Global Biofungicide Market Growth, Trends and Forecasts to 2024 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Oct 23, 2019--
The “Global Biofungicide Market - Growth, Trends, and Forecast (2019 - 2024)” report has been added to ResearchAndMarkets.com’s offering.
The global biofungicide market was valued at USD 1,208.2 million in 2018, and it is projected to reach a value of USD 2,877.2 million by 2024, growing at a CAGR of 15.6% during the forecast period.
The drivers identified in the market are growing demand for food safety, easy registration procedure of biofungicides, increasing R&D and partnerships among the market players and increasing area under organic farming. The restraints identified in the market are high target pest specificity, lower shelf life and lack of awareness of bioinputs.
Key Market Trends
Easy Registration Procedure of Biofungicides is Driving the Market
Given that biofungicides tend to pose fewer risks than chemical fungicides, the EPA generally requires less data to register a biofungicide than to register a chemical fungicide. As a result, new biofungicides are often registered in less than a year, compared to an average of more than three years for synthetic fungicides.Biofungicides are regulated in the European Union in the same manner as chemical fungicides. The Organization for Economic Co-operation and Development (OECD), a 34-country group headquartered in Paris, France, assists EU governments in quickly and thoroughly assessing biopesticide risks to humans and the environment.
North America Dominates the Global Market
As of 2018, the North American market for biofungicide was USD 496.9 million and it is projected to reach a value of USD 1046.2 million by 2024, with a CAGR of 13.2% during the forecast period. In countries like Canada and the United States, Trichoderma harzianum strain T-22 is the most commercially used biofungicide. Green housed spaces are increasing by 21% in these regions and therefore, there is a huge scope for the market to grow. Actinovate, Mycostop, Prestop, Root Shield, Serenade, SoilGard, and Taegro are the few newly registered biofungicides in Canada and the United States.
In the biofungicide industry, companies are not only competing in terms of product quality and product promotion, but are also focusing on strategic moves to acquire greater market shares.New product launches, expansions, innovations, and partnerships are the major strategies adopted by the leading companies in the biofungicide market.
The global biofungicide market is highly fragmented, with major companies accounting for only 9% of the market share, and almost 90% of the bio control companies held by private enterprises.The market share of these companies is majorly attributed to their large product portfolio, strong research and development, and access to global distribution networks.
Key Topics Covered
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Attractiveness - Porter’s Five Force Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1.1 Grains & Cereals
5.1.3 Fruits & Vegetables
5.1.4 Other Applications
5.2.1 North America
126.96.36.199 Rest of North America
188.8.131.52 Rest of Europe
184.108.40.206 Rest of Asia-Pacific
5.2.4 Latin America
220.127.116.11 Rest of Latin America
5.2.5 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Most Adopted Competitor Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Bioworks Inc.
6.3.2 Marrone BioInnovations
6.3.4 The Stockton Group
6.3.5 Koppert Biological Systems
6.3.6 International Pannacea Ltd.
6.3.9 Syngenta AG
6.3.10 De Sangosse Ltd.
6.3.11 IsAgro USA
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/ikzunu
View source version on businesswire.com:https://www.businesswire.com/news/home/20191023005443/en/
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SOURCE: Research and Markets
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PUB: 10/23/2019 08:41 AM/DISC: 10/23/2019 08:41 AM