Industry Outlook and Trend analysis
The Integrated Pest Management (IPM) Pheromones market was valued around USD 1.82 billion in 2014 and is expected to reach estimated USD 2.78 billion by the end of 2022 while registering itself at a compound annual growth rate (CAGR) of 4.74% during the forecast period. The global Integrated Pest Management (IPM) pheromones market is anticipated to encounter significant growth on account of rising demand in countries with a high birth ratio like Africa and the Asia Pacific. The surging population will lead to increased consumption of food ascending the requirement for more agriculture profits. Additionally, growing awareness in regard to the effects of pesticides has led to more number of farmers implementing tenable Integrated Pest Management programs. These factors are anticipated to boost the IPM pheromones market over the estimated time frame. With the aim of enhancing the development, utilization and registration pheromones and other semiochemicals for reducing insects, the Organization for Economic Co-operation and Development Working Group on Pesticides (WGP) created guidance and motive for particular requirements of such pest control products. The market is anticipated to witness constrained development by virtue of restricted application scope. Very specific nature of pheromone programs empowers insurance from essential target species and seldom influences other bug species. This proves as a barrier for implementation of pheromones on a large scale.
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Competitive Insights
Major companies in this market have accounted for patents for pheromones extraction, detection, manufacturing, and control of traps. Companies like Shin-Etsu Chemicals and Suterra LLC possess three allotments each in their credit, while ISCA Technologies in the United States lately introduced a new formulation known as Specialized Pheromone & Lure Application Technology (SPAT). Some of the prominent players in this market are International Pheromone Systems IPS, Pheromone Chemicals, Novagrica SA, Suterra LLC, AgriSense BCS Ltd, and Indore Biotech Inputs and Research Pvt. Ltd.