Biofungicides Market Growth Factors, Segmentation, Trends, Opportunities, Key Players and Forecast | Evolve Business Intelligence

Key Highlights:
• The global Biofungicides Market size was valued at USD 1.3 billion in 2022 growing at a CAGR of 16.05% from 2023 to 2033.
• North America dominated the market in 2022
• Europe is expected to grow at the highest CAGR from 2023 to 2033

As per the study initiated by Evolve Business Intelligence, the global Biofungicides Market size accounted for USD 1.3 billion in 2022, growing at a CAGR of 16.05% from 2023 to 2033.The biofungicides market pertains to the production and utilization of biological agents, such as beneficial microorganisms and naturally occurring compounds, to control and manage fungal diseases in crops. Biofungicides offer an eco-friendly alternative to synthetic fungicides, promoting sustainable agriculture practices. The market is driven by increasing awareness of environmental concerns, consumer demand for residue-free produce, and stringent regulations on chemical pesticide use. Key components include microbial-based formulations and botanical extracts, providing targeted and efficient solutions for disease management in various crops. The biofungicides market aligns with the global trend towards more sustainable and organic farming practices

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The biofungicides market is propelled by a growing emphasis on sustainable agriculture, leading to increased adoption of eco-friendly disease management solutions. Rising environmental awareness, consumer demand for residue-free crops, and regulatory pressures on chemical pesticide use are key drivers. Biofungicides, utilizing microbial agents and botanical extracts, offer effective alternatives to synthetic fungicides, aligning with the global shift towards more environmentally friendly farming practices.

Key Players
Some of the major Biofungicides Market players holding high market shares include BASF SE (Germany), Bayer AG (Germany), Syngenta AG (Switzerland) and FMC Corporation (US). These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include Nufarm (Australia), Novozymes (Denmark), Marrone Bio Innovations (US), Koppert Biological Systems (Netherlands), Isagro S.P.A (Italy), Stanes & Company Limited (India), Valent Biosciences (US), Certis U.S.A (US), Andermatt Biocontrol AG (Switzerland), Lesaffre (France) and Rizobacter (Argentina)

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Segmental Analysis
Based on Type, the Biofungicides market is segmented into botanical and microbial {trichoderma, streptomyces, bacillus, pseudomonas and others}.The microbiological category was the market leader in 2022. Part of the adoption rate's rise can be attributed to the ease of producing microbial biofungicides. Due to its vast environmental variation and remarkable tolerance for soil pH, Trichoderma accounted for the majority of microbial biofungicides in 2022.
Based on form, the Biofungicides market is segmented into powder, liquid and granules.The powder category had the largest revenue share in 2022 and is predicted to grow at the highest rate during the forecast period due to its ease of manufacture and application.
Based on Mode of Application, the Biofungicides market is segmented into seed treatment, soil application, foliar and others.Since soil application is the most common way to administer biofungicides, it held the largest revenue share of the global biofungicides market in 2022. Trichoderma and other biofungicides are frequently used to fight off the fungi that infiltrate the root zone and soil.
Based on Crop Type, the Biofungicides market is segmented into cereals & grains, oilseeds & pulses, fruits & vegetables, and others. With the largest market share for biofungicides in 2022, the fruits and vegetables category is expected to grow at the fastest rate throughout the course of the forecast period. The global rise in organic fruit and vegetable production is a primary factor contributing to the pervasive use of biofungicides.

Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)

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