Global Biofungicides Market: Covid-19 Impact Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, And Growth Forecast to 2031

Global Biofungicides Market Introduction

Biocides: Tools for Building a Healthy World

The Global Biofungicides Market was valued at USD 1,208.2 million in 2018, and it is projected to reach a value of USD 2494.18 million by 2023, growing at a CAGR of 15.60% during the forecast period.

Biofungicides are living organisms that can be used to combat certain fungi. Biofungicides are one of the most amazing ways that humans have figured out to fend off harmful fungi. By application of fungicides on the affected crops, they are able to protect crops from pests without any harm coming to it. This is possible because the Biofungicides will create a protective barrier around the plant. This is in stark contrast with inorganic fungicides because these can be toxic or harmful for animals and people alike in contact with it. Biofungicides have been receiving increased attention in recent years due to their decrease in environmental impact on agriculture. They are becoming more popular because the treatments are pesticide-free. The most common biofungicide is Bacillus subtilis, which is a natural fungus that protects plants from fungus-related diseases. This type of fungicide is also safe for humans and animals while also being cost effective. In the world of agriculture, many farmers have been treating their crops with fungicides to control diseases that can easily wipe out entire fields. Biofungicides are natural, non-chemical alternatives that are more environmentally friendly than typical solutions. There are many different ways of categorizing biofungicides, but they all work by killing off the spores that cause plant disease. Biofungicides are pesticides used to kill plant diseases. These chemicals contain living organisms, like bacteria and mold spores. Biofungicides are generally used as a preventive measure, rather than as an emergency cure.

The Global Biofungicides Market Segmentation is done based on Source, Form, Crop Type, Application, Regions. On the basis of Source, the market is sub-segmented into Microbial species and Botanical. With respect to Form, the market is sub-segmented into Wettable powder, Aqueous solution, Granules. On the basis of Crop Type, the market is sub-segmented into Fruits & vegetables, Cereals & grains, Oilseeds & pulses, Other Crop Types. On the basis of Applications, the market is sub-segmented into Foliar spray, Soil treatment, Seed treatment, Other Applications. On the basis of Regions, the market is sub-segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Demand Continues to Drive Growth in Biofungicides Industry

Some of the factors driving the growth of this market include increase in demand for organic and eco-friendly products and increased use of biopesticides owing to their less hazardous properties. Growth in biofungicides market can also be attributed to their ability to suppress plant diseases and promote plant health. Biofungicides, such as azoxystrobin and dimethomorph, are used to control diseases such as black spot and powdery mildew in plants. There has been significant growth in the biocidal market due to its ability to protect plant crops from damaging fungi. This makes it a valuable business for companies that manufacture these products. Biofungicides are largely used in agriculture and by the pharmaceutical industry for preserving food or maintaining plant health. As such, biofungicides provide compounds such as antibiotics that can be used in a wide array of applications. Furthermore, biofungicide production yields a sustainable process that does not rely on physical processes, unlike traditional pesticides. With the growing threat of pests and diseases, including bacteria, viruses, plants, and fungi, biofungicides are becoming an increasingly popular option for many farmers.

Pursuing new methods in biofungicides despite current limitations

Biofungicides are not practical for many non-agricultural settings, such as household products. In addition, there is still much work to be done to better understand the microbes themselves before they can be fully integrated into long term sustainable pest management strategies. Biofungicides offer significant benefits over traditional fungicide usage in terms of cost, effectiveness, and environmental impact. Biofungicides market has increased in recent years due to the advancement of genetic engineering and bio-processing techniques. This has led to increased production and consequently, a higher demand for these products.

COVID-19 Impact on Global Biofungicides Market

Some governments have changed food trade policies due to the COVID-19 pandemic, imposing restrictions on exports and favouring imports. One reason for export restrictions is that governments wish to see sustained demand in both domestic and foreign markets. Export restrictions deprive farmers and related businesses, of a key source of income, which will cause the rise of domestic agricultural prices. This, in turn, will result in a decline in harvest production, which will negatively affect production of agricultural products, and lead to even lower incentives in the businesses. Furthermore, it will make it difficult for countries to remain competitive in the world of business. The coronavirus pandemic brought about the significance of rural producers and their trading partners reaching a new height.

The COVID-19 pandemic has created unprecedented opportunities in business. However, the advent of this pandemic has created countless opportunities for businesses in every industry. Many businesses are going through the phase of renewal and recovery from this COVID-19 pandemic, building business resilience and enabling organizations to spread their stake into the Next Normal during COVID-19 will aid an organization's journey out of crisis. In the aftermath of the COVID-19 pandemic, we are experiencing the effects of changes in complex systems that interrelate more than we recognize.

Report Scope on Global Biofungicides Market

1. Forecast Period: 2022-2031
2. Actual Year: 2021
3. Historical Data Available for: 2015-2020

The Key Players in the Biofungicides Market:

1. BASF SE
2. Bayer AG
3. Syngenta AG
4. Marrone Bio Innovations
5. Koppert Biological Systems
6. Certis USA LLC
7. Valent Biosciences
8. Novozymes A/S
9. FMC Corporation
10. Biobest Group NV

Segmentation:

The Global Biofungicides Market Segmentation is based on Source, Form, Crop Type, Application, Regions.

Source:

1. Microbial species
2. Botanical

Form:

1. Wettable powder
2. Aqueous solution
3. Granules

Crop Type:

1. Fruits & vegetables
2. Cereals & grains
3. Oilseeds & pulses
4. Other Crop Types

Application:

1. Foliar spray
2. Soil treatment
3. Seed treatment
4. Other Applications

Regions:

1. North America
2. Europe
3. Asia Pacific
4. Latin America
5. Middle East and Africa