Market overview
According to Market Research Future (MRFR) analysis, the global miticides market is estimated to reach USD 2.58 billion, with a CAGR of 6.07% from 2019 to 2024 (forecast period). The report includes the impact of the COVID-19 pandemic on the global miticides market and provides a succinct estimate of the anticipated demand volatility during the forecast period.
Miticide is a kind of pesticide that targets and controls plant mites. Similar to spiders and ticks, mites are tiny insects that can cause severe damage to plant or crop health when settled in the host plant. Mites can also spread viruses and diseases to crops and plants; thus, miticides must be used to improve agricultural productivity.
Market Dynamics
The use of miticides on crops reduces productivity losses, which are generally caused by mites, driving the growth of the global miticide market. Growing awareness and the adoption of advanced farming practices and modern techniques are expected to augment the global market growth for miticides market outlook .
In addition, innovations in miticides that lead to cost-efficiency and use on a wide crop spectrum are projected to fuel the global miticide market's growth. However, strict rules and regulations on the use of miticides may hinder the growth of this market. Rising integrated pest control activities are an excellent opportunity for the global market for miticides.
Market Segmentation
The global market for miticides has been segmented based on source, form, crop type, and mode of application.
Based on the source, the global market for miticides has been categorized as chemical and biological.
Based on form, the global market for miticides has been classified as liquid and dry.
Based on crop type, the global market for miticides has been bifurcated into fruits & vegetables, oilseeds & pulses, cereals & grains, and others.
Based on the mode of application, the global market for miticides has been divided into foliar spray, soil treatment, and others.
Regional Analysis
The global market for miticides market insights has been studied in four main regions — North America, Europe, Asia Pacific, and the rest of the world.
North America is expected to drive the global miticide market over the forecast period due to the higher adoption of modern farming practices and techniques. However, the expansion of the agricultural industry and the growing demand for food are expected to propel the growth of the global market for miticides.
The Asia Pacific is projected to rise at the highest CAGR level in the global miticide market due to an increase in population, resulting in an increase in food demand. In addition, awareness of several benefits of miticides among farmers in emerging economies such as India and China are projected to promote the growth of the region's miticides market.
The demand in the rest of the world is projected to grow at an unprecedented rate of growth as demand for miticides increases in various countries, such as Argentina and Brazil, due to the rise in the adoption of sustainable farming practices.
Key Players
Some of the key players identified by MRFR in the global miticides market are BASF SE (Germany), Nihon Nohyaku Co., Ltd. (Japan), Bayer Cropscience AG (Germany), Syngenta AG (Switzerland), FMC Corporation (US), The DOW Chemical Company (US), ADAMA Agricultural Solutions Ltd. (Israel), Gowan Company, LLC (US), Valent USA (US), UPL Corporation Ltd. (India), CERTIS EUROPE (Netherlands), OHP, Inc. (US), Nissan Chemicals Industry (Japan), Nufram Limited (Australia), and Mantis Plant Protection LLC (US).
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