This study intends to unfurl the multiple facets of global biofungicides market. The insights offered in the report aid in market growth examination during the forecast period.
Flourishing Boom Around Organic Produce to Support Biofungicides Market Expansion
The global biofungicides market will expand due to an increase in crop loss brought on by various pests and diseases that affect crops, as well as new farming methods. The need for higher crop yields is due to population growth and the rising popularity of organic foods due to growing consumer awareness. Due to the expansion of biopesticide applications due to technological advancements, the market is expected to grow faster than expected throughout the projection period. Growing societal awareness of the negative impacts of synthetic agrochemicals, a growing preference for eco-friendly and natural products, and increased attention to biotechnological advances, particularly in developing nations, will emerge as the key drivers supporting the expansion of market.
The other significant drivers of the market expansion are the government's strict restrictions on using fungicides with synthetic bases, the rate of industrialization growth, and rising costs for research and development of new products. Growing biofungicides market opportunities will be produced by the adoption of organic farming techniques that are profitable and rewarding. The small-scale producers' lack of knowledge and awareness in developing economies will significantly hamper the market expansion. Additional factors slowing down the market growth include a lack of necessary infrastructure, a high risk of skin and eye infections, and a lack of technical skills, particularly in developing economies. Fluctuations would also hamper the market growth rate in raw material prices.
Biofungicides Market: COVID-19 Impact
The COVID-19 pandemic caused a global economic downturn. Around the world, many industries were impacted, including agriculture and crop protection, by implementing widespread lockdowns and curfews to stop the spread of infection. Due to problems in the logistics industry, the market saw a sharp decline in sales in the first quarter of 2020. In addition, the pandemic disrupted the biofungicides market value chain, which runs from the supply of raw materials to manufacturing, packaging, and distribution. Operations were scaled back, farmer demand decreased, and production facilities were shut down due to the COVID-19 pandemic; because of the widespread lockdowns, a severe labor shortage impacted numerous industries. Obstacles arose for producers and sellers of biofungicides in 2020 due to the downturn in businesses and the decreased demand from important markets.
Growing Environmental Concerns Fuel Biofungicides Market Growth
Farmers can control plant pathogenic fungi and bacteria with biofungicides without harming the environment. In addition to microbial components, carrier materials for biofungicide formulations include a variety of organic components, such as animal broth, organic ingredients, or organic waste items. Biofungicides help the agroecosystem remain stable and sustainable because they do not harm the environment. Pesticides have adverse effects on people but also seriously harm the environment. Pesticides, such as fungicides, have an adverse effect on the fauna and flora by contaminating freshwater used for agriculture. As a result, numerous environmental organizations, including the Environmental Protection Agency, have opposed the use of such pesticides, which has positively impacted the growth of the biofungicides market. Chemical products can be replaced with biologicals because they are safer and more environmentally friendly. In contrast to chemical fungicides, which frequently offer broad sweeping coverage (non-selective), and adversely affect insects, birds, and anything else that comes into contact, biofungicides are frequently formulated to affect only the target pathogenic fungi and closely related organisms. Thus, the risks to public health associated with chemical pesticides like fungicides and growing environmental concerns fuel the growth of the market globally.
Growing Ubiquity of Organic Farming Drives Biofungicides Market Forward
The Organic Trade Association reports that about 82% of American households buy organic food. In India, the industry for organic food has been growing at a rate of 25% CAGR. Increased awareness among consumers, rising incomes, and improved farming techniques that boost organic yields all contribute to the explosive demand growth for organic products. Due to the rising demand for organic food globally, more land is being used for organic farming, in contrast to encouraging the use of biofertilizers and organic farming, the Common Agricultural Policy limits and restricts the use of synthetic fertilizers. The biofungicides market will grow as more land is used for organic farming globally. Australia (35.7 million hectares), Argentina (4.5 million hectares), and Uruguay had the greatest organic agricultural land in 2020. (2.7 million hectares). Under the Novellus brand, Eden Research offers a bio-fungicide for use on the table and wine grapes in Australia that guards against Botrytis cinerea. This is utilized as a residue-free, sustainable cure for the grape disease Botrytis, which negatively influences crop yield and quality. Botrytis cinerea is thought to cost the global economy more than US$10 Bn annually. The product, marketed as Mevalone in Europe and Africa, has already received approval from 11 other nations.
Lower Shelf-life of Bio-based Products to Limit Biofungicides Market Growth
Due to the extensive use of fungicides made of chemicals, many farmers in underdeveloped countries who use biofungicides are unaware of their advantages. In developing nations, conventional practices predominating in agriculture. Because of this, the rate of acceptance of modern products in agriculture and businesses associated with agriculture is low, which could impede the market expansion. Other significant market restrictions are the shorter shelf lives of products made from biomaterials and the absence of a strong distribution network for biofungicides, negatively affecting the products' accessibility in local biofungicides markets.
