Agricultural Pheromones Market Size was USD 7.80 billion in 2027 at a CAGR of 15.97% during the 2020-2027 period.
The global agricultural pheromones market size is expected to experience exponential growth by reaching USD 7.80 billion by 2027 while exhibiting a CAGR of 15.97% between 2020 and 2027. The growth is attributable to the increasing adoption of integrated pest management practices and the growing focus on implementing technology for efficient crop monitoring services that will boost the adoption of innovative agricultural pheromones worldwide. Fortune Business Insights in its latest report, titled, “Agricultural Pheromones Market Size, Share & COVID-19 Impact Analysis, By Type (Sex Pheromones, Aggregation Pheromones, and Others), Function (Mating Disruption, Detection & Monitoring, and Mass Trapping), Application (Dispensers, Traps, and Spray Method), Crop Type (Field Crops, Orchard Crops, Vegetables, and Others), and Regional Forecast, 2020 – 2027.”, observes that the market stood at USD 2.55 billion in 2019.
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COVID-19 Impact: Market to Experience Lower CAGR at 8.2% due to Disrupted Transportation Services
Based on our analysis, the market is expected to register a slower growth by exhibiting a CAGR of 8.2% in 2020. This is attributed to the significant disruption in the supply chain and logistics that will lead to limited availability of raw materials. Moreover, a reduced workforce is likely to affect the operations leading to several delays in crop procurement activities. Overall, amid the novel coronavirus, these factors are expected to hamper the market growth in the near future.
Agricultural pheromones are products that are generally less toxic as they are derived from natural resources such as fungi and plants. These are chemicals that are mainly used disrupt insect mating to prevent damage to the crops and further lead to increased profits for the farmers with surplus and efficient crop production.
List of Top Companies Profiled in the Global Agricultural Pheromones Market:
- Russell IPM (Deeside, U.K.)
- Shin-Etsu Chemical Company (Tokyo, Japan)
- Isagro S.p.A. (Italy)
- Biobest Group (Belgium)
- SEDQ Healthy Crops SL (Barcelona, Spain)
- ISCA Global (California, United States)
- Suterra LLC (Oregon, United States)
- Provivi, Inc. (Colorado, United States)
- Koppert Biological Systems (Netherlands)
- Pacific Biocontrol Corporation (Vancouver, United States)
What does the Report Include?
The market report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to announce partnerships, introduce new products, and collaboration that will further contribute to the growth of the market between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies such as Porter’s Five Forces analysis to extract information about the current trends and industry developments that will drive the market growth during the forecast period.
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KEY DRIVING FACTORS
Increasing Adoption of Integrated Pest Management Services to Accelerate Market Growth
According to the Food and Agriculture Organization (FAO), around 20-40% of the crops produced are lost to pests across the globe. The growing incidence of pest attacks that led to significant loss of crops and money is driving the demand for effective integrated pest management (IPM) services globally. IPM aids in safe pest control and further manage the spread of invasive insect species while reducing risk and cost. Moreover, it helps the farmer to maximize their profits. Moreover, the adoption of technology to improve crop yield is expected to drive the adoption of advanced pheromones. These factors are anticipated to contribute to the global agricultural pheromones market growth during the forecast period.
MAJOR SEGMENTATION:
Sex Pheromones Segment Held 88.01% Market Share in 2019
Based on type, the sex pheromones segment held a market share of about 88.01% in 2019 and is anticipated to showcase considerable growth during the forecast period. This is attributable to the increasing adoption of these pheromones such as lepidopteran that are non-toxic in nature.
TOP REGIONAL INSIGHTS
North America to Remain Dominant; Presence of Key Players to Feed Market Growth
Among all the regions, North America is expected to remain at the forefront and hold the highest position in the global market during the forecast period. This is ascribable to factors such as the presence of prominent companies such as Sutterra LLC and ISCA Technologies Inc., which focus on developing advanced agricultural pheromones in the region. North America stood at USD 0.80 billion in 2019.
On the other hand, Europe is expected to hold the second position in the market owing to the growing demand for environmentally safe crop protection solutions that will bode well for the adoption of advanced agricultural pheromones in the region between 2020 and 2027.
COMPETITIVE LANDSCAPE
Contract Signings by Major Companies to Develop Advanced Agricultural Pheromones
The global agricultural pheromones market comprises small, medium, and large companies striving to maintain a stronghold by focusing on signing contracts with other companies to develop innovative pheromones in the agriculture industry. Additionally, other key players are adopting strategies such as facility expansion, the introduction of new products, and collaboration that will favor the market growth in the forthcoming years.
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Key Industry Development:
April 2020: Bedoukian Research, Inc. signed an agreement with P2 Science, Inc. for jointly developing effective insect pheromones using plant-based renewable chemicals. The companies are focusing on strengthening their positions in the fiercely competitive global marketplace.
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