Thebiofungicides market is a competitive landscape as opportunities for innovationremained high, and barriers to entry remained extremely low. However, variousplayers in the market also faced several challenges as products were underwentevolution constantly to meet the efficacy needs of end-users. However, theupcoming 2018-2028 period remains most promising for the global biofungicidesmarket as it is expected to register a robust 14% CAGRduring 2019-2027. The rising slow phase-out of harmful conventional fungicides,and increasing threats to crops remain the most promising drivers for growth ofthe biofungicides market.
Themarket’s outlook also shifts towards being more global as countries worldwideadopt a more stringent attitude towards conventional fungicides. The increasingurbanization around the world, and the growing concern in regards to processedfoods 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.
RisingDemand for Residue-free Foods, and Organics to Drive Growth
One of themost promising driver for growth in the biofungicides market remains spikedconsumer interest in healthy and organics foods. The demand for these remainedlacklustre earlier as processed food enjoyed far more subsidies, and supportfrom government entities in key regions. However, the rising demand for healthyfoods, and increasing changes adopted by fast-food chains to catch-on trendsare major drivers of growth for the biofungicides market. In 2019, one of thebiggest fast-fast global chains, Burger King, announced a new vegan burger,which offers the same flavour of meat, and aroma to end-consumers. The risingconcerns about health regarding processed foods, and increasing healthy eatinghabits are expected to drive considerable growth for residue-free foods, whichis expected to emerge as a major driver in the biofungicides market.
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LoweringCosts of Biofungicides Likely to Emerge as a Major Positive for Growth
Whilerising consumer demand for healthy food remains promising, the manufacturingfor biofungicides presented dim prospects for manufacturers earlier as theserepresented lower efficacy products, and often at higher costs. However,promising new products, and rising efficacy of biofungicides forend-applications promise to present a much brighter prospect during theforecast period. Current biofungicides product also remain a leg-up onconventional products with higher capacity to fight bacterias, and decreasedbacteria resistance in the long run. The high-resistance of bacteria tosynthetic chemicals also presents a new challenge for growth for thebiofungicides market in the near future. The rising demand for biofungicides,and effective techniques to adopt these in modern agriculture promises newgrowth opportunities for players in the biofungicides market.
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