Dublin, March 22, 2023 (GLOBE NEWSWIRE) -- The "Miticides Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Source, Form, and Crop Type" report has been added to ResearchAndMarkets.com's offering.
The miticides market size is expected to grow from US$ 996.48 million in 2022 to US$ 1,352.39 million by 2028; it is estimated to register a CAGR of 5.2% from 2022 to 2028.
Miticides are chemical pesticides that are specifically manufactured to kill rodents, mice, and ticks. In recent years, the growing awareness regarding the harmful effects of synthetic chemicals used in miticides has surged the demand for bio-based miticides. For years, pesticides have been destroying many of the natural adversaries of formerly innocuous species, along with swiftly inducing resistance in many parasites.
Over the years, the green revolution has succeeded in part through the heavy use of chemical fertilizers and pesticides subsidized by governments. Many countries launched production support programs to stimulate agricultural production and achieve food self-sufficiency. Government subsidies resulted in the lower prices of fertilizers, resulting in their overuse, which burdened national fiscal positions and also caused environmental degradation. Thus, various countries began adopting bio-based alternatives to synthetic miticides to control environmental degradation.
Asia Pacific held the largest share of the miticides market in 2022. The market growth in the region is attributed to the growing fruits & vegetable industry in the region. Asia Pacific countries such as India, China, and Japan are among the top fruit and vegetable-producing countries. According to the Ministry of Agriculture & Farmers Welfare, in 2021, India was the second-largest horticulture producer behind China, producing ~12% of the global fruit and vegetable production. This increased production of fruits and vegetables in Asia Pacific is expected to boost the demand for miticides in the region in the coming years. In addition, increasing government support through policies to promote sustainable agriculture is further driving the market growth in the region.
Based on source, the miticides market is bifurcated into bio-based and synthetic. The synthetic segment held a larger share in 2022 and is expected to register a higher CAGR from 2022 to 2028. Bio-based miticides include vegetable and horticultural oils and botanical miticides such as neem, natural pyrethrin, and chenopodium ambrosioides. A few manufacturers offer plant-based neem, canola, and cottonseed oils that protect crops from many pest species and diseases.
By geography, the miticides market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. Asia Pacific is estimated to register the highest CAGR from 2022 to 2028. The market growth in this region is mainly attributed to growing awareness about crop protection chemicals among farmers, surging government subsidies, and rising food demand due to the increasing population.
During the forecast period, the growing demand for excellent agricultural products and organic produce is increasing the need for high productivity and yield, which is boosting the use of miticides in Asia Pacific countries, especially China, Japan, and India. The growing agriculture sector is increasing the product consumption rate in Asian countries. According to the Asian Development Bank, rising incomes and urbanization are affecting food consumption activities across the region.
Market Dynamics
Market Drivers
- Increasing Use of Miticides for Crop Protection and Yield Improvement
- Growing Demand for Fruits and Vegetables.
Market Restraints
- Regulations Focused on Harmful Effects of Miticides.
Market Opportunities
- Ongoing Developments in Corp Protection Practices.
Future Trends
- Bio-Based Miticides
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 192 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $996.48 Million |
| Forecasted Market Value (USD) by 2028 | $1352.39 Million |
| Compound Annual Growth Rate | 5.2% |
| Regions Covered | Global |
Key Topics Covered:
1. Introduction
2. Key Takeaways
3. Research Methodology
4. Miticides Market Landscape
5. Miticides Market - Key Market Dynamics
6. Miticides - Global Market Analysis
7. Miticides Market Analysis - By Source
8. Miticides Market Analysis - By Form
9. Miticides Market Analysis - By Crop Type
10. Miticides Market - Geographic Analysis
11. Impact of COVID-19
12. Company Profiles
13. Appendix
A selection of companies mentioned in this report includes
- Nihon Nohyaku Co Ltd
- Kemin Industries Inc
- BASF SE
- Bayer AG
- FMC Corp
- Gowan Co
- Syngenta AG
- UPL Ltd
- Oro Agri International BV
- Certis USA LLC
For more information about this report visit https://www.researchandmarkets.com/r/o1um47
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