United States Bio-fungicide Market - Growth, Trends, and Forecast (2020 - 2025)
The United States bio fungicide market is projected to register a CAGR of 9.5% during the forecast period, 2020-2025.
- Among the crop types, fruits and vegetables accounted for the major share of 55%, followed by turf and ornamental with 15.2%, in 2019.
- The need to feed an ever-growing population, coupled with an increasing demand for sustainable agricultural practices, is anticipated to drive the market’s growth. Food safety is a primary concern for American consumers. Therefore, it is vital for both producers and retailers.
Key Market Trends
Fruits and Vegetables Fastest Market Growing Segment
In the United States, bio fungicides are mostly adopted in the integrated pest management programs, particularly formulated for fruits and vegetables. Furthermore, the government is promoting the application of bio fungicides. To increase the application of bio fungicides in the agriculture and horticulture industries, companies, like Ag Biome, are receiving registrations for their products from EPA. For instance, in 2018, AgBiome and Sipcam announced a joint development project that would focus on innovative combination products for specific crop markets in the United States. The company also received approval for Zio in turf and ornamentals in the country during 2017.
Challenges in the Grains & Cereals
The high value of seed germplasm led to greater use of seed treatments, including bio-controls, to protect the developing seedling in the country. The grains and cereals sub-segment of the market studied occupied only 15.4% of the market share, despite having the largest area among all crop types. Despite a few challenges, the segment is expected to witness a CAGR of 12.9 % during the forecast period. In this segment, rice, corn, and wheat are the major crops, which account for a high market share. The US government is promoting the use of bio fungicides, especially for cereals. However, they are not used widely, due to low awareness and high prices.
The US biofungicide market is a fragmented one, with major companies accounting for just 36% of the market share, and almost 64% of the biocontrol companies being held by other private enterprises. Product differentiation, through the development of new products, is one of the prominent strategies applied for further intensification in the matured markets.
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