According to the report published by Mordor Intelligence, the global biofungicides market has witnessed prominent growth recording a CAGR of 6.27% during the forecast period, 2018-2023. The global biofungicide market was valued at USD 629.0 million in 2017 and it is expected to reach a value of USD 866.0 million by 2023.
The report involves segmentation of the global biofungicides market on the basis of application and in terms of geography. To analyze the competitiveness in the industry, Porter’s five forces analysis is also included.
Based on the application type, the market is divided into crop-based and non-crop based applications. On geographical basis, global biofungicide market is segmented into: North America, Europe, Asia-Pacific, Latin America, and Rest of the world.
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Crop-based application of biofungicides is growing at the faster rate, owing to increase demand of residue-free fruits and vegetables. By geography, Europe constitutes the largest market for biofungicide at 50% of the global market share, which is forecast to maintain a CAGR of 16% during the forecasted period.
Biofungicide Market Dynamics
Growing demand for food safety & quality, biopesticides gaining market share over synthetic pesticides, low R&D costs, adoption of organic farming practices, and governments promoting bio control are the key factors driving the market. However, high cost and low availability and specificity to target pests are some of the factors which are expected to constrain the market of biofungicides. The preference for organic foods is growing rapidly in developed and developing countries. This presents an opportunity for pesticide manufactures to introduce new biofungicides in the market. Biofungicides are easier to register and are often used in larger quantities for the same effectiveness in comparison to synthetic fungicides which can act as an opportunity for the manufacturers.
According to Mordor Intelligence research and analysis, Marrone Bio innovations, Valent Biosciences, Certis LLC are the leading companies operating in the biofungicide market. Monsanto, Bioworks, Inc., Syngenta, and Novozymes are the other prime companies in the global biofungicide market. In the biofungicide market, companies are not just competing over product quality and product promotion but are also focused on strategic moves, to acquire larger market shares. The players in the market are investing heavily in this market in order to diversify their biological research divisions in the expanding market place.