The global biofungicides market is estimated to account for a value of USD 1.6 billion in 2020 and is projected to grow at a CAGR 16.1%, to reach a value of USD 3.4 billion by 2025. The increase in demand for organic food products, stringent government regulation against the use of chemical-based crop protection methods, and the growing awareness among farmers about the benefits of adopting biofungicides are some of the factors that are projected to drive the growth of the market. New product launches and partnerships were the dominant strategies adopted by key players to capitalize on the strong market potential.
By species, Trichoderma is projected to dominate the biofungicides market during the forecast period.
The market for biofungicides, on the basis of species, has been segmented into Bacillus, Trichoderma, Pseudomonas, and Streptomyces. Trichoderma is used as the most effective strain in controlling soil-borne and foliar fungal pathogens.
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By mode of application, the soil treatment segment is projected to be the fastest-growing in the biofungicides market during the forecast period
Soil treatment is the most adopted mode of application for biofungicides due to the advancements in soil treatment techniques. In addition, a majority of the fungal infections happen in the soil and root zone area of the plant, which delays the plant growth and eventually leads to plant death. Therefore, farmers adopt soil treatment solutions to ensure a healthy crop yield.
By crop type, the fruits & vegetables segment is projected to be the fastest-growing segment in the biofungicides market during the forecast period
The rising demand for organic fruits and vegetables globally has resulted in an increase in the use of biofungicides in the segment. Framers are now discarding the use of chemical-based biofungicides due to the harmful health concerns associated with synthetic products.
The shift toward sustainable agriculture and the presence of key players in the North American region are factors that are projected to drive the growth of the biofungicides market.
The North American region is one of the largest producers of organic fruits and vegetables. In addition, the increasing use of integrated pest management solutions is projected to drive the market growth of biofungicides in the region.
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Key Market PlayersKey players in the biofungicides market include 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), T. Stanes & Company Limited (India), BioWorks (US), The Stockton Group (Israel), Valent Biosciences (US), Agri Life (India). Certis U.S.A (US), Andermatt Biocontrol AG (Switzerland), Lesaffre (France), Rizobacter (Argentina), Vegalab S.A (US), Biobest Group NV (Belgium), and Biolchim (Italy).
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