May 2023, Market Research Future has published a Half-Cooked Research Report on the Global Biofungicides Market.
Biofungicides Market Size was valued at USD 1.3 billion in 2022. The biofungicides market industry is projected to grow from USD 1.50 Billion in 2023 to USD 4.94 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 16.00% during the forecast period (2023 - 2032).
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 R&D 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.
Rising resistance in fungal pathogens against synthetic fungicides
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 16.00 % during the forecast period 2022-2032.
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.