Market Trends of biofungicides Industry
This section covers the major market trends shaping the Biofungicides Market according to our research experts:
Row Crops is the largest Crop Type
- The global biofungicides market in 2022 was primarily driven by the production of row crops, with the main crops being barley, corn, wheat, rapeseed, rye, sunflower, soybean, and rice. These crops accounted for approximately 84.1% of the global biofungicides market in terms of value. North America dominates this segment of the market, with the United States being the leading country, accounting for 71.4% of the total market value. The consumption of biofungicides in row crops is expected to continue to grow due to the considerable extent of area under the cultivation of these crops in the United States.
- Horticultural crops, including fruits and vegetables such as bananas, apples, grapes, tomatoes, onions, cucumbers, and cabbages, accounted for 12.3% of the global biofungicides market in 2022. The European region dominates this sub-segment of the market, accounting for a share of 68.4%. Italy, France, and Spain are the leading countries in this region, with Italy accounting for a share of 39.7%.
- Cash crops, including coffee, tea, cocoa, cotton, tobacco, rubber, and sugarcane, accounted for 4.0% of the total global consumption of biofungicides in 2022. The European region dominates this sub-segment of the market, accounting for a share of 42.1%. France, Germany, and Italy are the leading countries in this region, with France accounting for a share of 34.2%.
- The increased demand for organically produced fruits and vegetables, driven by health concerns, is expected to further boost the consumption of biofungicides in the crop segment of the market during the forecast period (2023-2029).
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Europe is the largest Region
- In agriculture, Bacillus, Trichoderma, Streptomyces, and Pseudomonas are the most commonly utilized microorganisms as bio fungicides. They have proven effective against pathogens such as Pythium, Rhizoctonia, Fusarium, Sclerotinia, Thielaviopsis, Botrytis, and powdery mildew.
- Europe is the largest market for biofungicides, accounting for a share of 41.1% in terms of value in 2022. France is the European Union's leading agricultural producer. Wheat, rye, barley, corn, sugar beet, and oats are among the major crops grown in the country. France accounted for a share of 27.5% of the European biofungicides market in terms of value in 2022. The high share percentage was primarily due to the country's extensive area under organic cultivation, accounting for 17.4% of the total organic area in the region in 2022.
- North America is the second-largest consumer of biofungicides; it accounted for a share of 37.7% in 2022, valued at USD 891.2 million, which is expected to reach USD 891.2 million by the end of the forecast period. Government initiatives in North American countries like the United States, such as the Organic Certificate cost-share program, providing financial assistance to establish a cost-share buffer zone, and low-interest loans for organic farmers, help accelerate the use of biofungicides. The biofungicides market is anticipated to register a CAGR of 11.4% during the forecast period.
- The multiple modes of action and the role of a few biofungicides in both biocontrol and stimulating plant growth are expected to drive the market for biofungicides globally. The market is estimated to register a CAGR of 10.8% during the forecast period (2023-2029).
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