Miticides Market to Grow with a CAGR of 5.68% through 2028
According to TechSci Research report, “Miticides
Market – Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Miticides Market stood at USD 1.48 billion
in 2022 and is anticipated to grow with a CAGR of 5.68% in the forecast period,
2024-2028. The awareness among individuals regarding Miticides has led to
favorable market conditions for the global Miticides market. Several factors
contribute to the growth of various Miticides products.
The primary application of miticides is in agriculture
for the protection of crops against mites and other pests. With the global
population on the rise, there is a growing demand for food production. Farmers
are increasingly using miticides to prevent mite infestations that can damage
crops and reduce yields. This demand is particularly significant in regions
where agriculture is a key economic sector.
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As awareness about the impact of mite infestations on
crop health increases, farmers are becoming more proactive in adopting pest
management strategies. Educational initiatives by governments, agricultural
extension services, and agrochemical companies play a crucial role in
disseminating information about the importance of using miticides to protect
crops, which will further fuel market growth.
In November 2023, Illumina announces Global Health
Access Initiative to support acceleration of pathogen sequencing in low- and
middle-income countries.
Ongoing research and development in the field of
agrochemicals lead to the development of more effective and environmentally
friendly miticides. Innovations in formulation technologies, such as
microencapsulation and nanotechnology, contribute to the improvement of product
efficacy and safety. The availability of advanced miticides with higher
specificity and reduced environmental impact can drive market growth.
In today's fast-paced world, Mite infestations can
lead to significant crop losses and compromise the quality of agricultural
produce. In a fast-paced world where food demands are escalating, maintaining
optimal crop yields is essential. Miticides serve as frontline defenders, mitigating
the impact of mites on crops and safeguarding yields. This contributes to a
stable and consistent supply of food to meet the needs of a rapidly growing
global population. Miticides align with the principles of precision agriculture,
a paradigm that leverages technology and data-driven insights for optimized
farming practices. The fast-paced nature of modern agriculture demands
efficiency and precision. Miticides, when integrated into precision agriculture
systems, allow farmers to target mite infestations with accuracy, minimizing
wastage of resources and ensuring swift responses to emerging pest challenges. Climate
change introduces uncertainties in pest dynamics, including the prevalence and
distribution of mites. Miticides contribute to the adaptability of agriculture
by providing farmers with tools to manage evolving pest challenges. In a world
where climate patterns are shifting, the ability to combat mite infestations
becomes crucial for maintaining agricultural productivity and resilience.
The expansion of horticulture, including fruits,
vegetables, and ornamental plants, globally contributes to the demand for
miticides. Horticultural crops are often more susceptible to mite infestations,
and growers in this sector are likely to invest in effective miticides to
protect their high-value crops. The rise in demand for specialty crops and
ornamental plants further fuels the market for miticides.
In recent times, Miticides play a pivotal role in
preserving crop yields by effectively managing mite infestations. As the global
population continues to rise, securing consistent and abundant harvests is
essential for food security. Miticides contribute to this by mitigating the
impact of mites on crops, ensuring that yields meet the demands of a growing
population. The recent emphasis on sustainable agriculture has heightened the
importance of eco-friendly pest management solutions. Miticides formulated with
reduced environmental impact and lower toxicity align with the global push for
environmentally sustainable farming practices. These formulations help farmers
protect their crops without compromising long-term environmental health. In
recent times, the emergence of pesticide resistance in pest populations has
posed a significant challenge. Miticides that employ innovative resistance
management strategies are crucial in addressing this issue. Continuous research
and development efforts focus on creating miticides with novel modes of action
to combat resistant mites effectively. However, regulatory scrutiny and
compliance may hinder market growth. Moreover, challenges related to development
of resistance in mite populations may pose obstacles to the Miticides market in
the near future.
The Global Miticides Market is segmented into crop type,
formulation, mode of application, form, regional distribution, and company.
Based on its formulation, the liquid segment has
emerged as the predominant market leader, Liquid miticides are generally easier
to apply than dry miticides, as they can be sprayed directly onto crops using
conventional spray equipment. This makes them more convenient and efficient to
use, especially for large-scale agricultural operations. Liquid miticides can
provide better coverage and penetration of plant surfaces compared to dry
miticides. This is because liquid miticides can more easily reach crevices and
hidden areas where pests may be hiding. Liquid miticides are less prone to
drift than dry miticides, which means that they are less likely to be carried
away by wind or water and contaminate non-target areas.
Based on region, Asia-Pacific segment is expected to
grow during the forecast period. The Asia Pacific region has the
largest agricultural sector in the world, with a rapidly growing population
that is increasing demand for food. This is leading to increased use of
miticides to protect crops from pests and ensure food security. The Asia Pacific
region is home to a wide variety of pests that can damage crops, including
mites, aphids, thrips, and whiteflies. This high pest pressure is driving
demand for miticides to control these pests. Farmers in the Asia Pacific region
is increasingly adopting modern agricultural practices, such as high-value crop
cultivation and precision agriculture. This is leading to increased demand for
miticides, as these practices can increase pest susceptibility. As disposable
incomes rise in the Asia Pacific region, consumers are spending more on food.
This is leading to increased demand for fruits and vegetables, which are
particularly susceptible to pests and require miticides for protection.
The Europe market is poised to be the fastest-growing
market, offering lucrative growth opportunities for Miticides players during
the forecast period. Factors such as Europe is known for having stringent
regulatory standards regarding the use of pesticides and chemicals in
agriculture. This includes miticides. While stringent regulations can pose
challenges, they also create a conducive environment for the development and
adoption of environmentally friendly and sustainable miticides. As the global
focus on sustainable agriculture increases, European regulations may drive the
demand for innovative and eco-friendly miticide solutions. European countries
have been increasingly emphasizing sustainable and organic farming practices.
Miticides that align with these principles, such as biological or bio-based
formulations, may experience higher demand.
Major
companies operating in Global Miticides Market are:
- Illumina, Inc.
- Eurofins Scientific
- LGC Limited
- SGS S.A.
- Thermo Fisher Scientific Inc.
- Intertek Group plc
- DuPont
- ADAMA India Private Limited
- Arysta LifeScience Corporation
- FMC Corporation
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“The technological
advancements in miticides and rising awareness about crop health are key
drivers of the Miticides market. In recent years, The development of miticides
with increased specificity and reduced environmental impact contributes to
their adoption. Selective formulations that target mites while minimizing harm
to beneficial organisms align with the global trend towards sustainable and
integrated pest management practices. Moreover, the growing consumer emphasis
on preventative agricultural products has enhanced production and marketing
efforts. To meet the demands of the market, manufacturers are increasingly
incorporating cutting-edge technologies with high production efficiency. Rising
consumer acceptance and continuous product innovation will further ensure the
growth of the Miticides market in the coming years.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Miticides Market – Global Industry Size,
Share, Trends, Opportunity, & Forecast 2018-2028 Segmented By Crop Type
(Fruits & Vegetables, Cereals & Grains, Oilseeds & Pulses, Others),
By Formulation (Liquid, Dry), By Mode of Application (Foliar Spray, Soil
Treatment, Others), By Source (Biological, Chemical), By Region, Competition”, has evaluated
the future growth potential of Global Miticides Market and provides statistics
& information on market size, structure and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Miticides Market.
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