According to a report published by Fortune Business Insights titled, ‘Agricultural Pheromones Market: Global Market Analysis, Insights and Forecasts, 2018-2025,’ the market was valued at US$ 1.92 Billion in 2017. On account of several factors, the global agricultural pheromones market is set to attain a market value of US$ 6.21 Billion by the end of 2025, exhibiting an exceptional CAGR of 15.86%.
Recent agricultural trends portray an increasing usage of naturally derived insecticides and pesticides. As the demand for environment-friendly pesticides has been increasing, companies are increasingly focusing on the research and development of agricultural pheromones. In addition to this, recent developments in biotechnology have paved the way for product advancements in agricultural pheromones. A paradigm shift from conventional insecticides to agricultural pheromones is giving impetus to the global pheromones market value.
Focus on Sustainable Agriculture to Bode Well for Overall Growth
The rising adoption of integrated pest management (IPM) practices aimed at implementing sustainable agriculture is the primary factor that is driving the global agricultural pheromones market. Increasing awareness towards precision agriculture systems, combined with the use of automated monitoring systems, is boosting the global agricultural pheromones market. Increased awareness about the toxic effects of chemical pesticides has led to an increased demand for an all-natural alternative. Moreover, synthetic chemical pesticides are responsible for destruction of the beneficial natural predators and parasites which are helpful for biological control of insect pests. This, in turn, has led to the need for alternate and safer products for crop protection.
Multinational companies are making significant investments in start-up companies to establish their stronghold in the global agricultural pheromones market.
Due to their evaporating and volatile nature, pheromones need to be frequently sprayed on crops. Increasing quantitative need accounts for high maintenance cost and a subsequent increase in time required for monitoring. Moreover, frequent replacement of dispensers to disrupt insect mating are some factors that may restrain the use of pheromones.
Sex Pheromones Has Emerged As The Leading Product Type In Global Agricultural Pheromones Market
The Sex and aggregation pheromone segments account for a significant market share in agricultural pheromones market. Demand for aggregation pheromones is increasing due to their ability to attract both male and female insects, which helps in controlling pests on a larger scale.
North America Has Emerged as the Leading Segment
North America accounted for the highest share in the global agricultural pheromones market owing to rising adoption of integrated pest management systems (IPM). Furthermore, significant agricultural areas have been invested in highly-valued orchard crops cultivation in the U.S., Canada, and Mexico.
Asia Pacific is expected to show rapid growth in global agricultural pheromones market as the use of agricultural pheromones is rising in majority of Asian countries. Increased export demand for agricultural products from Chile and Brazil is projected to boost the agricultural pheromones usage in these countries.
As of 2017, Orchard Crop was the leading segment by crop type in the global agricultural pheromones market. Orchard Crop accounted for a major share in the global market, due to its exceptional quality of pheromones that cover crops such as grape, apple, pome, and stone fruit.