IPM Pheromone Products Market Worth USD 2,850.60 Million by 2028 at 8.54% CAGR – Report by Market Research Future (MRFR)
IPM Pheromone Products Market Insights and Industry Analysis by Product Type (Sex Pheromones, Aggregation Pheromones, and Others), Crop Type (Food Crops, Cash Crops, Plantation Crops,and Horticulture Crops), by Insect Type (Moth, Weevil, Fruit Fly, Beetle, and Others), and Region (North America, Europe, Asia-Pacific, Rest of the World), Competitive Market Size, Share, Trends, and Forecast to 2028
New York, US, Aug. 16, 2021 (GLOBE NEWSWIRE) -- IPM Pheromone Products Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “IPM Pheromone Products Market Information by Product Type, Crop Type, Insect Type, and Region - Forecast till 2028”, the market is projected to cross USD 2,850.60 Million by 2028 at 8.54% CAGR.
Market Scope
Chemical molecules used by insects to communicate with other insects of the same species are known as insect pheromones. Compounds used in tastes and perfumes are typically structurally related to these chemicals. Pheromones produced by insects are a part of a larger category known as semi chemicals. Pheromones can also be used to monitor pest populations as part of larger Integrated Pest Management (IPM) systems, especially to determine when and how pesticides should be applied.
Market Drives
During the projected period, the global IPM pheromone products market is expected to rise at a significant rate. During the projection period, commercial agricultural growth will be the primary driver of market growth. In addition, increased awareness of IPM pheromone technology is improving the market for IPM pheromone goods. Furthermore, technological improvements in numerous types of IPM generate lucrative potential for IPM pheromone product manufacturers. Commercial agriculture refers to the large-scale production of commodities for sale with the goal of widespread distribution to wholesalers and retailers. Livestock production and livestock grazing are examples of commercial agriculture. Crops and livestock are cultivated on large farms utilizing technology, irrigation methods, chemical fertilizers, and other technologies in commercial farming. Farmers are becoming more knowledgeable about IPM pheromone technology. Long-term pest management could benefit from the use of pheromone technologies. Integrated Pest Management (IPM) is a method for lowering production costs, reducing pesticide exposure, and improving the agricultural system's long-term viability.
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Competitive Landscape
Major Companies in the market are:
- BASF SE (Germany)
- Russell IPM Ltd (UK)
- Trécé Inc. (US)
- Biobest Group NV (Belgium)
- Isagro Group (Italy)
- Bio Controle (Brazil)
- Novagrica (Greece)
- International Pheromone Systems Ltd. (IPS) (Wirral)
- Agbio, Inc. (US)
- Laboratorio Agrochem, S.L. (Spain)
Market Restraints
During the projection period, however, a lack of knowledge of IPM pheromone will limit market growth. Inadequate training facilities and IPM equipment are the main reasons why farmers avoid IPM, while others rely entirely on chemical pest management methods. Institutional, societal, and management hurdles are all obstacles that farmers face. Some of the biggest challenges to farmers adopting Integrated Pest Management include a lack of IPM materials, pesticide availability, lack of coordination between farmers and extension agents, fear of the IPM program, and no pricing difference between IPM and non-IPM vegetables (IPM). All of these obstacles are projected to stifle market expansion over the forecast period.
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COVID-19 Impact
COVID-19 has had a significant impact on the distribution and sales of various items across industries. Several countries have declared a state of emergency and closed their borders to prevent the virus from spreading. Furthermore, the workforce has been drastically decreased. This is likely to have an impact on operations, causing significant production delays. To combat the COVID-19 pandemic, lockdown and quarantine measures have been implemented, limiting the generation of IPM pheromone and thereby disrupting crop protection activities around the world. Many industrialized and developing countries rely on China as one of the few major producers and suppliers of plant protection goods. This has had an impact on the global production of IPM pheromone.
Market Segmentation
Based on product type, the global IPM pheromone products market has been divided into sex pheromones, aggregation pheromones, and others.
By crop type, the global IPM pheromone products market has been segmented as food crops, cash crops, plantation crops, and horticulture crops.
Based on insect type, the global IPM pheromone products market has been segmented into moth, weevil, fruit fly, beetle, and others.
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Regional Insights
With a value share of 38.47 percent of the global market in 2020, North America emerged as the largest market for IPM pheromone products. North America is a major producer of wheat, maize, soybeans, and rapeseed around the world. In the near future, rising demand for sustainable organic food items is projected to promote IPM pheromones products.
In 2020, Asia-Pacific accounted for 16.80 percent of worldwide market share and is predicted to grow at an annual rate of 8.89 percent. The region has become a major producer and exporter of cereals, fruits, vegetables, and cash crops around the world. The Asia-Pacific region's agriculture is characterized by the widespread usage of chemical pesticides. Furthermore, over the forecast period, the adoption of tight pesticide residue limits around the world is likely to provide a huge boost to integrated pest management systems.
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