Biofungicides market Size, Share, Growth, and Industry Analysis by Type (Dry Formulation, Liquid Formulation) by Application (Fruits & Vegetables, Grains & Oilseeds, Others) and Regional Forecast to 2032

Updated On: 02 September 2024

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BIOFUNGICIDES REPORT OVERVIEW

The global Biofungicides market size was USD 2.101 billion in 2023. The market is expected to reach USD 2.23 billion by 2032, exhibiting a CAGR of 0.6% during the forecast period.

Biofungicides have also attracted the attention of agriculture because of their non-hazardous effects on surroundings and other species. The market for Biofungicides is on the rise globally due to the rising demand for organic products employed by the consumer and the checking of the use of chemical fungicides. Namely, these are new microbial strains, improvement of the formulation to increase the steroids’ effectiveness, and increasing investment in research. North America and Europe are identified as the regions with higher Market adoption while Asia-Pacific is rapidly growing. Market’s potential in the future lies in the discoveries of newer bio-technology and ways of sustainable farming methods for dealing with issues like development of resistance and its effectiveness across different environmental conditions.

COVID-19 Impact in the Market Growth Restrained by Pandemic due to Lockdown

The COVID-19 pandemic has been unprecedented and staggering; with Biofungicides market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels once the pandemic is over.

A drastic downturn of market growth was evidenced in many industries, including Biofungicides because of the COVID-19 outbreak. Lockdown measures disturbed the supply chain, slow down the research and development procedures and its distribution systems throughout the world. Sedimentation in agricultural activities and farmer’s hesitancy regarding investment also impacted negatively to slow the pace of market development. Nonetheless, the COVID-19 pandemic was a wakeup call for gaining sustainable and a resilient agriculture, which may in future, pulsion for the increased use of Biofungicides as an effort to accomplish food security and minimize dependency on chemical on farmers’ practices. However, with every economy and market getting back into its stable state, the Biofungicides market is likely to gain its pace back with emphasis on the usage of Biofungicides for sustainable agriculture.

LATEST TRENDS

"Smart Features to Drive Market Growth"

The market for Biofungicides is increasingly being characterized by the integration of smart features as one of the defining trends. These innovations include using Smart application technologies that deliver accurate volumes and intervals as a result of the environmental status of the plants. Biofungicides are incorporated into the application systems of smart sensors and IoT devices for greater control, efficiency, and performance in farm management. In doing so, it enhances efficiency while, at the same time, affordably promotes the sustainable farming by reducing the use of chemicals and by increasing the yields. This paper concludes that as more agriculture industries shift towards digitization, smart features in Biofungicides will transform the industry in the future.

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BIOFUNGICIDES MARKET SEGMENTATION

By type

Based on type the global market can be categorized Dry Formulation, Liquid Formulation.

• Dry Formulation: Biofungicides that are in the form of powders and granules for instance, ease the process of storage and have a longer shelf life compared to liquid formulations. They are sometimes diluted with water prior to use, to allow for easy application. This type is especially beneficial in vast farming businesses since it is steady and can be moved from one place to the other.
• Liquid Formulation: Liquid formulation biofungicides can be made in ready to use formulation or concentrate so that it may be evenly applied and easily absorbed in the plant. They are chosen due to the possibility to use them in targeted infections combat and their efficiency. This type is suitable for measuring correct quantity to apply, ensuring that crops are protected in different farming environments.

By Application

Based on application the global market can be categorized into Fruits & Vegetables, Grains & Oilseeds, Others.

• Fruits & Vegetables: Biofungicides have a significant role to play in guaranteeing protection for fungal diseases and at the same time produce fruits and vegetables which are free from any form of residue. They assist in converting quality yields and they enhance shelf life; thus, they belong to both, organic and normal farming methods.
• Grains & Oilseeds: In grains and oilseeds, biofungicides play the role of controlling both soil-borne and foliar fungal diseases to make crop healthier and produce more yields. Their use means a limitation of the application of chemical fungicide, improvement of the quality of soil, and food safety for consumers.
• Others: Biofungicides are also applied in other streams of agriculture such as horticulture, landscaping and plantation industries. They assist in containing several types of fungal diseases that are of importance to the general health and looks of these plants, and also to the theory of pest control.

