US Biofungicide - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029

US Biofungicide - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029

The US Biofungicide Market size is estimated at USD 0.96 billion in 2024, and is expected to reach USD 1.52 billion by 2029, growing at a CAGR of 9.5% during the forecast period (2024-2029).

Key Highlights

• Among the crop types, fruits and vegetables accounted for a significant share of 55%, followed by turf and ornamental with 15.2%, in 2019.
• The need to feed an ever-growing population, coupled with an increasing demand for sustainable agricultural practices, is anticipated to drive the market's growth. Food safety is a primary concern for American consumers. Therefore, it is vital for both producers and retailers.

US Biofungicide Market Trends

Fruits and Vegetables Fastest Market Growing Segment

In the United States, biofungicides are mostly adopted in the integrated pest management programs, particularly formulated for fruits and vegetables. Furthermore, the government is promoting the application of bio fungicides. To increase the application of bio fungicides in the agriculture and horticulture industries, companies, like Ag Biome, are receiving registrations for their products from EPA. For instance, in 2018, AgBiome and Sipcam announced a joint development project that would focus on innovative combination products for specific crop markets in the United States. The company also received approval for Zio in turf and ornamentals in the country during 2017.

Challenges in Grains and Cereals

The high value of seed germplasm led to greater use of seed treatments, including bio-controls, to protect the developing seedling in the country. The grains and cereals sub-segment of the market studied occupied only 15.4% of the market share, despite having the most significant area among all crop types. Despite a few challenges, the segment is expected to witness a CAGR of 12.9% during the forecast period. In this segment, rice, corn, and wheat are the major crops, which account for a high market share. The US government is promoting the use of bio fungicides, especially for cereals. However, they are not used widely due to low awareness and high prices.

US Biofungicide Industry Overview

The US bio-fungicide market is fragmented, with major companies accounting for just 36% of the market share, and almost 64% of the biocontrol companies being held by other private enterprises. Product differentiation, through the development of new products, is one of the prominent strategies applied for further intensification in the matured markets.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support