Press release
Integrated Pest Management (IPM) Market Projected To Hit $34.0 billion By 2031 | Growth With Recent Trends & Demand
The global integrated pest management market was valued at $17.8 billion in 2021, and is projected to reach $34.0 billion by 2031, growing at a CAGR of 6.7% from 2022 to 2031.
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According to the Royal Society of Chemicals, about 800 chemically active substances have been registered for use as crop protection treatments across the world. These substances are classified generically as herbicides, fungicides, and insecticides. In the cereals and grains sector, the most common crops treated with pesticides are corn, rice, and wheat. As grains are grown in practically every country, there is a large global need for pesticides in agriculture. With the increase in grain output and consumption, it has become increasingly vital for growers to focus more on yield and quality by utilizing effective pesticides. However, higher prices associated with integrated pest management is predicted to hinder the market growth of integrated pest management industry.
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The major players operating in the global Integrated pest management market include ADAMA Ltd., AgBiTech, AgrichemBio, BASF SE, Bayer CropScience Ltd, FMC Corporation, Hercon Environmental Corporation, Oxitec, Rentokil Initial Group, and Sumitomo Chemical Ltd. These players have been adopting various strategies to gain higher share or to retain leading positions in the market. For instance, FMC Corporation worked with Novozymes in 2021, which is a global leader in biological solutions, to investigate, co-develop, and market biological enzyme-based crop protection solutions for growers worldwide.
Key Market Players:
Bayer Crop Science AG, Sumitomo Chemical Co., Ltd., AgrichemBio , Oxitec , Rentokil Initial plc, BASF SE, FMC Corporation, Hercon Environmental, AgBiTech, ADAMA Ltd.
IMPACT OF COVID-19 ON Integrated Pest Management (IPM) Market:
Pesticides are utilized on a daily basis, from kitchen ant and roach sprays to weed killers for the yard, mildew cleaners in the bathroom, and mosquito repellents outside. The growing need for pest control, along with rising demand for extending shelf life of fruits and vegetables has had a considerable impact on the integrated pest management market. The surge in the need for pest control coupled with increasing demand for extending shelf life of fruits and vegetables has had a significant impact on the integrated pest management business during COVID-19.
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