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Biofungicides Market Share, Size, Trends and Forecast 2024-2032
Biofungicides Market
According to the report by Expert Market Research (EMR), the global biofungicides market size is projected to grow at a CAGR of 14.5% between 2024 and 2032. Aided by the burgeoning demand for sustainable agricultural practices and the increasing push against chemically synthesised fungicides, the market is expected to grow significantly by 2032.
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Biofungicides, which primarily consist of beneficial microorganisms or natural substances, are used to counter fungal and bacterial diseases in crops. These organic fungicides not only help in disease prevention but also aid in enhancing soil fertility and crop vigour. Compared to their chemical counterparts, biofungicides are eco-friendly, leaving minimal residue on produce and posing reduced risks to both the environment and human health. They are especially vital in integrated pest management systems, where the focus is on achieving high-yield crops with minimal ecological impact.
One of the principal drivers of the global biofungicides market growth is the increasing global consciousness about food safety and environmental conservation. As the perils of chemical fungicides become more evident, ranging from toxic residues in food to soil and water contamination, farmers and agribusinesses are progressively seeking out environmentally friendly alternatives. The consistent rise in organic farming, driven by an informed consumer base seeking chemical-free produce, further augments the demand for biofungicides.
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Another pivotal factor propelling the biofungicides market demand is the reduction in arable land worldwide. With shrinking farmland, there's a pressing need to maximise yields from available plots, making crop protection vital in agriculture. Biofungicides, with their dual role of disease prevention and soil enhancement, present an efficient solution.
The widespread problem of resistance to chemical fungicides is also nudging growers towards bio-based solutions. As per the biofungicides market analysis, over-reliance on a particular group of chemical fungicides has led certain pathogens to develop resistance to them, diminishing their efficacy. Biofungicides, with their multiple modes of action, can be a vital tool in managing such resistance.
Moreover, regulatory agencies worldwide are tightening the noose around chemical pesticides, imposing bans, and stricter residue limits across the world. These regulations, coupled with incentives for sustainable farming practices, have significantly increased the biofungicides market size.
Biofungicides Market Segmentation
The market can be divided based on source, formulation, application, and region.
Market Breakup by Source
Microbial
Biochemical
Plant-Incorporated Protectants
Market Breakup by Formulation
Dry
Liquid
Market Breakup by Application
Cereals and Grains
Oilseeds and Pulses
Fruits and Vegetables
Others
Market Breakup by Region
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global biofungicides market. Some of the major players explored in the report by Expert Market Research are as follows:
Bayer AG
Gujarat State Fertilisers and Chemicals Ltd
FMC Corporation [NYSE: FMC]
Certis USA LLC
Symborg Corporate S.L
Biotech International Ltd.
Others
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