Green Muscardine Fungus Market Intelligence Report (May 20–27, 2026)

I. Price Trends and Volatility Characteristics
1. Benchmark Price Stability
According to Shengyishe (Shanghai Business Society) data, from May 20 to 26, 2026, the benchmark price of green muscardine fungus fluctuated by less than 1.5%, remaining stable within the range of RMB 28.2–28.5 per kilogram. This price rigidity is primarily driven by upstream cost support: prices of key culture media raw materials—such as wheat bran and corn flour—rose 8.3% year-on-year in 2025; meanwhile, depreciation and amortization costs for GMP-certified production facilities increased, pushing the ex-factory price of formulations up by 2.6% compared to 2024.

2. Regional Price Differentials
- Southwest China (Sichuan and Yunnan provinces), the largest consumption market (accounting for 29.7% of national procurement volume in 2025), enjoys a logistics cost advantage, resulting in end-user prices 3–5% below the national average;
- North China exhibits relatively low adoption of green muscardine fungus due to high traditional chemical pesticide dependency (penetration rate <15%), leading to a regional price premium of 8–10%.

II. Supply-Demand Dynamics
1. Supply-Side Capacity Expansion
- In 2025, China’s total effective ingredient output of green muscardine fungus technical material reached 186 metric tons, representing an 11.9% year-on-year increase; capacity utilization remained at a high level of 86.3%;
- Leading enterprises—including Chongqing Bonen Technology and Guangxi Tianyuan Biochemical—have commenced mass production of second-generation high-spore-concentration formulations (≥300 billion spores/gram). These are projected to reduce per-mu application costs by 14% in 2026, thereby stimulating downstream demand.

2. Demand-Side Policy Drivers
- Agricultural Sector: Government procurement orders totaled RMB 310 million in 2025, accounting for 37.3% of total industry sales revenue—mainly deployed for controlling rice stem borers and fall armyworm in maize. In 2026, three new provincial-level green pest control demonstration zones have been added, expected to generate incremental demand of RMB 11 million;
- Forestry Sector: Demand for grasshopper control in grasslands has grown significantly; combined usage in forestry and grassland ecological restoration reached 430 metric tons in 2025, up 18.7% year-on-year.

III. Key Industry Drivers
1. Policy Incentives
- The ‘14th Five-Year Plan for National Pesticide Industry Development’ mandates that the application share of biopesticides reach 18% by 2026—a 2.4 percentage-point increase over 2025—directly benefiting market expansion of green muscardine fungus;
- The ‘Chemical Pesticide Reduction Action Plan (to 2025)’ has accelerated biopesticide registrations to 327 products (including green muscardine fungus single agents and combination formulations), a 12.4% increase over 2024.

2. Technological Breakthroughs Driving Cost Reduction
Mass production of second-generation high-spore-concentration formulations has been achieved, boosting spore viability to 92% (vs. 85% for first-generation products) and extending shelf life to 18 months (vs. 12 months for first-generation), substantially reducing distribution-related losses.

IV. Market Risk Warnings
1. Raw Material Price Volatility
Prices of agricultural commodities such as wheat bran and corn flour are subject to international grain price linkages. From January to May 2026, CBOT soybean futures rose 9.7% cumulatively; if this trend transmits to domestic culture media markets, it may compress profit margins for green muscardine fungus producers.

2. End-User Adoption Barriers
Biopesticides impose higher technical requirements on farmers (e.g., optimal spraying timing and dilution ratios). A 2025 industry survey revealed that 32% of farmers abandoned repeat purchases due to operational complexity—highlighting the urgent need for enterprises to strengthen technical service networks.

V. Outlook (June–December 2026)
1. Price Trend Forecast
The benchmark price is expected to remain stable between RMB 28.0–28.8/kg in Q3 2026; in Q4, potential price softening to RMB 27.5/kg may occur with new capacity coming online—though concentrated government procurement releases could provide counterbalancing price support.

2. Market Size Projection
The industry’s total scale is forecast to reach RMB 940 million in 2026, representing 13.3% year-on-year growth, with:
- Agricultural applications increasing their share to 87% (from 85.4% in 2025), primarily driven by green pest control demonstration zones;
- Forestry applications exhibiting the fastest growth, with a compound annual growth rate (CAGR) of 19.2%, sustained by ongoing grassland ecological restoration initiatives.

3. Competitive Landscape Evolution
Industry concentration (CR5—the combined market share of the top five firms) is projected to rise from 68% in 2025 to 72% in 2026. Chongqing Bonen Technology, leveraging its technological edge in high-spore-concentration formulations, is poised to capture over 25% market share.