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%.
Northbrook, IL -- (SBWIRE) -- 06/08/2018 -- The report "Miticides Market by Crop Type (Fruits & Vegetables, Cereals & Grains, and Oilseeds & Pulses), Mode of Application (Foliar Spray and Soil Treatment), Source (Biological and Chemical), Form (Dry and Liquid), and Region - Global Forecast to 2023", 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.
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The liquid segment, by form, accounted for the larger share of the miticides market in 2017.
The liquid segment accounted for the larger share of the global miticides market in 2017. They are the most popular forms of miticides in the agricultural industry. Growing requirement of liquid forms of miticides mainly in foliar spray and soil treatment modes of application is driving the market for the liquid form of miticides.
The fruits & vegetables segment, by crop type, accounted for the largest share in the miticides market in 2017.
Miticides are increasingly gaining importance in the fruits & vegetables industry. The demand for various types of fruits & vegetables is driven by favorable climatic conditions, technology, and storage methods. With the use of miticides, crops can be protected from major pests and diseases, and the quality and yield can be improved. The miticides are generally used on spider mites that thrive on fruit and vegetable crops.
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The chemical miticides segment accounted for the largest share in the miticides market in 2017.
The use of 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.
Asia Pacific dominated the miticides market in 2017.
In 2017, the Asia Pacific region dominated the global market for miticides. Rising population and increasing food demand are the major driving factors for the growth of the global miticides market. Miticides have several benefits such as reducing losses, enhancing yield, reducing labor costs, and ease of application. As a result, many multinational players have entered into the production and development of innovative miticides products.
The increase in agricultural practices and requirement of high-quality fruit & vegetable produce are expected to drive the growth of the miticides market in Asia Pacific.
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.
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