicides segment is estimated to account for the largest share of the biofungicides market.
Based on formulation, the biofungicides market is segmented into dry biofungicides and liquid biofungicides.
Based on mode of application, the biofungicides market is segmented into soil treatment, seed treatment, foliar spray, post-harvest, and other modes of application. In 2022, the soil treatment segment is estimated to account for the largest share of the biofungicides market.
Based on crop type, the biofungicides market is segmented into fruits & vegetables, cereals & grains, oilseeds & pulses, and other crops. Biofungicides improve crop quality and marketability and are widely used across various crops.
Based on geography, the biofungicides market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa..
However, the market in Europe is slated to register the highest CAGR during the forecast period. The high market growth in Europe is attributed to the growing demand for food safety and quality, increasing consumer demand for organic products, and the increasing government initiatives to promote biocontrol products.
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Scope of the Report:
Biofungicides Market, by Origin
• Microbial
o Trichoderma
o Bacillus
o Pseudomonas
o Streptomyces
o Other Microbial Species
• Biochemical
• Plant-incorporated Protectant
Biofungicides Market, by Formulation
• Dry Biofungicides
• Liquid Biofungicides
Biofungicides Market, by Mode of Application
• Soil Treatment
• Seed Treatment
• Foliar Spray
• Post-harvest
• Other Modes of Application
Biofungicides Market, by Crop Type
• Fruits & Vegetables
• Cereals & Grains
o Maize/Corn
o Wheat
o Rice
o Other Cereals & Grains
• Oilseeds & Pulses
• Other Crop Types
Biofungicides Market, by Geography
• North America
o U.S.
o Canada
• Europe
o Spain
o France
o Germany
o Italy
o U.K.
o Rest of Europe
• Asia-Pacific
o China
o India
o Australia
o Japan
o Thailand
o Vietnam
o Indonesia
o Malaysia
o Rest of Asia-Pacific
• Latin America
o Brazil
o Mexico
o Argentina
o Chile
o Rest of Latin America
• Middle East & Africa
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