Do. Okt 21st, 2021
Miticides Market Size Forecast to Reach $3 Billion by 2025

Miticides Market size is forecast to reach $3 billion by 2025, after growing at a CAGR of 6% during 2020-2025. Miticides are chemical substances used to control mites and ticks. Rising concerns over plants and crop protection from the pests and mites are driving the growth of miticides market size during the forecast period. Furthermore, a growing population coupled with increasing food consumption has boosted the demand for miticides. Additionally, a decrease in agricultural landmass due to rapid urbanization has impelled the farmers to use miticides in order to achieve better crop productivity. However, increasing environmental concerns and government initiatives such as the National Mission of Sustainable Agriculture (NMSA) to boost Organic farming will hamper the growth of the miticide market during the forecast period.

Miticides Market Segment Analysis – Type

The chemical miticides segment held the largest share of more than 65% in the miticides market in 2019. Chemical miticides are preferred over biological due to its effectiveness and ability to destroy mites and ticks faster. Chemicals affect mite’s essential biological processes or systems such as metabolic energy production, nervous system, or growth. Disruption or change in metabolic, developmental, or other physiological functioning within the mites, eventually lead to the death of mites and ticks.

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Miticides Market Segment Analysis – Form

Based on the form type, the liquid segment held the largest share of more than 60% in the miticides market in 2019. Increasing awareness among the farmers to protect their crops from mites is driving the growth of liquid miticides. Liquid miticides have high efficiency due to smaller particle sizes and are easily absorbed by plants. They do not cause dust formation on spraying, thus lower the risk of getting inside the human body through the nose and mouth. Ease of application and higher effectiveness of liquid miticides in destroying the ticks is augmenting the growth of the market.

Miticides Market Segment Analysis – Crop Type

Cereals & grains segment held the largest share of more than 35% in the miticides market in 2019. Miticides are ovicidal, as it destroys mite’s eggs, and are extensively used to get rid of Acarus Siro, Tyrophagus putrescentiae, Lepidoglyphus destructor, and Glycyphagus domesticus in cereals and grains. According to the United Nations Organization (UNO), the world population is projected to reach 8.5 billion by 2030, subsequently raising the demand for food and cereals. An increase in demand for food has impelled the farmer to use miticides for better agricultural output. Furthermore, the Organisation for Economic Co-operation and Development (OCED), has forecasted that global cereal production will increase by 367 Mt and reach 3 053 Mt by 2028 further escalating the use of miticides during the forecast period.

Miticides Market Segment Analysis – Application

Based on the application, the foliar spray segment held the largest share of more than 30% in the miticides market in 2019. Foliar feeding is an effective technique of applying miticides directly on the crop that is affected by mites and ticks. Mites are considered as one of the most difficult pests to control because they grow rapidly and are difficult to detect. Once miticides are sprayed onto the crops, they suppress the growth of the mites and destroys their immune system. Direct contact of miticides with mites or pests destroys them faster and results in healthy crops as compared to seed or soil treatment.

Miticides Market Segment Analysis – Geography

Asia Pacific dominated the miticides market with a share of more than 40% in 2019 followed by North America and Europe. The increase in agricultural practices and the necessity of high-quality fruit & vegetable produce have boosted the demand for miticides for the elimination of mites and pests. China’s Ministry of Natural Resources estimated that country’s arable land declined by 60,900 hectares and fell to 134.86 million hectares in 2017. Moreover, population growth in countries like India and China has increased food demand. According to the Indian governmental report, food processing Industry in India contributed approx. $3.92 Bn to India’s exports in the year 2017-18 and total consumption of the food and beverage segment domestically is expected to reach $1.142 Tn by 2025, thereby increasing the demand for miticides for higher crop yield.

Miticides Market Drivers

Food security and higher efficiency of miticides in the elimination of mites

The rise in food security concerns and growing awareness among people to protect their crops from pests and mites has boosted the growth of the miticides market. According to the United States Department of Agriculture, in 2018, 88.9 percent of the U.S. households were food secure throughout the year. The remaining 11.1 percent of households were food insecure at least sometime during the year, including 4.3 percent (5.6 million households) that had very low food security. Also, over 2016 to 2018, 5.6% of the UK population were estimated to have experienced food insecurity based on the FAO’s globally set threshold for food insecurity. Thus, growing food demand has urged the farmers to use miticides for higher agricultural output. Moreover, the United Nations “Zero Hunger Vision by 2030” which aims to end hunger and double the agricultural productivity and incomes of small-scale food producers are likely to increase the demand for miticides.

