The biofungicides market is a competitive landscape as opportunities for innovation remained high, and barriers to entry remained extremely low. However, various players in the market also faced several challenges as products were underwent evolution constantly to meet the efficacy needs of end-users. However, the upcoming 2018-2028 period remains most promising for the global biofungicides market as it is expected to register a robust 14% CAGR during 2019-2027. The rising slow phase-out of harmful conventional fungicides, and increasing threats to crops remain the most promising drivers for growth of the biofungicides market.
The market’s outlook also shifts towards being more global as countries worldwide adopt a more stringent attitude towards conventional fungicides. The increasing urbanization around the world, and the growing concern in regards to processed foods will drive more growth for the biofungicides market in the near future. The market is expected to reach a valuation of USD $730 million by end of 2027. The valuation of the market stood at a meagre US$220 million in 2018.
Rising Demand for Residue-free Foods, and Organics to Drive Growth
One of the most promising driver for growth in the biofungicides market remains spiked consumer interest in healthy and organics foods. The demand for these remained lacklustre earlier as processed food enjoyed far more subsidies, and support from government entities in key regions. However, the rising demand for healthy foods, and increasing changes adopted by fast-food chains to catch-on trends are major drivers of growth for the biofungicides market. In 2019, one of the biggest fast-fast global chains, Burger King, announced a new vegan burger, which offers the same flavour of meat, and aroma to end-consumers. The rising concerns about health regarding processed foods, and increasing healthy eating habits are expected to drive considerable growth for residue-free foods, which is expected to emerge as a major driver in the biofungicides market.
Lowering Costs of Biofungicides Likely to Emerge as a Major Positive for Growth
While rising consumer demand for healthy food remains promising, the manufacturing for biofungicides presented dim prospects for manufacturers earlier as these represented lower efficacy products, and often at higher costs. However, promising new products, and rising efficacy of biofungicides for end-applications promise to present a much brighter prospect during the forecast period. Current biofungicides product also remain a leg-up on conventional products with higher capacity to fight bacterias, and decreased bacteria resistance in the long run. The high-resistance of bacteria to synthetic chemicals also presents a new challenge for growth for the biofungicides market in the near future. The rising demand for biofungicides, and effective techniques to adopt these in modern agriculture promises new growth opportunities for players in the biofungicides market.
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