Biofungicides Market is Predicted to Hit US$ 730 Mn by 2027
The impact of ‘organic’, ‘clean label’, and ‘residue-free’-- consumer preferences that have induced tectonic shifts across a range of sectors—is noticeable in the agriculture sector as well. It has influenced farmers around the world to incorporate sustainable products and services. Ranging from growing adoption of traditional seeds to biological crop protection methods, sustainable farming has become a key focus area for the agriculture sector. The onus has also shifted to using naturally-derived pest-control materials, creating increased demand for biofungicides and bioinsecticides.
The developments influencing better crop production to sustain the needs of a growing populace, and the biofungicides market in particular, warrant an in-depth understanding and unbiased analysis of this market. Transparency Market Research, in its new research study, unveils compelling insights to assist key stakeholders in the biofungicides market with value-creation and data-driven decision-making.
Biofungicides Demand Bolstered by Shift to More Sustainable Agriculture
The use of biofungicides, now gaining increasing attention in the view of the rising demand for organic and residue-free foods, has come a long way since it started in the 17th century before the advent of synthetic pesticides. The global sales of biofungicides closed in on US$ 220 million in 2018, and the number of players competing for a share of the pie of this lucrative market continues to rise with each passing year.
The information Presented in this Review is Based on Press-Release by TMR
Since the intensive and frequent excessive use of chemical pesticides has increased, the resistance strength of plant pathogens has also increased. This has become a threat to public health and environment; hence, focus has shifted back to R&D activities and introduction of biofungicides and other bio-based substitutes. With increased attention being paid toward sustainable agriculture and the boom in the organic farming industry, especially in developed regions, biofungicide companies should be looking at a period of sustained demand.