According to the research report titled ‘Global Biofungicides Market Size study with COVID-19 Impact, by Type (Microbial species and Botanical), by Form (Wettable powder, Aqueous solution and Granules), by Species (Bacillus, Trichoderma, Pseudomonas, Streptomyces and Other species), by Application (Foliar spray, Soil treatment, Seed treatment and Other modes of application), by Crop-type (Fruits & vegetables, Cereals & grains, Oilseeds & pulses and Other crops) and Regional Forecasts 2020-2027’, available with  Market Study Report, global biofungicides market was worth USD 1.4 billion in 2019 and is expected to reach a valuation of USD 4.5 billion by the end of the forecast period 2020-2027, registering a y-o-y growth rate of 16.1% throughout.
 

Rising inclination towards integrated pest management solutions and shifting preferences to organic products to promote the acceptance of biological products are the key factors propelling global biofungicides market growth. Moreover, intensifying regulatory pressures and growing concerns regarding adverse effects associated with the use of synthetic plant protection products are enhancing the overall market outlook.
 

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For those unversed, biofungicides are fungicides that contain microorganism as an active ingredient and are used to regulate the fungal pathogens in crops. It has also found application as a pest control solution in the cultivation of oilseeds & pulses, cereals, grains, and fruits & vegetables.
 

Coming to the major restraints, growing demand for timely reapplications of biofungicides in comparison to its chemical counterparts, and technological limitations for usage of biological products are hindering the industry expansion. In addition, the widespread of coronavirus pandemic is affecting certain operations in agriculture and supply chains, thus negatively impacting worldwide biofungicides industry share.
 

However, government of several economies are taking various steps to respond to the challenges spurred by the pandemic. Citing an instance, in India, a three-month moratorium (until May 31) on agricultural and crop loans was granted by banking institutions with a concession of 3% on the rate of interest on crop loans up to USD 39367.50 (INR 300,000) for borrowers. Such measures across various parts of the globe will bode well for the industry growth. 
 

Citing the regional scope, North America holds a major portion of global biofungicides market share, on account of surging usage of integrated pest management solutions throughout the reigon.
 

Major contenders in global biofungicides market sphere are Bioworks Inc., Isagro S.P.A., Koppert Biological Systems, Marrone Bio Innovations, Inc., Novozymes A/S, FMC Corporation, Nufarm Ltd., Syngenta AG, Bayer AG, and BASF SE.