Global Bio-fungicide Market to Grow at a Significant Rate during Forecast Period
Growing demand for food
safety and shift towards organic farming practices to drive global
bio-fungicides market during forecast period.
According to
TechSci Research report, “Global Bio-fungicides
Market By Source, By Formulation, By Application, By Region, Competition,
Forecast & Opportunities, 2024”, the global bio-fungicide market
is expected to grow at a CAGR of around 14% during the forecast period. Bio-fungicides
are witnessing adoption in agriculture industry owing to their cost
effectiveness and excellent performance in terms of pest & pathogens
control and management. However, low availability of bio-fungicide
is likely to hamper the growth of the market during forecast period.
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The global
bio-fungicide market is segmented based on source, formulation, application, end
use, region and company. Based on source, the market can be segmented into
Microbial, Biochemical and Plant Incorporated Protectants. The microbial segment holds a
prominent share in the market and is also set to dominate the market during the
forecast period. This segment is highly lucrative owing to the cost effectiveness,
less toxicity and easy availability. Based on formulation, the market can be
bifurcated into dry and liquid formulations. The dry segment dominates the
market since their properties and concentration are in accordance with the
crop. The liquid segment is projected to gain momentum during the forecast
period on account of their safe and instant mode of application.
Novozymes
A/S, Bayer Aktiengesellschaft, BASF SE, Certis U.S.A. L.L.C., Koppert
Biological Systems, Syngenta AG, Biotech International Ltd., Marrone Bio
Innovations, Inc., Gujarat State Fertilizers and Chemicals Ltd., Isagro USA and
others are some of the leading players operating in global bio-fungicide market.
The companies operating in the market are using organic strategies such as
product launches, mergers and collaborations to boost their share.
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“North America
holds a prominent share in global bio-fungicide market due to rise in demand
for organic food. Asia-Pacific is
anticipated to grow at a considerable pace during the forecast period owing to rising
demand for food due to the increasing population, which is fueling demand for
efficient agrochemicals in the region. Additionally, cost effectiveness,
efficient pest management and initiatives taken by the government to increase
the awareness and use of bio-fungicides is further driving Asia-Pacific bio-fungicide market.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global Bio-fungicides Market By Source, By
Formulation, By Application, By Region, Competition, Forecast &
Opportunities, 2024” has evaluated
the future growth potential of global bio-fungicide market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in global bio-fungicide market.
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