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Report Overview
The global biofungicides market attained a value of nearly USD 773.45 million in 2023. The market is further expected to grow at a CAGR of 14.5% during the forecast period of 2024-2032 to reach a value of USD 2,616.3 million by 2032.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
| Global Biofungicides Market Report Summary | Description | Value |
| Base Year | USD Million | 2023 |
| Historical Period | USD Million | 2018-2023 |
| Forecast Period | USD Million | 2024-2032 |
| Market Size 2023 | USD Million | 773.45 |
| Market Size 2032 | USD Million | 2,616.3 |
| CAGR 2018-2023 | Percentage | XX% |
| CAGR 2024-2032 | Percentage | 14.5% |
| CAGR 2024-2032 - Market by Region | Asia Pacific | 17.1% |
| CAGR 2024-2032 - Market by Country | India | 18.0% |
| CAGR 2024-2032 - Market by Country | Canada | 16.9% |
| CAGR 2024-2032 - Market by Source | Microbial | 16.2% |
| CAGR 2024-2032 - Market by Formulation | Liquid | 17.8% |
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The effect of organic, clean label, and residue-free customer preferences has led to an increase in the demand for biofungicides, particularly in the agricultural industry, which is driving the global biofungicides market. Incorporating sustainable products and services has positively affected the farmers around the globe, further aiding the industry growth. The shift towards the use of products derived from natural pest control has generated an enhanced demand for biofungicides and bioinsecticides.
Market Segmentation
Biofungicides refers to those fungicides that contain the active ingredient of a microorganism and are used in crop control of fungal pathogens. The global biofungicides market can be divided on the basis of segments like source, application, and formulation. On the basis of its source, the market can be categorised as microbial, biochemical, and plant-incorporate protectants. Based on its application, the biofungicides market can be segmented as:
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- Cereals and Grains
- Oilseeds and Pulses
- Fruits and Vegetables
- Others
Based on its formulation, the biofungicides market can be bifurcated into dry and liquid form.
The EMR report looks into the regional biofungicides markets like North America, Latin America, Europe, the Middle East and Africa, and the Asia Pacific.
| CAGR 2024-2032 - Market by | Country |
| India | 18.0% |
| Canada | 16.9% |
| China | 15.1% |
| USA | 14.6% |
| Australia | 11.6% |
| Japan | 10.2% |
| UK | XX% |
| Germany | XX% |
| France | XX% |
| Italy | XX% |
| Saudi Arabia | XX% |
| Brazil | XX% |
| Mexico | XX% |
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Global Biofungicides Market Analysis
Sustainable farming has become a main focus for the agricultural sector, ranging from increasing acceptance of traditional plants to biological crop protection. Biofungicides are used in the cultivation of cereals, grains, fruits and vegetables, oilseeds, and pulses as pest control. The shift in customers’ preference towards organic fruits and vegetables has led to a spike in the demand for biofungicides in the past few years. Product development and innovation policies in the biofungicides market have resulted in the increasing demand for bio-based agro-products that not only boost crop yields but also guarantee food safety, thus, further aiding the industry growth.
Competitive Landscape
The report presents a detailed analysis of the following key players in the global biofungicides market, looking into their capacity, competitive landscape, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
- Bayer AG
- Gujarat State Fertilizers and Chemicals Ltd
- FMC Corporation [NYSE: FMC]
- Certis USA LLC
- Symborg S.L.
- Biotech International Ltd.
- Others
The EMR report gives an in-depth insight into the industry by providing a SWOT analysis as well as an analysis of Porter’s five forces.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Source |
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| Breakup by Formulation |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global biofungicides market attained a value of nearly USD 773.45 million.
The market is estimated to grow at a CAGR of 14.5% between 2024 and 2032.
The major drivers of the market include the rising environmental concern and the increasing demand for organic and clean labelled products.
The increasing shift towards sustainable agricultural practices is expected to be a key trend guiding the growth of the industry.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
Microbial, biochemical, and plant-incorporated protectants are the different sources of the product in the market.
Dry and liquid form are the different formulations of the product in the market.
Cereals and grains, oilseeds and pulses, and fruits and vegetables, among others are the major applications of the product.
The major players in the industry are Bayer AG, Gujarat State Fertilizers and Chemicals Ltd., FMC Corporation, Certis USA LLC, Symborg S.L, and Biotech International Ltd., among others.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 2,616.3 million by 2032.
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