According to this latest publication from Meticulous Research®, the Biofungicides Market is expected to reach $4.06 billion by 2029, at a CAGR of 12.6% from 2022 to 2029. By volume, the biofungicides market is expected to reach 214.9 KT by 2029, at a CAGR of 10.1% from 2022 to 2029. The growth of this market is driven by factors such as rising environmental concerns, the production of higher crop quality and yield with the use of biofungicides, the growing organic farming sector & demand for organic food, and the increasing government initiatives to promote the biopesticides sector.
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Furthermore, the wide agricultural diversity and arable lands in emerging countries from Asia-Pacific and Latin America are expected to offer significant growth opportunities for players operating in the biofungicides market. However, factors such as lack of awareness about biofungicides, the low adoption rate of biofungicides, and the complex and lengthy regulation processes for biofungicides are expected to hamper the growth of this market to a notable extent.
Based on origin, the biofungicides market is segmented into microbial, biochemical, and plant-incorporated protectants. In 2022, the microbial biofungicides segment is estimated to account for the largest share of the biofungicides market. This segment is also expected to register the highest CAGR during the forecast period. Microbial origin fungicides are composed of naturally occurring living microorganisms such as bacteria and fungi. These fungicides are more effective than other biofungicides.
Based on formulation, the biofungicides market is segmented into dry biofungicides and liquid biofungicides. In 2022, the dry biofungicides segment is estimated to account for a larger share of the biofungicides market. The large market share of this segment is attributed to the longer effect duration of dry biofungicides compared to liquid biofungicides and better performance in disease control. The high preference for the dry formulation of biofungicides is attributed to factors such as usage flexibility, longer shelf life, and lower costs.
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Based on mode of application, the biofungicides market is segmented into soil treatment, seed treatment, foliar spray, post-harvest, and other modes of application. In 2022, the soil treatment segment is estimated to account for the largest share of the biofungicides market. Fungal infections usually occur in the soil and root zone area of plants, which delays the growth of plants and eventually leads to their death. Thus, farmers are increasingly adopting soil treatment solutions to ensure healthy crop yields.
Based on crop type, the biofungicides market is segmented into fruits & vegetables, cereals & grains, oilseeds & pulses, and other crops. Biofungicides improve crop quality and marketability and are widely used across various crops. In 2022, the fruits & vegetables segment is estimated to account for the largest share of the biofungicides market.
Based on geography, the biofungicides market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, North America is estimated to account for the largest share of the biofungicides market, followed by Europe and Asia-Pacific. North America’s large market share is mainly attributed to factors such as the rising environmental concerns regarding the use of harmful chemicals, the growing demand for organic food, and the presence of a streamlined registration process.
Key players-
profiled in the biofungicides study are Bayer AG (Germany), Marrone Bio Innovations, Inc. (U.S.), Certis USA L.L.C. (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 (IPL) (India), The Stockton (STK) Group (Israel), BioWorks, Inc. (U.S.), Novozymes A/S (Denmark), W. Neudorff GmbH KG (Germany), Valent U.S.A. LLC (part of Sumitomo Chemical Co., Ltd.) (U.S.), FMC Corporation (U.S.), and Gowan Company, LLC. (U.S.).
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Key questions answered in the report:
• Which are the high-growth market segments in terms of origin, formulation, mode of application, crop type, and region/countries?
• What is the historical market for biofungicides across the globe?
• What are the market forecasts and estimates for the period 2022–2029?
• What are the major drivers, restraints, opportunities, and challenges in the biofungicides market?
• Who are the major players in the biofungicides market?
• How is the competitive landscape, and who are the market leaders in the biofungicides market?
• What are the recent developments in the biofungicides market?
• What are the different strategies adopted by major players in the biofungicides market?
• What are the geographical trends and high growth regions/countries?
• Who are the local emerging players in the biofungicides market, and how do they compete with other players?

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