March 23, 2022 23:30 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, March 23, 2022 (GLOBE NEWSWIRE) -- The India agricultural pheromones market size stood at USD 3.54 million in 2021. The market is anticipated to surge from USD 4.05 million in 2022 to USD 11.03 million by 2029 at a 15.40% CAGR during the forecast period. Fortune Business Insights™ has deep-dived into these insights in its latest research report titled, “India Agricultural Pheromones Market, 2022-2029.”
According to the study, the domestic market will exhibit profound traction for sustainable methods over the next few years. The agrarian region is expected to be the hub for research and development activities on pheromones. Farmers are expected to seek sustainable crop production, auguring well for the industry outlook.
Mixed Impact from the Pandemic Triggered Supply Chain Disruption
The onslaught of the coronavirus outbreak had a compelling impact on food and agriculture sectors across India. Despite most agricultural inputs coming under the ambit of essential products, supply chain disruptions were pronounced. Meanwhile, an increased focus on digitized supply chain models could boost the region’s growth.
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Type, Function, and Crop are Studied
In terms of type, the market is segmented into aggregation pheromones, sex pheromones, and others.
Based on function, the industry is segregated into mass trapping, detection & monitoring, and mating disruption.
With respect to crop, the market is fragmented into orchard crops, field crops, vegetables, and others.
The report has been prepared through quantitative and qualitative analysis to offer a comprehensive view of the market. Prominently, a host of primary interviews has been conducted with major stakeholders and suppliers. Primary data has been collected through emails, telephonic conversations, and questionnaires. Besides, the report also includes secondary sources, including press releases, SEC filings, and government websites. The report also includes an executive summary, drivers, restraints, opportunities, and trends that could reshape the market dynamics.
Expanding Footfall of Integrated Pest Management (IPM) to Boost Market Growth
Governments, enterprises, and other stakeholders envisage integrated pest management practices to fuel the trend for pheromones. Agricultural pheromones have emerged as an efficient solution to contain crop damage, thereby fostering the India agricultural pheromones market share. To illustrate, the Government of India introduced pheromone technology in Ladakh between 2012-2018, which reportedly reduced fruit damage by around 55%. Moreover, heightened demand for fruits and vegetables has brought a paradigm shift. Horticulture production surged by 2.93% in 2020-21 compared to the preceding year to reach around 329.86 million tons, according to India’s Ministry of Agriculture. Amidst escalating food security concerns, the demand for environment-friendly crop protection methods will underpin the business outlook.
Meanwhile, soaring production and maintenance costs of pheromones may challenge leading companies vying to expand their market presence across untapped areas.
Major Players Profiled in the Market Report:
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Sustainability Trend and Flourishing Digitization to Boost Market Position
Stakeholders are poised to bank on the trend for sustainability, spurred by the adoption of IPM principles. In the midst of health and environmental concerns, sustainable farming could be the go-to trend. The India agricultural pheromones market growth will witness an appreciable gain during the forecast period, largely due to the growth of the horticulture sector.
Prominently, sex pheromones will be highly sought-after on the back of their use in IPM practices. Non-toxic nature may add impetus to the growth of agricultural pheromones during the forecast period.
Stakeholders Prioritize Product Portfolio Expansion Gain Prominence
Leading players are expected to invest in research and development activities, product rollouts, partnerships, and mergers & acquisitions. Industry players are likely to emphasize technological advancements to gain traction during the forecast period.
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Agricultural Pheromones Market Size, Share & COVID-19 Impact Analysis, By Type (Sex Pheromones, Aggregation Pheromones, and Others), Function (Mating Disruption, Detection & Monitoring, and Mass Trapping), Application (Dispensers, Traps, and Spray Method), Crop Type (Field Crops, Orchard Crops, Vegetables, and Others), and Regional Forecast, 2020 – 2027
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