The global bio rational fungicides market is expected to register a CAGR of 13% by garnering a market value of US$ 3.9 billion by the end of 2033. By 2023-end, a valuation of US$ 1.15 billion has been projected for this market. The growth of the market can be attributed to:
| Data Points | Key Statistics |
|---|---|
| Expected Market Value (2023) | US$ 1.15 billion |
| Projected Market Value (2033) | US$ 3.9 billion |
| Growth Rate (2023 to 2033) | 13% CAGR |
Advances in biotechnology have enabled the development of more effective and targeted bio-rational fungicides. This is driving the development of new products and increasing the effectiveness of existing ones.
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The demand for organic and sustainable farming practices is increasing rapidly in North America, which is driving the demand for bio-rational fungicides. Consumers in the region are becoming more aware of the potential health and environmental impacts of conventional agricultural practices and are seeking healthier and more eco-friendly alternatives.
North America has some of the strictest regulations on chemical fungicides, which is leading to a growing demand for bio-rational fungicides as an alternative. The use of certain chemical fungicides is either banned or highly restricted, which is driving the growth of the bio-rational fungicides market.
The awareness of the benefits of bio-rational products, such as their lower environmental impact, increased safety for workers and consumers, and reduced development of resistance in target pathogens, is growing in North America. This is leading to the increasing adoption of bio-rational fungicides by farmers in the region.
There have been significant technological advancements in the development of bio-rational fungicides in North America, which has led to the creation of more effective and efficient products. This is driving the growth of the market as farmers seek out better alternatives to conventional chemical fungicides.
Consumers and governments around the world are becoming increasingly aware of the negative impact of conventional agriculture practices on the environment, human health, and non-target organisms. This is leading to a shift towards more sustainable and eco-friendly agriculture practices, including the use of bio-rational fungicides.
Regulatory bodies around the world are imposing more stringent regulations on the use of chemical fungicides, due to concerns over environmental and health risks. This is leading to a growing demand for bio-rational fungicides as a safer and more sustainable alternative.
The development of new and innovative bio-rational fungicides using cutting-edge biotechnology is expected to drive market growth. These products will offer better performance, higher efficacy, and more targeted disease control, making them more attractive to farmers.
Integrated pest management (IPM) practices, which rely on a combination of different pest control methods, including bio-rational fungicides, are becoming increasingly popular among farmers. This is expected to drive demand for bio-rational fungicides in the coming years.
Consumers are becoming more aware of the benefits of organic produce, leading to a growing demand for organic farming practices. As organic farming practices prohibit the use of synthetic chemicals, including fungicides, the demand for natural and bio-rational fungicides is expected to increase.
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According to the latest research by Future Market Insights, Bio rational Fungicides market is set to witness remarkable growth with CAGR between 10 to 13% during the forecast period. Looking at the current scenario, growing health and environmental awareness among people is projected to create robust opportunities and propel the demand in near future. Overall recovery in the Agrochemical sector will also help propel growth during the forecast period.
Fungicides that have no or negligible harmful effects on the human body, as well as the environment, are called bio-rational fungicides. Due to negligible harmful effects, they qualify for use in organic greenhouses and indoor cultivation facilities. The growing trend of adopting of organic fertilizers, pesticides, fungicides, etc., instead of chemicals is projected to prove beneficial for the market.
Growing awareness concerning the use of organic farm products across the globe pushes the demand for such agricultural ingredients, which will eventually drive demand for organic pesticides including bio-rational fungicides.
Additionally, the methods of fungus control are the same for bio rational fungicides and chemical fungicides, which provides an additional plus point for marketing.
Moreover, the various regulations imposed on the use and production of harmful chemical and their derivatives in certain regions is also prompting manufacturers to shift towards the production of bio rational products.
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An increase in the per capita income of people and faster economic growth in developing and developed economies combined with a growing population will drive the growth of this market. Rising awareness about the harmful effects of chemical fungicides on the environment and human health provides additional advantages for the adoption of organic farming.
To satisfy the growing demand for agro products, farmers across the globe are adopting cutting-edge farming techniques to increase productivity per hectare.
However, the presence of cost-effective alternatives remains a key challenge to overcome for manufacturers.
India and China account for one of the biggest markets for agrochemicals owing to the significant domestic agriculture and horticulture industry. China and India are the top two countries in the world in terms of population, the countries have an enormous demand for food, and to satisfy farm industry demand a large number of agrochemical product manufacturers are present in these two countries.
Leniency in governmental regulations and cheap labor cost provides an additional advantage to the manufacturers.
Demand for bio-rational fungicides in India and China will be driven by increasing uptake of organically produced agro products. Due to growing awareness about organic products in the countries demand will experience a significant rise during the assessment period 2021 to 2031.
In addition, India also has a vast population to cater to, and declining fertile land area and dependency on Agriculture create ample opportunities for the products that help in increasing per hectare production capacity including bio rational fungicides.
The market has experienced a gradual drop in 2020 owing to worldwide lockdowns and a lack of transportation facilities due to COVID-19 whereas demand is set to make a V- shape recovery in the next few quarters.
In China, the Ministry of Agriculture has announced a “Zero Growth Policy of Pesticide and Fertilizers by 2020”. This policy will benefit the market of Biopesticides including bio fungicides.
North America has one of the mature markets for agrochemicals across the globe. The agrochemical industry in the region has experienced robust growth and is expected to continue on this growth pattern during the forecast period. The countries in the region are focused on increasing the production capacity per hectare owing to the declination of the total fertile land.
Due to some recent agriculture techniques like Integrated pest management (IPM) and organic farming, the use of biopesticides, bio insecticides, and bio rational fungicides in the region has received significant promotion.
Some of the leading manufacturers and suppliers of bio rational fungicides include
Many manufacturers are shifting their product portfolio towards bio-based products to compensate for the shifting demand from consumers. Research and development investments from the manufacturer side are increasing in order to cater to the shifting demand and attract a market with new and innovative products, this will be a key strategy for the manufacturers to elevate their revenues and establish footprints.
The report is a compilation of first-hand information, qualitative and quantitative assessments by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macroeconomic indicators, and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
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Bio Rational Fungicides Market