Specialty Stores Category Dominant in Global Biofungicides Market
Based on type, the market is segmented into microbial species and botanical. The microbial species category dominated the biofungicides market in 2021. Fungicides with a microbial origin are made of naturally occurring, live microorganisms like bacteria, and fungi. Compared to other biofungicides, these fungicides are more efficient. Additionally, the simplicity of manufacturing microbial fungicides promotes their acceptance. The majority of organic and residue-free food production uses microbial fungicides. Additionally, the need for microbial biofungicides is driven by their better advantages of selectivity, high effectivity, minimum to no negative effects on people, plants, and animals, and ease of application.
Fruits and Vegetables Category Dominated Biofungicides Market due Rising Health Concerns Amongst Consumers
Fruits and vegetable category held the largest market share, and it is anticipated that it will continue to rule the market during the forecast period. It is anticipated that more organic farmers will employ biofungicides due to the rising production of fruits & vegetables, which are used as a global staple and offer significant investment returns. The growth of the biofungicides market in the fruits and vegetable segment is anticipated to be fueled by the expanding environmental concerns with the cultivation of organic fruits and vegetables as a result of growing awareness about the use of biofungicides along with the long-term benefits of the organic product. In addition, the environmentally friendly and higher economies of several fruits & vegetables is expected to increase the use of biofungicide products for crop production.
North America Reigns Supreme in Biofungicides Market as the Region Accelerates its Transition to Sustainable Agriculture
Over the forecast period, it is anticipated that the North American market will account for the largest revenue share because there are numerous players in the area. The market is anticipated to increase due to the transition to sustainable agriculture from conventional agriculture and the presence of major players in the North American region. One of the biggest organic fruits and vegetables suppliers is the North American continent. Additionally, the region's biofungicides market is anticipated to develop due to the rising use and implementation of integrated pest management (IPM) strategies. The regional market is also driven by stringent laws and regulations governing the use of pesticides that shield plants from damaging environmental effects. Sales of biofungicides in local markets are driven by the high demand for bio-based crop protection materials. Additionally, a strong emphasis on using plant-based fungicides to increase yields and pest resistance is anticipated to affect market growth in North America positively.
The Asia Pacific market is anticipated to experience stable revenue growth throughout the forecast period. Asia-Pacific is the region with the fastest growing need for agrochemicals for high crop productivity and production with high quality due to the rapid expansion in the global population. Modern agricultural methods and precision farming have fueled the biofungicides market expansion for biopesticides in the Asia-Pacific region. To balance the expansion of the agricultural sector necessary to support its large-scale output, the area is pushing the use of microbial pesticides instead of chemical fertilizers and pesticides. In 2020, half of the world's organic land will be in this region, which includes more than 16000 farmers on 35.9 million hectares, or 9.7% of the area used for agriculture. Australia (35.7 million hectares), New Zealand (about 79,000 hectares), and Papua New Guinea account for more than 99% of the region's organic land, respectively (over 72,000 hectares). Samoa (14.5%) had the highest proportion of national agricultural land that was organic, followed by Australia (9.9%), Papua New Guinea (6.1%), Fiji (4.5%), French Polynesia (3.4%), and Tonga (3.2%). Larger businesses had high growth in their segments on the order of 10–20% per year due to the significant changes in consumer spending patterns.
Global Biofungicides Market: Competitive Landscape
In 2021, to distribute Stargus Biofungicide on broad-acre crops grown in Canada, notably canola, dry beans, peas, soybeans, and sunflower, Marrone Bio Innovations and ATP Nutrition of Manitoba, Canada, engaged in cooperation. These goods represent more than 30 million acres in Canada. Besides, in 2020, the biological fungicide RootShield PLUS+ Granules was introduced by BioWorks in Canada. Trichoderma virensstrain G-41 is another active component found in the PLUS+ formulation. By adding Phytophthora to the list of diseases, this active component further improves Pythium management throughout the hot season.
A few of the players in the biofungicides market include Bayer AG (Germany), Marrone Bio Innovations, Inc. (U.S.), Certis U.S.A. L.L.C. (A 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 (I.P.L.) (India), The Stockton (S.T.K.) Group (Israel), BioWorks, Inc. (U.S.), Novozymes A/S (Denmark), W. Neudorff GmbH KG (Germany), Valent U.S.A. L.L.C. (part of Sumitomo Chemical Co., Ltd.) (U.S.), F.M.C. Corporation (U.S.), and Gowan Company, L.L.C. (U.S.).
Global Biofungicides Market is Segmented as Below:
By Mode on Application:
By Crop Type
Key Elements Included In The Study: Global Biofungicides Market
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