The scope of our recent study on the "Miticides Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Source (Bio-Based and Synthetic), by Form (Dry and Liquid), and Crop Type (Fruits and Vegetables, Cereals and Grains, Oilseeds and Pulses, and Others)" includes the factors fueling the market growth, revenue estimation and forecast, and market share analysis, along with the identification of significant market players and their key developments.
The miticides market was valued at US$ 996.48 million in 2022 and is projected to reach US$ 1,352.39 million by 2028; it is expected to grow at a CAGR of 5.2% from 2022 to 2028. Miticides are chemical substances used to control mites or ticks that damage ornamental or food plants. Miticides are also known as acaricides. Azobenzene, dicofol, ovex, and tetradifon are commonly used miticides. Many miticides kill eggs and larval stages, as well as adult animals. The miticides market is highly competitive due to the presence of several regional and global players. Players operating in the market are competing with each other based on product quality, price, and product differentiation. The global miticides market is segmented on the basis of source, form, crop type, and geography.
Based on crop type, the global miticides market is segmented into fruits and vegetables, cereals and grains, oilseeds and pulses, and others. The fruits and vegetables segment held the largest share of the global miticides market in 2022. Mites, tiny spider-like creatures that feed on plants, can affect the flavor and skin of fruits on trees. They can destroy the crop by sucking the sap out of leaves or fruit. Pome, citrus, berries, grapes, and other fruits are highly prone to mites attacks. Mites such as spider mites, spotted tentiform leafminer, white apple leafhopper, pear psylla, and pear rust mites mainly damage the fruits. Miticide is a pesticide that provides control over mites and ticks.
The global miticides market is segmented into five main regions-North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South & Central America. Asia Pacific held the largest revenue share of the global miticides market in 2021. The growing agriculture sector is a major factor driving the miticides market in Asia Pacific. According to the Asian Development Bank, rising incomes and urbanization are affecting food consumption activities across the region. China, Japan, and India have a high product consumption rate. Policies introduced by many international, multilateral, and bilateral organizations on regulating pesticide distribution and promoting integrated pest management (IPM) have supported the efforts of governments of various countries in the region. This is further fueling the market growth across the region.
Impact of COVID-19 Pandemic on Miticides Market
The global economy was severely affected due to the onset of the COVID-19 pandemic. Governments of various regions had taken possible steps to restrict the spread of SARS-CoV-2 by announcing country-wide lockdowns, which directly impacted the growth of industrial sectors. Many agriculture producing countries faced challenges procuring miticides. Moreover, supply constraints have significantly raised the costs of miticides. The COVID-19 pandemic had significantly impacted pesticide industries across the globe, with a huge decline in the production process. However, the insecticides market has recovered due to the rising demand for miticides.
The report includes the segmentation of the global miticides market as follows:
Based on source, the global miticides market is bifurcated into bio-based and synthetic. Based on form, the global miticides market is bifurcated into dry and liquid. Based on crop type, the global miticides market is segmented into fruits and vegetables, cereals and grains, oilseeds and pulses, and others. By geography, the global miticides market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The global miticides market in North America is further segmented into the US, Canada, and Mexico. The global miticides market in Europe is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The global miticides market in Asia Pacific is segmented on the basis of China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The market in the MEA is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of MEA. The global miticides market in South & Central America is segmented on the basis of Brazil, Argentina, and the Rest of South & Central.
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