Redding, California, June 08, 2022 (GLOBE NEWSWIRE) -- 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.
The outbreak of the COVID-19 pandemic resulted in reduced operations, reduced demand from farmers, and the closure of production facilities. Various industries were affected due to severe labor shortages due to the nationwide lockdowns. The decline in businesses in 2020, coupled with decreased demand from major markets, caused hurdles for biofungicides manufacturers and vendors.
The impact of the COVID-19 pandemic on this market was felt in China at the beginning of 2020, as the country is one of the world's largest raw material suppliers for the biofungicides industry. Most European and North American biofungicides companies import key active ingredients used in producing biofungicides from China and other Asian countries. The low availability of raw materials resulted in the scarcity of biofungicide products in high-growth markets, such as the U.S., Brazil, Spain, and Italy.
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The complete halt of the logistics industry and reduced production due to lockdowns worldwide adversely affected the biofungicides market in 2020 and 2021.
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. This segment is also expected to register the highest CAGR during the forecast period. Microbial origin fungicides are composed of naturally occurring living microorganisms such as bacteria and fungi. These fungicides are more effective than other biofungicides. In addition, the ease of production increases the adoption of microbial fungicides. Microbial fungicides are mostly preferred for organic and residue-free food production. Furthermore, the higher advantage of selectivity, high effectivity, minimal to zero adverse effects on humans, plants, and animals, and ease of use drive the demand for microbial biofungicides globally.
Based on formulation, the biofungicides market is segmented into dry biofungicides and liquid biofungicides. In 2022, the dry biofungicides segment is estimated to account for a larger share of the biofungicides market. The large market share of this segment is attributed to the longer effect duration of dry biofungicides compared to liquid biofungicides and better disease control. The high preference for the dry formulation of biofungicides is attributed to factors such as usage flexibility, longer shelf life, and lower costs. However, the liquid biofungicides segment is expected to register the highest CAGR during the forecast period.
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. Fungal infections usually occur in the soil and root zone area of plants, which delays the growth of plants and eventually leads to their death. Thus, farmers are increasingly adopting soil treatment solutions to ensure healthy crop yields.
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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. In 2022, the fruits & vegetables segment is estimated to account for the largest share of the biofungicides market. The large market share of this segment is attributed to the increasing global production of fruits & vegetables, the growing organic farming sector, and the increasing number of fungi diseases affecting fruits & vegetables.
Based on geography, the biofungicides market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, North America is estimated to account for the largest share of the biofungicides market, followed by Europe and Asia-Pacific. North America’s large market share is mainly attributed to factors such as the rising environmental concerns regarding the use of harmful chemicals, the growing demand for organic food, and the presence of a streamlined registration process. In addition, the presence of several key players in North America and the growing adoption of eco-friendly farming methods by farmers drive the growth of this regional market.
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.
Some of the key players operating in the biofungicides market are Bayer AG (Germany), Marrone Bio Innovations, Inc. (U.S.), Certis USA L.L.C. (Part of Mitsui & Co.) (U.S.), Andermatt Biocontol AG (Switzerland), BASF SE (Germany), Som Phytopharma India Limited (India), Syngenta AG (part of ChemChina) (Switzerland), International Panaacea Ltd (IPL) (India), The Stockton (STK) Group (Israel), BioWorks, Inc. (U.S.), Novozymes A/S (Denmark), W. Neudorff GmbH KG (Germany), Valent U.S.A. LLC (Part of Sumitomo Chemical Co., Ltd.) (U.S.), FMC Corporation (U.S.), and Gowan Company, LLC. (U.S.).
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Scope of the Report:
Biofungicides Market, by Origin
- Microbial
- Trichoderma
- Bacillus
- Pseudomonas
- Streptomyces
- 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
- Maize/Corn
- Wheat
- Rice
- Other Cereals & Grains
- Oilseeds & Pulses
- Other Crop Types
Biofungicides Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Spain
- France
- Germany
- Italy
- U.K.
- Rest of Europe
- Asia-Pacific
- China
- India
- Australia
- Japan
- Thailand
- Vietnam
- Indonesia
- Malaysia
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Chile
- Rest of Latin America
- Middle East & Africa
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