Pheromones Market is anticipated to grow at a substantial CAGR from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “Pheromones Market in Agriculture - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global pheromones market in agriculture is estimated to be over US$ 2.3 Billion in 2018. It is anticipated to grow at a substantial CAGR from 2019 to 2030.
The continual growth of the pheromones market in agriculture can be attributed to increasing demand for agricultural products and rising adoption of sustainable agricultural practices namely, Integrated Pest Management & target specificity techniques for eliminating pest population. Moreover, increasing awareness of toxicity associated with pesticide and effect of synthetic chemical pesticides on natural beneficial predators & parasites have promoted extensive initiation of R&D in development of safer alternative products. Moreover, increasing government initiative for promoting sustainable life is contributing to boost this market. However high initial investment and climate uncertainties are few of the major factors which hampers the growth of this market.
Increment in agricultural production to meet the growing needs of population includes efficient monitoring and control of pests. Along with controlling pests, it is important that sustainable agricultural practices are followed to minimize environmental damage. The application of pheromones proves to be favorable owing to target specificity of the process which ultimately contributes to minimal environmental damage. Hence, implementation of such agricultural practices will contribute effectively to boost the market of pheromones in this sector. In addition to this there is an increase in awareness of toxicity associated with chemical pesticides. This awareness regarding adverse effects of chemical pesticides has promoted the development of safer alternatives for sustainable agricultural practices. Therefore, extensive advancement in production of cost-effective pheromones, utilizing application of biotechnology has further played a crucial role in promoting the growth of this market.
Browse key industry insights spread across 170 pages with market data tables & figures & charts from the report, Pheromones Market is anticipated to grow at a substantial CAGR from 2019 to 2030. in detail along with the table of contents:https://www.marketindustryreports.com/pheromones-market/115
Increasing demand of agricultural products worldwide is another important factor which has contributed extensively to the growth of global pheromones market. For instance, growing demand of orchard crops which majorly comprises of fruit and nut crops have been significant in supporting the growth of this market globally.
High initial investment in setting up of traps brings financial burden on farmers, moreover consistent maintenance costs further adds to the expenditure of the entire procedure. Furthermore, prolonged time requirement for monitoring the effects of pheromones and the frequent need to replace dispensers affects the growth of the pheromones market in agriculture inversely.
North America is expected to growth at the fastest rate during the forecast period. There are several factors associated with the growth of this region, namely large area coverage for cultivation of orchard crops, implementation of Integrated Pest Management and high awareness & adoption rate of advanced technologies. Moreover, extensive demand of orchard crops have immensely contributed to the growth of this market in this region.
The prominent players in the global pheromones market in agriculture are ISAGRO S.p.A., ISCA, Russell IPM Ltd, Pacific Biocontrol Corporation, Shin-Etsu Chemical Co., Ltd, Laboratorio Agrochem, S.L., Pherobank, Biobest Group NV, Suterra, Bedoukian Research, Inc. and others.
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