Surging demand for food safety, easy registration procedure for bio-fungicides, increasing R&D, partnerships, mergers and increasing area under organic farming are some vital factors driving the bio-fungicides market.
Global Bio-fungicides Market is expected to grow at a CAGR of around 14% during the forecast period. Bio-fungicides contain micro-organisms as the core active ingredient which is used for control of fungal pathogens in crops. Basically, these are organic formulations meant for managing crop diseases. Bio-fungicides are the best remedy in those situations wherein heavy doses of chemical fertilizers are unable to protect the crop from the pathogen or disease. The major advantage of bio-fungicides is that they give everlasting protection to the plant and crop.
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Surging demand for food safety, easy registration procedure for bio-fungicides, increasing R&D, partnerships, mergers and increasing area under organic farming are some vital factors driving the bio-fungicides market. Additionally, the governments in different countries are promoting the use of bio-fungicides by initiating and supporting awareness campaigns. Also, rising awareness regarding the health benefits of using bio-based products is further fueling the growth of bio-fungicides market.
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The global bio-fungicides 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. Microbial fungicides dominate the market owing to their low prices, less toxicity, ease of availability and excellent performance properties for precise organisms and targeted pest control action. Based on formulation, the market can be bifurcated into dry and liquid. The dry formulations dominate the market on account of their excellent properties and desirable concentration of dry formulation as per the requirement of crops.
On the other hand, liquid formulations segment is anticipated to grow at a fast pace during the forecast period owing to their safe and instant mode of application. Based on application, the market can be categorized into cereals & grains, oilseeds & pulses, fruits & vegetables, turf & ornamental and others. The cereals & grains sector holds a significant market share due to the need of maximizing agricultural output coupled with rising demand for organic food.
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Regionally, the bio-fungicides market is gaining traction and expanding to various regions including Asia-Pacific, North America, South America, Europe, and Middle East & Africa. Among these regions, North America region dominates the overall bio-fungicides market. North America is followed by Asia-Pacific, Europe, South America and Middle East & Africa.
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