Biofungicides Market size is expected to cross USD 4 Billion by 2028 at a CAGR of 16% during the forecast period of 2021 to 2028.
Biofungicides Market Scenario
Biofungicides Market size is expected to cross USD 4 Billion by 2026 at a CAGR of 16% during the forecast period of 2020 to 2026. The presence of several market players and buyers across the globe make the biofungicides market very competitive with tremendous growth potential. Biofungicide manufacturers are continually investing in their R&D activities to study, develop, and launch new microbial strains or biological compounds, like fungicides, for different crop applications. They are also focusing on expansion, mergers & acquisitions, and partnerships as their growth strategies to strive in this highly competitive and lucrative market.
Biofungicides are biologically active compounds or microbial strains that protect the plant against fungal pathogens. The biofungicides market is expected to register an impressive growth rate during the forecast period owing to the increasing loss of crop yield due to various fungal diseases. Additionally, the rising adoption of organic farming, especially in developed nations, is also fueling the market growth of biofungicides across the globe. Rising awareness amongst farmers regarding the benefits of using biofungicides over conventional pesticide products is also contributing significantly to boost the sale of biofungicides.
The biofungicides market is witnessing hurdles in its growth as farmers in the developing countries, such as African countries, refrain from using microbial inoculants as they do not show immediate impact like their conventional counterparts. Awareness regarding the long-term benefits of using biofungicides is low in such countries resulting in their lower adoption. Additionally, the frequent application of biofungicides in comparison to conventional fungicides is also negatively impacting the growth of the biofungicides industry.
Rising adoption of organic farming
By Mode of Application
By Crop Type
|Market Size||USD 4 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Form, Mode of Application, Crop Type and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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)|
|Key Market Opportunities||
|Key Market Drivers||
Global Biofungicides Market will be gaining revenue of USD 4 Billion by 2026.
Global Biofungicides Market will be expanding from 2020 to 2026.
The market USP of the Global Biofungicides market is the rising adoption of organic farming.
Global Biofungicides Marketspace has included the segments such as type form mode of application crop type.
Bayer AG, BASF SE, and Syngenta AG are the topmost vendors investing immensely in the Global Biofungicides Market space.