Middle East And Africa Biofungicides Market is estimated to reach USD 0.48 Billion by 2023
Added: (Fri Nov 23 2018)
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Biofungicides Market Overview
Biofungicides refers to living organisms that are used to control the activity of plant pathogenic fungi and bacteria. The idea of biofungicides is based upon observations of natural processes where beneficial microorganisms, usually isolated from soil, hinder the activity of plant pathogens. These microorganisms produce a wide range of antibiotic substances and parasitize other fungi, etc.
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The significant driver is the presence of human, animal and environmental health concerns prevalent due to use of chemical or synthetic pesticides in crop protection. Various countries are adopting a stringent approach concerning the amount of imports, with focus on regulating the quantity of pesticide residues which has resulted in increased demand for regulated food safety and quality. High costs and low availability are proving to be a barrier in the Biofungicides market.
Biofungicides Market Forecast Report (2018-2023)
Middle East and Africa Biofungicides Market is worth USD 0.22 billion in 2018 and estimated to grow at a CAGR of 16.82%, to reach USD 0.48 billion by 2023. The Middle East and Africa Biofungicides market is developing at an exceptionally quick pace.
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Biofungicides Market Segmentation
The Middle East and Africa Biofungicides market is segmented on the basis of application, product and region. Based on application the market is segmented into crop based and non-crop based. Crop based is further segmented into Grains & Cereals, Oil seeds, and Fruits & Vegetables. On-crop is further segmented into turf& ornamental grass and others. Based on product the market is segmented into Biopesticides and biofungicides.
Geographically, market is further segmented into Middle East and Africa. Middle East and Africa has an untapped market and key players are slowly expanding to this region which is the main reason for the growth of market in this region.
Key Developments in the Market
January, 2018, BASF’s new Velondis brand biofungicide seed treatment formulations have received registrations from the Environmental Protection Agency (EPA).
Major Players:
The major companies dominating this market for its products and services are
Valent Biosciences
CertisLLc
Marrone Bio innovations
Agraquest
Koppert Biological systems
Monsanto
Novozyme Biological
Syngenta
International Pannacea Ltd.
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