Albany, NY -- (SBWIRE) -- 07/11/2017 -- The global market for spirodiclofen is witnessing a high growth rate, thanks to its significantly increasing demand, owing to its compliance with the current requirements and the standards of integrated pest management (IPM). Over the coming years, this demand is likely to increase effectively, thanks to the rising yield of almonds, walnuts, and tangerines. Apart from this, the surge in the production of tomatoes is also projected to boost the market remarkably over the next few years.

In 2013, the worldwide market for spirodiclofen was worth US$119.9 mn. Registering a CAGR of 6.0% between 2014 and 2020, the opportunity in this market is likely to increase to US$172.1 mn by the end of 2020. Researchers predict high growth prospects for this market on account of the rising usage of spirodiclofen in fruiting vegetable crops and decorative plants in the years to come.

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Demand for Spirodiclofen to Rise in Almond Crops

Spirodiclofen finds a widespread usage in a number of fruit crops, such as almond, apple, peach, grapes, pear, avocado, and lime and lemon. Among these, almonds report the most prominent consumption of the acaricide across the world. The efficiency of spirodiclofen in keeping the crop healthy and disease-free, thus improving the crop yield, is reflecting greatly on its adoption in this segment. Since, the crop industry is focusing aggressively on protecting the crops from various insects and diseases, the demand for mite-extermination chemicals, specifically spirodiclofen, is expected to increase over the forthcoming years, boosted by the growing production of fruits, such as tangerines and walnuts.

Other crops, such as ornamental plants and fruiting vegetables, are also requiring spirodiclofen significantly in order to eliminate harmful pests that restrict the growth of the plant. With the increasing cultivation of ornamental plants, known as floriculture, which is broadly done for the purpose of beautification in landscape design projects, the demand for spirodiclofen is likely to rise in the years to come. Moreover, the growing production of several other common crops, such as tomatoes – in a bid to meet the escalating demand for food – is projected to boost the market for spirodiclofen across the world in the years to come.

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Europe to Continue on Top

In terms of geography, the global market for spirodiclofen registers its reach across Europe, Asia Pacific (APAC), North America, and the Rest of the World (RoW). With a share of 25%, Europe led the overall market in 2013. Thanks to the increasing usage of this acaricide in several crops, such as walnuts and almonds, the regional market is expected to remain on the top over the forthcoming years.

Among other regional markets, Asia Pacific is projected to offer the most lucrative opportunities for the growth of this market in the near future. North America and the Rest of the World, specifically Latin America, are also expected to experience an increased demand for spirodiclofen in the years to come.

With only two established players, the global market for spirodiclofen displays a highly concentrated competitive structure. The two leading participants in this market are Bayer CropScience and Hangzhou Tianlong Biotechnology Co. Ltd.