Biofungicides Market|Size,Share,Growth|2023-2030

Biofungicides Market Size & Growth Analysis (2023 - 2030)

The global bio fungicides market size was worth USD 2.0 billion in 2022 with a CAGR of 16.8% and is estimated to reach USD 3.6 billion by 2030 during the forecast period 2023 - 2030. 

Bio-fungicides are the fungicides that contain micro-organisms that acts as an active ingredient for plants to grow strong. Biofungicides act as a great barrier for the roots of the plants and provide sufficient nutrients for the plant. Biofungicides are easily decayed by plants, different microorganisms present in the soil and sunlight. 

COVID-19 Impact on the global Biofungicides Market

The sudden outburst of the novel coronavirus (COVID-19)has disturbed many industrial activities among agriculture, and supply chains. Due to the pandemic period, the manufacturers in chemicals, biofungicides, and electronic industries are facing some challenges regarding the supply chain. 

Market Drivers

The factors driving the biofungicides market are increasing demand for organic farming, organic producers are increasing, and support from the government for utilizing eco-friendly products. The growing awareness in farmers about the health benefits of using natural products help the market to grow further. 

The need for agricultural products and organic products is rising, and swift use of crop protection is the factors responsible for the biofungicides market growth. Growing research and development activities in biofungicides also fuel the market growth.

Market Restrains

The expensiveness and less availability of products hinder the market growth. Farmers in the developing nations are more aware of chemical-based agro-products and are hesitant to accept advanced products due to budget constraints. The factor turns out to be a challenge for the market.

BIOFUNGICIDES MARKET REPORT COVERAGE

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Segmentation Analysis

The global bio fungicides market has been segmented and sub-segmented based on type, application, crop type, and formulations.

Biofungicide Market - By Type

• Microbial
  • Trichoderma
  • Bacillus
  • Pseudomonas
  • Streptomyces
  • Other Microbial Species​​​​​​​
• Botanical

By type, the microbial segment is estimated to have a brisk growth rate during the forecast period. Producing microbial biofungicides is simple to botanical biofungicides resulting in a surging adoption rate. 

Trichoderma sub-segment of microbial fungicides is dominating the biofungicides during the forecast period. Trichoderma is the most productive stock in governing soil-borne and foliar fungal pathogens. 

Biofungicide Market- By Application

• Soil Treatment
• Foliar Spray
• Seed Treatment
• Other (Post-harvest, Root Dipping, Drip & Sprinkler Irrigation)

Soil treatment application is leading the biofungicides market. Factors like growing demand for soil treatment due to the increasing prevalence of soil-borne fungal pathogens, and advantages of using biofungicides as a soil treatment that provides strong seed germination by destroying mycelium and pathogenic fungal spores in the soil. The majority of the farmers adopt soil treatment to establish a strong crop yield. 

Biofungicide Market - By Crop Type

• Fruits and Vegetables
• Cereals and Grains
• Oilseeds and Pulses
• Other

By crop type, the fruits and vegetable segment is scheduled to be the swiftest growth in the global biofungicides market growth during the forecast period. The deployment of biofungicides is increasing leading to the growing demand for organic fruits and vegetables. 

Biofungicide Market - By Formulations

• Wettable Powder
• Granules
• Aqueous Solutions

The wettable powder formulations segment is the briskest-growing over the biofungicides market throughout the timeline period. The wettable powder is mixed with water for irrigation or can be used directly as a sprinkler over the soil. The wettable powder can be mixed with seeds before sowing in the soil, and also can be mixed with any aqueous solutions. Long lifespan, inexpensiveness, and adaptability in using wettable powder augment the segment growth globally.

Regional Analysis

Geographically, North America is estimated to dominate the biofungicides market with the largest share globally. The growth is attributed to rising occurrences of organic farming and consuming organic food. North America is considered one of the largest producers of fruits and vegetables. 

The United States is dominating the biofungicides market. Around 82% of the U.S. residents buy organic food, as per the Organic Trade Association. Trichoderma harzianum stain T-22 is the most productively used bio fungicide, in the U.S and Canada. Mycopost, Prestop, Root Shield, Serenade, and more are some registered bio fungicides in the U.S and Canada.

Europe is the second-largest region globally and is proposed to witness prominent growth in the biofungicides market. Europe is one of the largest economies in terms of industrial production. In the UK, a new era of biofungicides is streaming as they can deliver disease protection. Lodus, a biofungicide, contains an active ingredient Laminarin. Clinical trials were carried out for Lodus in 2022 and 2022 in the UK, stating when Lodus is applied it results in an average of 0.3t/ha yield benefit to a wheat crop. 

Asia-Pacific is expected to have a constant growth rate in the biofungicides market. The market in APAC owes to a quick increase in population and growing demand for food crops. Increasing awareness in farmers regarding the use of poisonous chemical fungicides and the harmful effects on the environment boosts the region's market growth.

Latin America is the second-fastest-growing region after Asia-Pacific. The drivers for the biofungicides market are growing prominence for organic farming and rising demand for fresh fruits and vegetables from the customers. 

Brazil is likely to dominate the market throughout the region. The Brazilian Ministry of Agriculture approved product registration for Regalia, introduced by Marrone Bio Innovations. Regalia is a biofungicide that helps the plant to grow healthy and also protects the plant from other bacteria and fungal harm. FMC launched its Regalia Maxx to prevent the control of the Early Blight on tomato and potato crops in Brazil.

On March 18, 2022, two companies Botanical Solution Inc. and Syngenta together popularized BotriStop biofungicide in Mexico and Peru. 

The biofungicides market in the Middle East & Africa is at its nascent stage and is anticipated to have slow growth during the forecast period. 

Key Players

The key players involved in the global bio fungicides market include BASF SE (Germany), FMC Corporation (US), Nufarm (Australia), v Bayer AG (Germany), BioWorks (US), Syngenta AG (Switzerland), Novozymes (Denmark), Koppert Biological Systems (Netherlands), Certis U.S.A (US), Isagro S.P.A (Italy), Marrone Bio Innovations (US), T. Stanes & Company Limited (India), Valent Biosciences (US), Agri Life (India), The Stockton Group (Israel), Andermatt Biocontrol AG (Switzerland), Lesaffre (France), Biobest Group NV (Belgium), Rizobacter (Argentina), Vegalab S.A (US), and Biolchim (Italy).

Recent Market Developments

• On June 11, 2022, FMC Corporation received U.S. approval for fluindapyr, which is a new succinate dehydrogenase inhibitor (SDHI) fungicide. The fungicide is used to treat diseases in a row and specialty crops. 
• On March 05, 2022, Bayer launched Serenade biofungicide in China. The biofungicide Serenade reaches the roots of the plant and acts as a fence to the roots. It helps the plants to absorb the nutrients required and allow them to grow energetically. 
• On June 29, 2022, Nufarm launched the new Longbow EC which is the latest portfolio in herbicides and harvest aid. This helps the growers achieve clean crops at harvesting time.
• n March 30, 2022, BASF collaborated with AgBiome to launch a new biofungicide in Europe, and the Middle East & Africa. The fungicide is developed by AgBiome and marketed as Howler in the U.S.