The global agricultural pheromones market is projected to grow from $354.9 million in 2018 to $780.3 million by 2024, escalating a CAGR of 14.0% during the forecast period (2019-2024). The high growth in the market is expected because of the need for increasing agricultural production considering a high increase in population over the coming decade. Moreover, the pest management market has received substantial support from the government in terms of investments, trade policies, favorable business environment and efforts toward integrating the supply chain for a smooth circulation of agricultural pheromones.
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Trends of the agricultural pheromones market vary across different geographical regions. The agricultural pheromones market currently holds a prominent share in various countries of North America, Europe, Asia-Pacific (APAC), and Rest-of-the-World (RoW). North America is at the forefront of the market with high market penetration rate in the U.S., Mexico, and others, which are expected to display robust market growth in the coming five years.
Europe generated the highest revenue in the agricultural pheromones market in 2018, followed by the North American region. European is one of the largest regions in terms of the availability of land for agriculture and hence has experienced immense infestation through harmful pest species over a long period of time. Moreover, the pheromones market in the region has been experiencing a rapid growth rate in the past few years, owing to the increasing environmental concerns which have led the authorities to regulate the incorporation of harmful chemical pesticides, hence increasing the acceptance of agricultural pheromones in the region.
Asia-Pacific is an emerging region in the agricultural pheromones industry. Asia-Pacific includes large areas of agriculture land and is also a home to many fruit and vegetable crops grown majorly in countries such as India, China, Australia, and New Zealand. These countries are also actively involved in foreign trading including both imports and exports of agricultural products and commodities. All such factors have made the area more vulnerable to pest infestations and hence led to the active adoption of agricultural pheromone products. In countries such as India, ‘Make in India’ initiative also has opened new horizons of investments through authorities and has seen many companies capitalizing on the opportunities.
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The global agricultural pheromones market offers a huge opportunity for the companies either established in the market or planning to enter into the market. The agricultural pheromones market currently has an undefined supply chain structure with no clear specification of the links like suppliers and distributors and undefined profit percentages. This is the main reason for which suppliers and distributors do not consider agricultural pheromones a profitable category. However, defining the supply chain with a proper profit percentage allocation to each joint in the supply chain and keeping a continuous product flow within the supply chain will certainly help the companies to reach out to increased number of consumers and win a lucrative market share in the near future.
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