Biofungicides Market has Witnessed Emerging Trends in Recent Years
The global biofungicides market is estimated to account for a value of USD 1.6 billion in 2020 and is projected to grow at a CAGR 16.1%, to reach a value of USD 3.4 billion by 2025. The increase in demand for organic food products, stringent government regulation against the use of chemical-based crop protection methods, and the growing awareness among farmers about the benefits of adopting biofungicides are some of the factors that are projected to drive the growth of the market. New product launches and partnerships were the dominant strategies adopted by key players to capitalize on the strong market potential.
The increasing agricultural practices and the requirement of high-quality agricultural produce are factors that are projected to drive the fungicides market growth in this region. Major crops produced in Asia include rice, sugar beet, fruits & vegetables, cereals, and grains. The region consumes 90% of the global rice produced. According to the FAO, the demand for rice is projected to increase by 2025, as in the majority of the Asian countries, rice consumption is expected to increase faster than the population growth. In addition, due to population growth, the demand for rice is projected to increase in the coming decades.
The growth in population and the consequent rise in demand for food materials have led to an increase in the need for crop protection chemicals, thereby increasing the demand for innovative fungicides solutions across regions. However, the demand for fungicides in various regions is projected to remain high due to the increasing number of crop types grown in abundance. For instance, the US is a leading producer of cereals and grains, while Europe is known for its wide-scale production of fruits and vegetables. The cereals & grains segment accounted for the largest market share in 2018, followed by the fruits & vegetable segment.
Systemic fungicides are the most commonly used fungicides, as they tend to affect a single biochemical pathway within the pathogen, and hence, are called site-specific. On entry into the crop plant, they can move to a certain extent within the crop to the site of infection. Systemic fungicides can be used as protectants, eradicants, or both. Fungi may readily develop resistance to systemic fungicides, as they usually have a specific site of action in the target fungus.
Key players in this market include BASF SE (Germany), Bayer AG (Germany), Corteva, Inc. (US), Syngenta AG (Switzerland), FMC Corporation (US), and UPL Ltd. (India). These major players in this market are focusing on increasing their presence through expansions & investments, mergers & acquisitions, partnerships, joint ventures, and agreements. These companies have a strong presence in North America, Asia Pacific, and Europe. They also have manufacturing facilities and strong distribution networks across these regions.
Comments
Post a Comment