ALBANY, New York, July 10, 2019 /PRNewswire/ -- Farmers are gradually inclining towards application biofungicides in their fields owing to advantages such as effectiveness during unexpected showers, withstanding extreme temperature, and comparatively fewer side-effects. Due to these advantages, the global biofungicides market is expected to witness major growth in the coming years. Moreover, factors such as rising demand for food products safety, and easy registration for manufacturers to develop new biofungicides are also supporting the growth of global biofungicides market.
Raging Growth of Market to Offer Better Opportunities to the Players
According to the latest report by Transparency Market Research, the global biofungicides market is expected to witness a staggering growth of 14% CAGR in the forecast of 2019 to 2027. This exceptional growth of the market is the result of the growing preference of using organic or clean label products across various regions. The report also suggests that the market is expected to reach to the value of US$730 Mn by the end of 2027.
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New Players to Face Tough Competition in Setting Their Foot in the Market
As per the experts at Transparency Market Research, the global biofungicides market is highly fragmented and has an intense competitive landscape. It suggests that with the entry of new players in the market, the competitive scenario is about to get even more intense. To withstand this tough competition, the new players are looking forward to adopt strategies such as mergers, collaborations, and partnerships. These strategies allow the players to have sufficient resources to compete and have a sustainable future in global biofungicides market in the forecast period. Whereas, the veterans are investing heavily in multiple research and development activities in order to enhance their product portfolio. This strategy allows the veterans to retain their existing customers along with paving the road for acquiring new ones.
Acquisition is also one of the strategies that are being emphatically adopted by various prominent players of the global biofungicides market in the forecast period. The prominent players are acquiring various small and medium scale businesses in order to strengthen their production capacity and brand presence in global and regional fungicides market.
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Some of the players of global bioungicides market are Agri Life, Certis USA LLC, Stanes & Company Limited, BioSafe Systems LLC, Biotech International Limited, Gujarat State, Fertilizers and Chemicals Ltd., and FMC Corporation.
North America is Attracting Many Players with its Lucrative Market Policies
North America is expected to be the largest market for the players dealing in biofungicides. The growth of the region is attributed to the increasing demand for agrochemicals and promotions of their advantages. Moreover, easy registration for the players to develop biofungicides in countries like the U.S and Canada is also attracting them to the region. North America is expected to offer lucrative opportunities to the players of global biofungicides market and show maximum potential as compared to other regions across the globe.
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Extensive Use of Biofungicides on Cereals and Grains to Fuel the Growth of the Market
The growth of global fungicides market is propelled by extensive use of biofungicides on crops such as wheat and rice. The development of new organic fungicides is also one of the reasons that are propelling the growth of the market in the forecast period of 2019 to 2027. Wide variety of bioungicides ranging from protection of seeds to protection of the crops at flowering stage, is also a crucial factor that is helping the growth of global biofungicides market.
Somehow, the majority of the farmers are still reluctant to use chemical-based fungicides based on their low costs and easy-availability. This is expected to hamper the growth of the market substantially in the forecast.
Moreover, growing concerns by the use of chemical-based fungicides and multiple initiatives to attain a sustainable agriculture are propelling the growth of global biofungicides market in the forecast duration of 2019 to 2027.
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The study presented here is based on a report by Transparency Market Research (TMR), titled, "Biofungicides Market (Source - Microbial, Biochemical, Plant-incorporated Protectants; Formulation - Dry, Liquid; Application - Cereals and Grains, Oilseeds and Pulses, Fruits and Vegetables) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2027."
The global biofungicides market is segmented on the basis of:
- Plant-incorporated Protectants
- Cereals & Grains
- Oilseeds & Pules
- Fruits & Vegetables
- Others (Nursery and Turf, etc.)
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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