Integrated Pest Management (IPM) Market Will Reach USD 178.27 Billion By 2028
The global Integrated Pest Management (IPM) market size is expected to reach USD 178.27 Billion in 2028 and register a CAGR of 5.9% over the forecast period, according to the latest report by Reports and Data. Major factors driving market revenue growth are increasing preference for organic farming and rising awareness of different diseases caused by harmful insects. In addition, rising concerns about adverse effects of pesticides and increasing investments by governments and private investors globally in development of eco-friendly pest control systems is expected to drive market revenue growth in the near future.
Integrated Pest Management, commonly known as IPM, is a systematic approach that helps to control and prevent insects and minimize risks to people and the environment. Depending on information collected from the site about pest type and population density, this approach involves integrating different methods. IPM approach is extensively used in various sectors such as industrial, agricultural, residential, commercial, and others.
Based on application, agricultural segment accounted for largest revenue share in the global market in 2020. Rising need to control and prevent insects from damaging crops, and increasing demand for agricultural products are factors expected to boost revenue growth of this segment.
By regional analysis, Europe accounted for second-largest revenue share in the global market in 2020. Rising preference for organic farming and rapid technological development are some key factors expected to continue to drive revenue growth of the market in the region over the forthcoming years.
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Some Key Highlights From the Report:
- In May 2021, Oxitec launched Friendly, a genetically modified fall armyworm technology. It is a new sustainable and safe integrated pest management technology that helps farmers to manage destructive pests more efficiently. It will be deployed in commercial corn fields in Brazil, followed by approval from CTNBio.
- Invertebrates segment accounted for the largest revenue share in global market in 2020. Rising concerns regarding the harmful effects of various diseases caused by invertebrates such as ants, flies, caterpillars, and, cockroaches would boost growth of this segment.
- North America is expected to register significant revenue growth over the forecast period. Rising investment by private investors in advanced pest control activities, advancement in farming technology, and presence of key market players are major factors driving revenue growth of the market in this region.
- Some companies in the market include BASF SE, Shin-Etsu Chemicals, Advanced Integrated Pest Management, IPM Pest Control, Suterra LLC, MB Integrated Pest Control, Bayer CropScience LP, Ecolab Inc., IPM Technologies Pty Ltd, and Integrated Pest Management Solution.
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