Agricultural Pheromones Market: Key Factors behind Market’s Rapid Growth
The global agricultural pheromones market size is estimated to be valued at USD 2.9 billion in 2021. It is projected to reach USD 6.1 billion by 2026, recording a CAGR of 16.1% during the forecast period. The preference for conventional insecticides is declining. The recent ban on insecticide groups of neonicotinoids, such as thiamethoxam and fipronil, by the European Union is also a key factor that is projected to drive the growth of the agricultural pheromones market in Europe. Despite the growing awareness about IPM through government initiatives, crop growers are increasingly dependent on conventional inputs to increase crop productivity. However, significant growth in the application of pheromones for crops, such as grapes, cotton, sugarcane, peaches, okra, and oil palms, is witnessed in the region.
According to Bayer CropScience one of the leading crop protection product manufacturers, understanding the many forms of biological and natural control agents is becoming increasingly important, and in several sectors, these products form the cornerstone of crop protection while in others their role is growing. Insect pheromones are essential components of monitoring and management used as tools targeting pests of agricultural crops. Mating disruption, mass trapping, attract-and-kill, and push-pull are some of the direct pest control strategies that depend on the use of pheromones. Compounds are formulated in protective matrices or reservoirs that emit the pheromone which are usually synthetic copies of naturally existing pheromones over weeks or months. Pheromone-baited traps are used to detect exotic invaders, to decide whether pest levels are sufficient to warrant intervention, and to time the application of conventional insecticides or other control measures.
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Synthetic pheromones are currently allowed by the U.S. Department of Agriculture (USDA), National Organic Program (NOP) for use in insect management (7 CFR 205.601(f)), and many synthetic pheromone products are registered as pesticides by the United States (U.S.) Environmental Protection Agency (EPA). Some of the key players in the global agricultural oheromnes market are Bayer CropScience, Shin-Etsu Chemical Co., Ltd, Koppert Biological Systems, Isagro Group, Biobest Group NV, Suterra LLC, and Russell IPM. These companies are actively taking up growth and product development initiatives inorder to establish their presence in the global markets. Bayer in March 2021 introduced Vynyty Citrus, its latest biological and pheromone-based crop protection product to control pests on citrus farms during the International Symposium on Horticulture in Europe – SHE2021.
BioPhero (Denmark) a Danish insect pheromone start-up company, in March 2021 raised around USD 1.68 Million (€14.2 million) in Series A funding led by DCVC Bio with participation from new investor FMC Ventures, as well as existing investors Syngenta Group Ventures and Novo Holdings. Pheromone control of pests also aptly fits with the shift towards precision agriculture. An insect-targeted approach ensures that only the problematic species are interfered with, leaving advantageous species to flourish. Thus with rising product innovation by global players and increasing adoption by farmers is driving the global market growth for agricultural pheromones.
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