Global Biofungicide Market - Segmented by Product group, Application and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global Biofungicide market, by value USD 680.2 million in 2016 and expected to register a CAGR of 10.0% during the forecast period, 2018 to 2023. Asia-Pacific is the fastest growing Biofungicide market followed by North America and Europe. Europe is the largest Biofungicide market with nearly half of the market share. Strict regulation of crop protection chemicals, growing farmer and consumer awareness is making fungicides less popular in the region and giving opportunities for growth of Biofungicide market.
Growing Demand for Food Safety and quality drives the market
While the prevalence of chemical or synthetic pesticides in crop protection would continue, human, animal and environmental health concerns would play key roles in driving growth for Biopesticides. Several countries are adopting a stringent approach concerning the amount of imports, with a special focus on regulating the quantity of pesticide residues. As a result, the demand for regulated food safety and quality is becoming larger In spite of their low toxicity and environment impact levels.
Biofungicides can be very effective even in very small quantities and are quick in decomposition, which cause lower exposure levels and prevent problems of pollution associated with traditional pesticides.
Europe dominates the market share
Europe constitutes the largest consuming markets for biofungicide at 50% of the global market share, which is forecast to maintain a CAGR of 9.17% between 2018 and 2023. The distribution network of Biopesticide products, including biofungicides, is well-established in most European countries; this is further helping the market strong hold of various products.
Germany is the single largest European value consumer of biofungicides, accounting for an estimated share of 22%, Spain and Italy are likely to emerge as the fastest growing markets in 2018-2023. Use of biofungicides in Europe for Crop-Based applications is the largest and is growing faster than Non-Crop-Based applications. Grain & Cereal and Oilseed applications are the largest end-users of biofungicides in the region, with the latter also being the fastest growing among them.
Key Developments in the market
January , 2018 — BASF’s new Velondis® brand biofungicide seed treatment formulations have received registrations from the Environmental Protection Agency (EPA)
Major Key Players MARRONE BIOINNOVATIONS, MONSANTO, NOVOZYME BIOLOGICAL, SYNGENTA, INTERNATIONAL PANNACEA LTD, CERTIS LLCC
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