Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
IN THE NEWSNovember 26, 2019: Koppert Biological Systems, a leading biocontrol innovator, launched a new biofungicide in the market which is focussed on fungal diseases such as fruit rot and Monilia brown rot, which annually cost hefty amounts for fruit growers and wine producers during production cycle worldwide.This biofungicide will be controlling the pest effectively and sustainably.
May 14, 2020: Marrone Bio Innovations, Inc., a global leader in ecological bioprotection and plant health solutions, declared that REGALIA® MAXX biofungicide has been granted its first approval from the FDA for indoor and outdoor usage on cannabis and hemp in Canada.Owing to stringent standards of a highly regulated industry that growers have been forced to meet, the majority of Canadian cannabis and hemp lands have been certified organic. There have been very limited options to control diseases and pests and recently few crop protection products have been approved for use on hemp or cannabis.
BiofungicidesMarket Overview
As a natural approach of dealing with plant growth, maintaining soil health, and refining plant nutrient intake, biofungicide product application is attaining momentum in various ecologically-conscious markets. Biofungicides not only assist in guarding the crops during the growing season but also show the prolonged activity of protection during post-harvest storage and transportation.
Market Size and Forecast
The biofungicidesmarket is expected to observe an attainable CAGR of more than 15% during the forecast period, i.e., 2020-2028. The market is segmented by type, mode of application, species, crop type, and region. Among product type, the microbial species segmentis projected to be the fastest-growing in the biofungicides market during the forecast period owing to the actions of microbial biofungicides, that are definite to target pests and do not damage beneficial microorganisms, which encourages the growth of the plant.Strains of microbial species are obtained from bacteria, fungi, and viruses, and species, such as Bacillus, Trichoderma, and Pseudomonas, are majorly used to derive the active components that are used as anti-fungal agents.
Amongst the mode of application, the soil treatment segment is leading the market. The leading position is attributed to one of the key advantages of using biofungicides as a soil treatment that guarantees healthy seed germination by eradicating pathogenic fungal spores and mycelium that might be present in the soil. Besides, increasing occurrences of the soil-borne fungal pathogen have giventhe rise in demand for soil treatment mode of application.Trichoderma-based products are widely spread biofungicides across the sphere and have a bulk of products existing for treating soil and root zone diseases. CLICK TO DOWNLOAD SAMPLE REPORT
Growth Drivers
Shifting towards more sustainable agriculture
The upswing in demand for organic products is booming, not only due to an increase in health concerned consumers but also owing to increasing purchasing power, along with enhanced farming practices that make organic crops more healthy. As a result, the increasing demand for organic food, worldwide, has amplified the area under organic farming which is projected to drive the biofungicides market over the forecast period. Stringent government protocols against the usage of chemical-based crop protection products are also a major contributor towards the overall growth.
Restraints
So many farmers using biofungicides in developing nations are unacquaintedwith the benefits of biofungicidesowing to the widespread popularity of chemical-based fungicides. Conventional procedures dominate the agricultural sector in developing countries. Therefore, the rate of adoption of advanced products is slow in agriculture and agricultural-related industries, which might hamper the market growth.
Additionally, the lower shelf life of bio-based products and lack of an effective distribution network for biofungicideswhichunfavorably impacts the availability ofbiofungicides in local markets, are some other key market restraints.
Market Segmentation
Our in-depth analysis of the biofungicidesmarket includes the following segments:
By Type
By Mode of Application
By Species
By Crop Type
By Region
Geographically, the biofungicidesmarket is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
North America is predicted to hold the dominating market share in the global biofungicidesmarket followed by Europe, owing to the growing prevalence of organic farming and organic food consumption. The region observes the acceptance of integrated pest management and organic farming practices along with the presence of major players in the market in the region and stringent government policies concerning the restriction of chemical fertilizers and promoting sustainable farming.
The biofungicides market in Europe is anticipated to amplify at a rapid pace owing to the high demand for organic foods and shifting eating habits, which are driving the requirement for organic production.
The Asia Pacific regions are expected to grow at a steady rate during the forecast period owing to the rising population and increase in the demand for food crops, mostly cereals & grains, and fruit & vegetables. An increase in the awareness about the benefits of bio-based agrochemicals amongst farmers is also boosting the demand for biofungicides in the Asia Pacific.
The biofungicidesmarket is further classified based on region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
The Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of the Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
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