Bio fungicides are fungicides that are derived from microorganisms such as fungi, bacteria, and viruses, or natural materials such as plants. Easy registration procedure of bio fungicides, increasing R&D and partnerships among the market players and increasing area under organic farming along with growing demand for food safety, these factors likely to drive the Bio fungicides market over the forecast period.
Easy registration procedure of bio fungicides is expected to drive the bio fungicides market.The bio fungicides tend to pose lower risks than chemical fungicides, the Environmental Protection Agency (EPA) generally requires fewer data to register a bio fungicide than to register a chemical fungicide. As a result, new bio fungicides are often registered in less than a year, compared to an average of more than three years for synthetic fungicides.
Bio fungicides are regulated in the European Union in the same manner as chemical fungicides. For that instances, The Green housed spaces are increasing by 21% in the North America region the Actinovate, Root Shield, Serenade, SoilGard, Mycostop, Prestop, and Taegro are the few newly registered bio fungicides in the United States and Canada.
“Global Bio fungicides Market was Valued at US$ xx Bn in 2018 And it is Expected to Reach More than US$ 4.57Bn by 2027, Likely to Grow with the CAGR of 15.71% During the Forecast Period.”
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Microbial Pesticides Segment is Expected to Witness Highest Growth in the Bio Fungicides Market Across the Globe. The microbial pesticides account for over 50% share of the bio fungicides market in 2018, due to its cost efficiency and minimal environmental impact. The manufacturers are specifically focusing on this category, providing broad-spectrum disease control and increased crop yield potential.
These bio fungicides contain bacteria, viruses, fungi, and protozoans as their active elements, which do not harm the environment, unlike chemical-based fungicides. Also, bio fungicides can be easily adopted in Integrated Pest Management systems (IPMs), owing to their lower environmental risks and cost-effectiveness.
North America held a leading share of more than 40% in the global bio fungicides market in terms of volume and value in 2018. the North American market for bio fungicide was valued US$ xx million, with a CAGR of 14.3 % during the forecast period. The U.S. is a key country in the bio fungicides market in the region. The rise in the demand for organic food and stringent regulations on synthetic pesticides are key factors driving the bio fungicides market. Trichoderma harzianum strain T-22 is the most commercially used bio fungicide in the US and Canada. The adoption of modern farming techniques is boosting the bio fungicides market in North America.
While the bio fungicides market in the Asia Pacific is anticipated to expand at a rapid pace during the forecast period. The rise in the demand for food crops, primarily cereals and grains, and fruit and vegetables, owing to the growing population drive the regional market. Furthermore, an increase in the awareness about the benefits of bio-based agrochemicals among farmers is also augmenting the demand for bio fungicides in the Asia Pacific.
The bio fungicides market is highly fragmented with the significant presence of regional players and local players. Top five companies accounting for less than 10% of the market share. Some of the key players in the global Biofungicides market are FMC Corporation, Bayer AG, Novozymes, BASF SE, Evonik Industries AG, BioWorks, Inc., Isagro USA, Inc., Agri Life, Certis USA LLC, Stanes & Company Limited, BioSafe Systems LLC, Biotech International Limited, Marrone Bio Innovations, Inc.and LALLEMAND Inc.
Impact of COVID-19 on Economy, Industry and Company
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