The market for miticides is estimated at USD 1.17 Billion in 2018 and is projected to reach USD 1.55 Billion by 2023, at a CAGR of 5.7%. The miticides market is segmented on the basis of crop type, mode of application, form, source, and region. The crop types that miticides are most used on include fruits & vegetables, cereals & grains, and oilseeds & pulses. This market has also been segmented on the basis of mode of application into foliar spray, soil treatment, and other modes of applications, which include post-harvesting and seed treatment. It has also been segmented on the basis of formulation into liquid and dry. On the basis of key regions, the miticides market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW), which includes South America and the Middle East & Africa.
The Asia Pacific region is projected to be the fastest-growing market for miticides between 2018 and 2023. The increasing awareness about miticides and continuous technological advancements are factors contributing to the growth of this market. In addition to this, the growing demand for crops and rising cultivation in the countries of Asia Pacific have forced agribusiness companies to expand their supplier and manufacturing base in the region.
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The miticides market is diversified and competitive, with a large number of players. It is dominated by various players, depending on their core competencies. However, already established strong miticides market players, increase in the prices of raw materials, and stringent regulations are some of the major factors restraining the growth of the market.
Based on mode of application, the foliar spray segment is projected to be the fastest-growing, during the forecast period. Though it can also be used for herbicides, insecticides, or fungicides, it is mainly used for spraying miticides to eliminate mites, insects, and pests from the plants. This growth is mainly attributed to the growing awareness about the importance of soil treatment for better crop yield and its cost-effectiveness.
The miticides market growth is driven by customer awareness about increasing the value of fruits, vegetables, and other crops. 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. The high-growth potential in the emerging markets and untapped regions provide new growth opportunities for market players.