Biofungicide Market size is estimated to reach US$3.9 billion in 2027 and is forecasted to grow at a CAGR of 15.1% during 2022-2027. The term Biofungicides refers to those fungicides that contain the microorganism as an active ingredient and are used to control fungal bacteria in plants especially in agriculture. These microorganisms are found naturally in the soil, making them an environmentally friendly alternative to chemical fungicides. Biofungicides are used as a pest control method through folia spray of biofungicides during the cultivation of cereals & grains, fruits & vegetables, oilseeds & pulses, flower crops, and others. They help to increase the fertility of the soil and extend the life of flowers and fruits. In addition, the bio fungicide easily decomposed sunlight, plants, or various microorganisms in the soil. The introduction of sustainable products in organic farming had a positive impact on farmers around the world, greatly contributing to the growth of the industry. Farmers switching to advanced farming systems such as hydroponic systems, aquaponics has a positive impact on global biofungicides market.
Biofungicides Market Segment Analysis – By Form
The wettable powered biofungicide segment held the largest share in the biofungicides market in 2021 and is expected to grow at a CAGR of 9.7% during the forecast period. Flexibility in use, long shelf life, and affordable prices have led to a high popularity of the wettable powder form in the market. Farmers can use wet powder as a direct sprayer on the ground, or it can be mixed with water to use as foliar spray. It can also be mixed with seeds before sowing, or it can be mixed with any liquid and sprayed over the soil from time to time. The pros of wettable biofungicides, which has led to a high popularity among the rest of form on the market for biofungicides.
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Biofungicides Market Segment Analysis – By Crop Type
The fruits & vegetable segment held the significant share of 35% in global biofungicides market in 2021 and is expected to grow at a CAGR of 15.7% during the forecast period Increasing cereal & grain production as it is consumed as a global staple and the high profit associated with organic grain cultivation is expected to increase the use of biofungicides among the organic farming practitioners. The growing environment concerns with cultivation of organic fruits and vegetables due to growing awareness about the use of biofungicides coupled with long-term benefits of the organic product is predicted to fuel the growth of the biofungicides market in cereal & grain segment. In addition, the environmentally friendly and higher economies of several cereal & grains is expected to increase the use of biofungicide products for crop production.
Biofungicides Market Segment Analysis – By Geography
The North America region held the largest share more than 45% in the biofungicides market in 2021, owing to the presence of various players in the region. Shifting from conventional agriculture sustainable agriculture and the presence of key players in the North American region are factors expected to drive the market growth of biofungicides market. The North American region is one of the largest producers of organic fruit and vegetables. In addition, the increased use of adoption of integrated pest management (IPM) solution is expected to further the market growth of biofungicides market in the region. Moreover, strict rules and regulations regarding the use of chemicals that protect plants from harming the environment from harmful effects drive the regional market. Strong demand of bio-based materials for crop protection drives the biofungicide sales in regional markets. In addition, a strong focus on the use of plant-based fungicides to improve yields and pest resistance is expected to have a positive impact on North America market growth.
Asia Pacific region is projected to witness fastest growth rate in the upcoming years. Owing to governments support the use of natural agri-inputs even in this pandemic. They present a variety of strategies and subsidiaries to ensure increased acceptance of eco-friendly Agri-inputs. For example, in March 2020, the Reserve Bank of India (RBI) introduced a new rate, that is, crop loans and agricultural conditions were granted for three months by bank unions to reduce the interest rate on agriculture loans by 3%.
Biofungicides Market Drivers
Increasing in Organic Farming Practices
Organic farming is increasingly being promoted as an alternative to conventional methods to reduce the overall impact on the environment. A promising path to sustainable agricultural growth is expected to benefit future growth of biofungicides with a strong demand for crop protection products. Countries, especially those with strong agricultural foundations such as India, Thailand, Netherlands, and Israel are slowly changing from green transition to evergreen transformation. Moreover, Growing demand for organically grown food is growing, not only because of increasing consumer demand, but also because of increased income to spend on foods, as well as advanced farming practices that make natural harvests more dynamic. According to APEDA(agriculture and processed food products export development authority, ) the total area under organic farming was surveyed to be 3,669,801.33 Hectare in 2020 and has increased to 4,339,184.94 Hectare in 2021. As a result, the growing demand for organic food has increased the area under organic farming, worldwide. The role of organic farming will be critical in promoting this change due to its natural friendliness, economy, producers, and features that are convenient for the consumer. In addition, rising consumer demand for food (organic food products) that do not contain synthetic pesticides is predicted to boost market growth.
Adverse Effects of Synthetic Pesticides on Environment and Human Health
The use of synthetic pesticides has documented extensive and widespread damage to the environment. Therefore, a number of government agencies have banned or restricted the use of certain chemical ingredients to avoid harmful effects on the environment, human and animal health. The presence of synthetic fungicides in agricultural soils can cause adverse effects soil organisms, such as worms and microorganisms, and the important functions of these organic matter is responsible including biological degradation, nutrient depletion cycling. Therefore, any adverse effects caused by mold residues can have a lasting effect on the fertility and health of agricultural soils. Similarly, synthetic fungicide residue. Synthetic fungicide has the potential to cause adverse effects on structure of biodiversity and function of the aquatic environment. Many governments are highly supportive and provide funding to increase the organic farming practice use in order to reduce the environmental impact of pesticides. Strong emphasis on government and other stakeholders on organic and sustainable farming practices has increased the adoption of bio-based crop protection chemicals. For an instance, government of India has announced 425 per farmer to purchase organic inputs under Paramparagath Krishi Vikas yojana (PKVY) scheme. Growing concerns about the negative impact on use of chemical pesticides are expected to boost sales of sustainable solutions. This is one of the major factors making environmentally conscious farmers are shifting from synthetic pesticides to biofungicides over the foreseen period.
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Biofungicides Market Challenges
High Cost Associated with Biofungide Products
The high cost and lower awareness of the biofungicide products are among major market challenges. According to International trade centre, the unit price traded for organic fungicides are approximately US$7.5 per KG whereas conventional fungicide is traded at US$3.5 per KG. Many farmers, especially in developing regions, are familiar with chemical-based agricultural products, and are unwilling to use organic fungicide products due to financial constraints. This continues to be a challenge for biofungicide suppliers over the years. Lower level of eco-friendly pesticides product acceptance, compared with chemical products in developing countries, is limiting the market growth. To add-on, the traditional and common agri-inputs market is well-established on a global scale with the bright presence of important bullies. However, the biofungicide sector is characterized by a number of complex startups with adequate funding, appropriate infrastructure, and market access. Research & development activities are performed by these nascent players and often feel the volatility of local demand that may delay market growth.
Biofungicides Industry Outlook
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the biofungicides market. Biofungicides market top 10 companies are:
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A. Fungicide Market
B. Seed Treatment Fungicides Market
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