The miticides market is estimated at USD 1.17 Billion in 2018 and is projected to reach a value of USD 1.55 Billion by 2023, at a CAGR of 5.7%. The growth of the miticides market is driven by increasing awareness about decreasing losses, maximizing yield, and increasing the value of fruits, vegetables, ornamentals, and other crops. Also, factors such as technology and development of innovative miticides that are cost-effective as well as used on a broad crop portfolio to decrease crop losses.
The Asia Pacific region is projected to be the fastest-growing market for miticides between 2018 and 2023. The increasing awareness about miticides and continuous technological advancements are factors contributing to the growth of this market. In addition to this, the growing demand for crops and rising cultivation in the countries of Asia Pacific have forced agribusiness companies to expand their supplier and manufacturing base in the region.
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Syngenta (China), Gowan (US), BASF (Germany), and Bayer (Germany) are some of the leading players in the global miticides market. These companies adopted strategies such as agreements, expansions, mergers acquisitions, new product launches and partnerships, investments, and collaborations to strengthen their position in the market.
On the basis of source, the chemical segment dominated the miticides market in 2017. The use of synthetic chemical miticides for plant and crop protection is constantly growing. Many specific miticides have been introduced, which are less toxic to predaceous mites than phytophagous mites are and help in controlling the population of phytophagous mites.
On the basis of crop type, the fruits vegetables segment accounted for the largest market share; this can be attributed to growing health-consciousness among consumers and rising incomes, which result in increased consumption of a wide variety of products, particularly fruits vegetables. Developing regions such as Asia Pacific offer opportunities for the miticides market, due to the large fruit-growing industries in major countries such as India, China, and Southeast Asian countries and the rise in awareness about the benefits of miticides in the market.
On the basis of formulation, the miticides market was led by the liquid segment in 2017. Liquid formulations are mainly preferred as they do not cause dust formation on spraying, do not cause toxicity or flammability, provide high efficiency due to smaller particle size, and low packaging volume. Moreover, foliar spray is the most widely used mode of application, owing to its ease and high effectiveness.