Increasing government initiatives to boost the agriculture sector

The government of various countries is focusing and spending heavily in the field of agriculture as it is an effective way to promote agricultural productivity. For instance, in 2016, according to China’s Ministry of Agriculture, over 1,300 Chinese enterprises had overseas investments in agriculture, forestry, and fisheries valued at $26 billion. Additionally, in April 2020, the governments of Canada and Ontario invested up to $2.5 million for the expansion of the agri-food sector. Thus, owing to the various initiatives by the government, agricultural production is increasing in the various regions. Thus, with the increased crop production the demand for miticides is also increasing to increase the crop yield, which acts as a driver for the miticides market.

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Miticides Market Challenges

Harmful effects of miticides on the human health and adoption of organic farming

Although miticides are widely used to increase crop productivity by eliminating mites and ticks, but its harmful effect on human health is restraining the growth of the market. Exposure to miticides may cause many diseases, including metabolic syndrome, malnutrition, atherosclerosis, inflammation, anxiety, loss of memory, weakness, cancer, and kidney failure. Furthermore, government restrictions on the use of organophosphate compounds and policies such as Paramparagat Krishi Vikas Yojana (PKVY), National Mission of Sustainable Agriculture (NMSA), and National Project on Organic Farming (NPOF) for boosting organic farming is hampering the growth of the miticides market. According to the Research Institute of Organic Agriculture, the organic area in Asia increased by 25 percent in 2017 and reached almost 6.1 million hectares, substantially affecting the growth of miticides market.

Emergence of COVID-19

Food distribution channels of almost all countries across the world have been highly disrupted due to COVID 19 crisis. Disruption of the supply chain led to huge losses to the farmers. World Trade Organization forecasted that the global trade will fall by between 13% and 32% in 2020 as the COVID 19 pandemic disrupts normal economic activity and life around the world. In addition, India’s fruits and vegetable export declined by 16% and reached at $1 billion for the period between April 2019 and January 2020, from $1.19 billion for the same period the previous year, according to the Agricultural and Processed Food Products Export Development Authority (APEDA). Thus, a decline in the growth of the agricultural sector hampers the dimethoate market.

Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the miticides market report. In 2019, the market of miticides has been consolidated by the top 10 company players accounting for xx% of the share. Major players in the miticides market are Bayer AG, BASF SE, Syngenta AG, FMC Corporation, United Phosphorus Limited, DuPont de Nemours, Inc., Nufarm Ltd., Dow AgroSciences LLC, Gowan Company, Terminix International Company, Kemin Crop Technologies among others.

Acquisitions/Technology Launches

In December 2018, Kemin Crop Technologies, launched TetraCURB Organic which is a foliar spray miticide and repellent for use on all crops. TetraCURB Organic quickly eliminates spider mites with multiple modes of action, which contribute to the management of pesticide resistance development.

In June 2017, AMVAC Chemical Corporation acquired three crop protection product lines – abamectin, chlorothalonil and paraquat – from Adama Agricultural Solutions Ltd. The acquisition includes the trademarks, product registrations, registration data, and commercial information that relate to the marketing and sale of these United States.

Key Takeaways

Government restrictions on the use of harmful pest and mite control chemicals is impacting the growth of miticides market. For instance, the European Union (EU) has banned the sales of chlorpyrifos which is an organophosphate insecticide, acaricide, and miticides after January 31, 2020.

Brazil is among the most productive in the global agricultural sector, with annual revenues of US$ 84.6 billion in 2018 and according to the US Department of Agriculture, agricultural revenue in the country grows at a much higher rate than the rest of the world. The flourishing agricultural sector also augments the demand of miticides in Brazil.

The coronavirus pandemic has disrupted the supply chain and also impacting the production of miticides which is hampering the growth of the miticides market.

Related Reports :

A. Pesticides Market

https://www.industryarc.com/Report/18229/pesticides-market-research-report-analysis.html

B. Insecticides Market

https://www.industryarc.com/Report/15905/insecticides-market.html

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