Global Biofungicide Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Global Biofungicide Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The global biofungicide market is projected to witness a CAGR of 16.2% during the forecast period (2022-2027).

The COVID-19 pandemic is a major challenge faced all over the world and affected the biofungicide industry in many ways, including supply chain disruptions and restrictions on mobility and border closures, substantially impacting organic farmers, supply chains, and certification across the world.

The drivers identified in the market are growing demand for food safety, easy registration procedure of biofungicides, increasing R&D and partnerships among the market players, and increasing area under organic farming. The restraints identified in the market are high target pest specificity, lower shelf life, and lack of awareness of bio inputs.

Biofungicide Market TrendsThe Increased Practice of Organic Farming is Driving the Market

According to the Organic Trade Association, approximately 82% of households in United States purchase organic food. The organic food market in India has been registering a CAGR of 25%. The rise in demand for organic products is booming, not only due to an increase in conscientious consumers but also due to increasing incomes, along with improved farming practices that make organic yields more robust. As a result, the increasing demand for organic food, worldwide, has increased the area under organic farming. The Common Agricultural Policy limits and restricts the use of synthetic fertilizers while promoting the use of biofertilizers and organic farming. Increased area under organic farming worldwide will drive the biofungicide market during the forecast period. Countries with the most organic agricultural land in 2020 were Australia (35.7 million hectares), Argentina (4.5 million hectares), and Uruguay (2.7 million hectares). Eden Research sells bio-fungicide, which protects against Botrytis cinerea, under the trade name Novellus in Australia, for use in wine and table grapes. This is used as a sustainable and residue-free solution for Botrytis, a particularly prominent disease in grapes, significantly impacting crop yield and quality. Botrytis cinerea is estimated to cause an annual economic loss of more than USD 10 billion worldwide. Marketed as Mevalone in Europe and Africa, the product has already been approved by 11 other countries.

Asia-Pacific is the Fastest Growing Market

Growing demand for food supply due to the rapid growth in the human population has made Asia-Pacific the fastest growing market for agrochemicals for high crop productivity and production with high quality. Evolving agricultural practices and precision farming have been driving the market growth for biopesticides in Asia-Pacific. The region is promoting the usage of microbial pesticides, as opposed to chemical fertilizer and pesticides, in order to balance the agricultural sector growth required to sustain its large-scale production. The region has over 16’000 producers on 35.9 million hectares, constituting 9.7% of the region’s agricultural land and half the world’s organic land in 2020. More than 99% of the organic land in the region is in Australia (35.7 million hectares), followed by New Zealand (over 79,000 hectares) and Papua New Guinea (over 72,000 hectares). The highest organic shares of all national agricultural land were in Samoa (14.5%), followed by Australia (9.9%), Papua New Guinea (6.1%), Fiji (4.5%), French Polynesia (3.4%), and Tonga (3.2%). Consumers’ spending habits changed dramatically, and larger businesses saw strong growth in their segments on the order of 10-20% per year.

Biofungicide Market Competitive Analysis

In the biofungicide industry, companies are not only competing in terms of product quality and product promotion but are also focusing on strategic moves to acquire greater market shares. New product launches, expansions, innovations, and partnerships are the major strategies adopted by the leading companies in the biofungicide market.

The global biofungicide market is highly fragmented, with major companies accounting for only 9% of the market share and almost 90% of the biocontrol companies held by private enterprises. The market share of these companies is majorly attributed to their large product portfolio, strong research and development, and access to global distribution networks.

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