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Trends Favoring Biofungicides Market Explained

Certain trends are making a mark across industry verticals and some of the raging ones include the likes of residue-free, organic and clean label. The millennials form the core support of these trends. And, the enthusiasm can be gauged by their demand to know more than what labels provided traditionally.

No more do they feel content with a list of ingredients. They seek stories behind brand inception and core values of the company that produces the beverage. They also want to know if the coffee maker paid the bean growers in the developing nations.

Thus, it comes as no surprise that demand for organic is on a rise even in the agriculture As sustainability is becoming the next gen mantra, need for farmers to adopt the same in products as well as practices is rising rapidly. And, it should surprise no one that governments in many countries are taking it up on war scale. 

biofungicides market strategy

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Growth in Market to be Driven by Government Efforts and Rising Awareness Levels

Another unsurprising point thus becomes the steady CAGR (Compound Annual Growth Rate) of 14% between 2019 and 2027 that the global biofungicides market will chart, as per a Transparency Market Research report. That means that by the time the forecast period ends, the market worth would reach a USD 730 million. The sophisticated standards that the world is looking up to is all what biofungicides represent and thus demand for these is seeing an upward rise specially in vegetable and fruit cultivation.

But it is worth noting here that it is easier for farmers in developed nations to go for biofungicides that for farmers in developing nations which heavily depend on subsidies and external help to make such switches.

What drives the market forward will be level of awareness among farmers and explaining to them benefits that such substitutes entail, including cost benefits accrued directly. And, the good new here is that a a number of nations are now promoting this actively.

Here, it is important to note that as plant diseases mar agriculture sector, down to the last component of supply chain, demand for biofungicides will only increase as these help kill disease causing pathogens, improving farmer’s revenue significantly.

Highly Fragmented Market to See More Fragmentation over the Forecast Period

The global biofungicides market is highly fragmented owing to a large number of players present in the market. Additionally, it is worthy to point out here that prominent players – top 5 – hold less than 10% of market share.

In order to work around the many regulations placed by authorities, layers have developed their portfolio in terms of diversity. Some of the key players that flank the landscape of Biofungicides market are Certis, Syngenta AG and Koppert Biological Systems.

The report is segmented as presented below:

Source:

  • Microbial
  • Biochemical
  • Plant Incorporated

Application:

  • Cereals and Grains
  • Oilseeds and Pulses
  • Fruits and Vegetable

Region:

  • Latin America
  • North America
  • Europe
  • Asia Pacific
  • The Middle East

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