DUBLIN--(BUSINESS WIRE)--The "Biofungicides Market by Type (Microbial species, Botanical), Mode of Application (Soil treatment, Foliar application, Seed treatment), Species (Bacillus, Trichoderma, Streptomyces, Pseudomonas), Crop Type, Formulation, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global biofungicides market is estimated at USD 1,633.5 million in 2020 and is projected to grow to USD 3,445.8 million by 2025, recording a CAGR of 16.1% during the forecast period.
The increase in preference for organic farming practices and the rise in the adoption of integrated pest management practices are factors driving the growth of the market. The increasing awareness among farmers about the negative effects of synthetic plant protection products and the cost-effectiveness of biofungicides are also encouraging the adoption of these products across the globe.
The microbial species segment, by type, is projected to be the fastest-growing in the biofungicides market during the forecast period
The increasing importance of sustainable agriculture and awareness among farmers about the toxicity of chemical fungicides and its harmful effects on the environment are some of the factors, due to which microbial biofungicides are becoming popular. The actions of microbial biofungicides are specific to target pests and do not harm beneficial microorganisms, which promotes the growth of the plant.
By crop type, the fruit & vegetables segment is projected to be the fastest-growing in the biofungicides market during the forecast period
Increasing demand for organic fruits and vegetables has resulted in higher use of biofungicides in this segment. Biofungicides not only help in protecting the crops during the growing season but also show the extended activity of protection during post-harvest storage and transport.
By mode of application, the soil treatment is projected to dominate the biofungicides market during the forecast period
One of the major advantages of using biofungicides as soil treatment is they ensure healthy seed germination by removing pathogenic fungal spores and mycelium that might be present in the soil. Increasing instances of the soil-borne fungal pathogen have led to a rise in demand for soil treatment mode of application.
- Regulatory Pressures and Harmful Effects Associated with the Use of Synthetic Plant Protectants
- Growing Emphasis on Integrated Pest Management Solutions
- Growing Preference for Organic Products to Encourage the Adoption of Biological Products
- Technological Limitations for the Use of Biological Products
- Need for Frequent Reapplications of Biofungicides as Compared to Its Chemical Counterparts
- Advancements in Microbial Research Undertaken by Key Players Across Regions
- Plant Pathogens Developing Resistance to Chemical Fungicides
- Preference for Chemical Fungicides Among Farmers in Developing Countries
- Introduction of New Biofungicides in the Market
- BASF SE
- Bayer AG
- Syngenta AG
- Fmc Corporation
- Marrone Bio Innovations
- Koppert Biological Systems
- Isagro S.P.A
- The Stockton Group
- Valent Biosciences
- Agri Life
- Certis U.S.A LLC
- Andermatt Biocontrol AG
- T. Stanes & Company Limited
- Vegalab S.A
- Biobest Group NV
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