DRIVING FACTORS

"Increasing Demand for Sustainable Agriculture to Drive Growth in Market"

Increasing Demand for Sustainable Agriculture is driving the Biofungicides market growth .It can be noted that awareness of people and basic rules of sustainable farming is increasing due to pressure from regulatory authorities. Biofungicides are exactly eco-friendly and have more demand for organic production that covers today’s consumer’s preferences and extraneous negative effects on the environment. This has led to an increased demand in the Biofungicides which in return has created opportunities for growth in the market as well as encouraging research and development.

"Advancements in Biotechnology to Propel Market Demand"

The biofungicides are being recognized as the vital tool to combat the widespread of diseases and integration of biofungicides with modern biotechnology is promising to make the future results more effective and expeditious. Advancements in microbes and such aspects of formulation are enhancing possibilities of disease control while keeping the products safe and effective. These innovations are essential in mechanisms of the probability of the following: For instance, the resistance development broadens the application area of biofungicides in various agriculture settings.

RESTRAINING FACTORS

Regulatory Challenges and Approval Processes to Hamper the Market Growth

One of the main restraints to the biofungicides market is government regulations and policy, which in turn is associated with long approval times. Several laws that apply in the current society result in the products undergoing many tests to conform to safety and effectiveness, which takes long and hinders market offerings. Such challenges can slow down the market expansion as it enhances development costs, while providing limited access geographical regions to novel Biofungicides products.

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BIOFUNGICIDES MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America and Middle East & Africa.

"North America to Dominate the Market Due To stringent regulations"

North America holds a major Biofungicides market share in the biofungicides market caused by the restriction of chemical fungicides and the constant demand for organic products. Technological improvements in agriculture and the favorable policies in the region contribute to the use of biofungicides thus enhancing the market of the products as well as innovation in suitable farming practices.

KEY INDUSTRY PLAYERS

Key Industry Players Shaping the Market through Innovation and Market Expansion

Some industrial players in the biofungicides market are key players including Bayer CropScience, Syngenta, and BASF that continually invest in innovation and its development in the global market. It is important for these companies to fund the development of new mixtures, or formulations that are more effective and less dangerous for the environment. Another common activity is usually entering into joint ventures and acquisitions for the purpose of diversifying the company’s product offerings as well as its market. More so, these industries have a good working relationship with the regulatory organizations, and thus the approval issues can help with the introduction of new Biofungicides products into the market.

List of Market Players Profiled

• Valent Biosciences Corporation
• Marrone Bio Innovations

INDUSTRIAL DEVELOPMENT

2023 April:  The Biofungicides market during this period is the introduction of a novel Biofungicides formulation by Bayer Crop Science in April 2023. This formulation incorporates a new strain of Bacillus subtilis, enhancing efficacy against fungal pathogens while minimizing environmental impact, addressing growing demand for sustainable agricultural solutions.

REPORT COVERAGE

This report is based on historical analysis and forecast calculation that aims to help readers get a comprehensive understanding of the global Biofungicides Market from multiple angles, which also provides sufficient support to readers’ strategy and decision-making. Also, this study comprises a comprehensive analysis of SWOT and provides insights for future developments within the market. It examines varied factors that contribute to the growth of the market by discovering the dynamic categories and potential areas of innovation whose applications may influence its trajectory in the upcoming years. This analysis encompasses both recent trends and historical turning points into consideration, providing a holistic understanding of the market’s competitors and identifying capable areas for growth. This research report examines the segmentation of the market by using both quantitative and qualitative methods to provide a thorough analysis that also evaluates the influence of strategic and financial perspectives on the market. Additionally, the report's regional assessments consider the dominant supply and demand forces that impact market growth. The competitive landscape is detailed meticulously, including shares of significant market competitors. The report incorporates unconventional research techniques, methodologies and key strategies tailored for the anticipated frame of time. Overall, it offers valuable and comprehensive insights into the market dynamics professionally and understandably.