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Biofungicides Market size was valued at USD 2.26 billion in 2023 and is set to exceed USD 15.22 billion by 2036, registering over 15.8% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of biofungicides is evaluated at USD 2.55 billion.
As a natural approach of dealing with plant growth, maintaining soil health, and refining plant nutrient intake, biofungicide product application is attaining momentum in various ecologically-conscious markets. Biofungicides not only assist in guarding the crops during the growing season but also show the prolonged activity of protection during post-harvest storage and transportation.
Growth Drivers
Shifting towards more sustainable agriculture
The upswing in demand for organic products is booming, not only due to an increase in health concerned consumers but also owing to increasing purchasing power, along with enhanced farming practices that make organic crops more healthy. As a result, the increasing demand for organic food, worldwide, has amplified the area under organic farming which is projected to drive the biofungicides market over the forecast period. Stringent government protocols against the usage of chemical-based crop protection products are also a major contributor towards the overall growth.
Challenges
So many farmers using biofungicides in developing nations are unacquaintedwith the benefits of biofungicides owing to the widespread popularity of chemical-based fungicides. Conventional procedures dominate the agricultural sector in developing countries. Therefore, the rate of adoption of advanced products is slow in agriculture and agricultural-related industries, which might hamper the biofungicides market growth.
Additionally, the lower shelf life of bio-based products and lack of an effective distribution network for biofungicideswhichunfavorably impacts the availability ofbiofungicides in local markets, are some other key market restraints.
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Base Year |
2023 |
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Forecast Year |
2024–2036 |
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CAGR |
16.14% |
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Base Year Market Size (2023) |
USD 4.6 billion |
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Forecast Year Market Size (2036) |
USD 30.6 billion |
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Regional Scope |
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The biofungicides market is segmented by type, mode of application, species, crop type, and region. Among product type, the microbial species segmentis projected to be the fastest-growing in the market during the forecast period owing to the actions of microbial biofungicides, that are definite to target pests and do not damage beneficial microorganisms, which encourages the growth of the plant.Strains of microbial species are obtained from bacteria, fungi, and viruses, and species, such as Bacillus, Trichoderma, and Pseudomonas, are majorly used to derive the active components that are used as anti-fungal agents.
Amongst the mode of application, the soil treatment segment is leading the biofungicides market. The leading position is attributed to one of the key advantages of using biofungicides as a soil treatment that guarantees healthy seed germination by eradicating pathogenic fungal spores and mycelium that might be present in the soil. Besides, increasing occurrences of the soil-borne fungal pathogen have giventhe rise in demand for soil treatment mode of application.Trichoderma-based products are widely spread biofungicides across the sphere and have a bulk of products existing for treating soil and root zone diseases.
Our in-depth analysis of the global market includes the following segments:
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By Type |
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By Mode of Application |
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By Species |
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By Crop Type |
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Geographically, the biofungicides market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
North America is predicted to hold the dominating market share in the market followed by Europe, owing to the growing prevalence of organic farming and organic food consumption. The region observes the acceptance of integrated pest management and organic farming practices along with the presence of major players in the market in the region and stringent government policies concerning the restriction of chemical fertilizers and promoting sustainable farming.
The biofungicides market in Europe is anticipated to amplify at a rapid pace owing to the high demand for organic foods and shifting eating habits, which are driving the requirement for organic production.
The Asia Pacific regions are expected to grow at a steady rate during the forecast period owing to the rising population and increase in the demand for food crops, mostly cereals & grains, and fruit & vegetables. An increase in the awareness about the benefits of bio-based agrochemicals amongst farmers is also boosting the demand for biofungicides in the Asia Pacific.
Author Credits: Rajrani Baghel
Copyright © 2024 Research Nester. All Rights Reserved
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