Biofungicides Market Outlook
Biofungicides Market Growth size is expected to cross USD 4 Billion by 2028 at a CAGR of 16% during the forecast period of 2021 to 2028
Fungicides of biological origin, such as microbial strains or other biologically active compounds, are referred to as biofungicides. The global biofungicides market is moderately fragmented and is expected to render profitable growth opportunities to the vendors active in the market. To exploit the lucrative growth opportunities in the global market, prominent biofungicides manufacturers are investing heavily in their RD activities and launching new products in the market. For instance, in November 2018, Koppert Biological Systems launched a new product in the US and France markets. The new biofungicide is targeted at fungal diseases such as fruit rot, botrytis, monila rot, and grey mold.
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Growth Opportunities in the Market
Bacillus microbial fungicides segment to register the highest growth rate during the forecast period: Bacillus-based biofungicides are cheaper than Trichoderma and offer a longer shelf-life as compared to other microbial strains used as fungicides. Owing to this, an increasing number of farmers are opting for bacterial biofungicides such as Bacillus species. Hence, the Bacillus segment is expected to register the highest CAGR during the forecast period 2020–2026.
Technological advancements to render lucrative opportunities in seed treatment: Seed treatment is emerging as a major mode of application for biofungicides. Rising awareness amongst the farmers regarding the need to treat seeds before sowing is boosting the adoption of seed treatment. Treated seeds germinate quickly with higher efficiency and show the reduced prevalence of biotic or abiotic stress. Manufacturers in North America and Europe are focusing on technological advancements and expanding their product portfolio by launching biofungicides for seed treatment.
Key Players
BASF SE (Germany), Bayer AG (Germany), Syngenta AG (Switzerland),FMC Corporation (US),Nufarm (Australia),Novozymes (Denmark),Marrone Bio Innovations (US),Koppert Biological Systems (Netherlands),Isagro S.P.A (Italy) ,Stanes Company Limited (India),Valent Biosciences (US),Certis U.S.A (US),Andermatt Biocontrol AG (Switzerland),Lesaffre (France),Rizobacter (Argentina)
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