The miticide market is anticipated to expand at a high CAGR over the forecast period.
Miticide is a type of pesticide used for pest control. This chemical particularly targets plant mites like spiders or ticks that damage the plants. The miticide market is expected to grow due to the rise in population leading to an increase in demand for crop production. A rise in awareness among the farmers about the ill effects of pest attacks which may lead to heavy losses is further anticipated to drive the market. Opportunities like advancements in agricultural practices and technology are expected to drive the growth of the miticide market during the forecast period.
However, the presence of substitutes and governments stringent regulations on the usage of chemicals will hinder the growth of miticide market. The market is segmented on the basis of the form of a miticide, source, crop type, application, and geography. In the source segment, the chemical segment is anticipated to hold a significant market share due to its wide adoption. Geographically, Asia Pacific is expected to have a substantial share in the miticide market during the forecasted period on account of the growing population along with increasing demand for crop and cultivation activities in countries like India and China.
DRIVERS
Increase in agricultural productivity.
Awareness about technology and new farming practices
RESTRAINTS
Strict rules and regulations by the government
Availability of substitutes.
INDUSTRY UPDATE
In February 2017, Gowan US launched a new product Nexter SC which is a novel formulation to increase the knockdown of mites.
In March 2017, FMC Corporation acquired a significant portion of DuPont’s Crop Protection Business.
The major players profiled in the Miticide market are FMC Corporation, Gowan Company, LLC, BASF, Nissan Chemical Industry, Syngenta, Nihon Nohyaku Co., Ltd., ADAMA, Bayer AG, Nufarm Ltd. And Dowdupont.
Segmentation
The Miticide market has been analyzed through the following segments:
By Form
Dry
Liquid
By Source
Chemical
Biological
By Crop Type
Cereal and Grain
Fruits and vegetables
Pulses and oilseeds
Others
By Application
Soil Treatment
Foliar Spray
By Geography
North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
Germany
France
United Kingdom
Spain
Others
Middle East and Africa
Saudi Arabia
Israel
Others
Asia Pacific
China
Japan
South Korea
India
Others