Semiochemicals Market Size, Share, Supply, Demand, Segments and Forecast 2028
The global semiochemicals market size is projected to reach USD 9.70 billion by 2028, exhibiting a CAGR of 14.7% during the forecast period. Fortune Business Insights™ shares this information in its report, titled “Semiochemicals Market Size, Share & COVID-19 Impact Analysis, By Type (Pheromones and Allelochemicals), By Function (Mass Trapping, Detection & Monitoring, and Mating Disruption), Crop Type (Field Crops, Orchard Crops, Vegetable Crops, and Others), and Regional Forecast, 2021 – 2028”. As per the report, the value of the market stood at USD 3.30 billion in 2020.
List of the Leading Companies Profiled in the Global Semiochemicals Market are:
- Shin-Etsu (Tokyo, Japan)
- Pacific Biocontrol Corp (Washington, U.S.)
- Bedoukian Research (Connecticut, U.S.)
- Corteva Agriscience (Delaware, U.S.)
- Suterra (Oregon, U.S.)
- Pherobank (Wijk bij Duurstede, Netherlands)
- Certis (Columbia, U.S.)
- Koppert Biological Systems (Berkel en Rodenrijs, Netherlands)
- Isagro Group (Italy)
- Rusell IPM (Deeside, U.K.)
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Key Market Segmentation
The market is segmented on the basis of type, function, crop type, and geography. Based on type, the market segments include pheromones and allelochemicals. In terms of function, the market has been divided into mass trapping, detection & monitoring, and mating disruption. On the basis of crop type, the market has been bifurcated into field crops, orchard crops, vegetable crops, and others. By region, the market has been clubbed into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
What Does the Report Offer?
The report provides a detailed analysis of the key market aspects, namely, the dominant companies, end-users, and leading product types. Apart from this, the report contains tangible insights into the current & upcoming market trends and highlights prominent industry developments. In addition to these factors, the report supplies a holistic understanding of the main drivers, restraints, and segments that are contributing to the growth of the market.
Key Driving Factors
Increasing Demand for Sustainable Crop Protection Solutions to Drive Growth
The increasing demand for sustainable crop protection solutions stoked by rising awareness regarding the harmful effects of pesticides is projected to drive the global semiochemicals market growth. For instance, According to a report published in the National Center for Biotechnology Information, every year, nearly one million people lose their lives due to chronic diseases that were driven by pesticide poisoning. In addition, the increasing research and development activities to expand the application areas of semiochemicals are estimated to further enhance the market growth. On the other hand, the rising adoption of high-value crops, such as organic commodities and fruits & vegetables, is anticipated to boost the demand.
Lack of Awareness Regarding Semiochemicals to Reduce Demand
- The lack of awareness regarding semiochemicals in developing regions, such as Asia Pacific and the Middle East and Africa, is expected to hinder its market growth. Moreover, the high costs associated with the product may limit its demand in various parts of the world.
- The COVID-19 outbreak has negatively impacted this market. According to the Organization for Economic Co-operation & Development (OECD), the first quarter of the pandemic period witnessed lower production of pesticides compared to the usual amount.
- Owing to lack of awareness and sufficient knowledge, several farmers from developing countries, such as India and China, are still utilizing the traditional methods of crop protection. This is expected to restrain the global market.
Increasing Implementation of Integrated Pest Management to Augment Growth in North America
- North America is set to dominate the global semiochemicals market owing to the increasing implementation of Integrated Pest Management (IPM) solutions for crop protection in the region. In 2020, the region obtained a market value of USD 1.03 billion. In addition, the rising inclination of growers toward sustainable cultivation in the U.S. and Canada is expected to further boost the demand in the region.
- Europe is projected to hold the second-largest market share during the forecast period. The growth in the region is attributable to the high adoption of organic farming. For instance, According to the Food and Agricultural Organization, Europe has the second largest area under organic agriculture. This is predicted to drive the market growth of semiochemicals in the region.
Innovative Product Launches to Aid Key Players Expand their Business
Key manufacturers operating in the global semiochemicals market are focusing on introducing cutting-edge products in the international market. This will help them expand their business on a global scale as well as strengthen their product line. For instance, in October 2019, Provivi, a California-based start-up, announced to launch pheromone crop protection products that will be available in various regions including North America, South America, Asia, and others.
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key industry Developments:
- March 2020, Jawaharlal Nehru Center for Advanced Research (JNCASR) joined hands with the Indian Council of Agricultural Research, India for the development of a new formula of semiochemicals. This will help enterprises provide the pheromone-based pest control method at an economical price range.
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