[FURL=https://www.industryarc.com/Research/Miticides-Market-Research-504989]Miticides Market [/FURL] size is forecast to reach $3 billion by 2025, after growing at a CAGR of 6% during 2020-2025. Miticides are chemical substances used to control mites and ticks. Rising concerns over plants and crop protection from the pests and mites are driving the growth of miticides market size during the forecast period. Furthermore, a growing population coupled with increasing food consumption has boosted the demand for miticides. Additionally, a decrease in agricultural landmass due to rapid Key Takeaways
Government restrictions on the use of harmful pest and mite control chemicals is impacting the growth of miticides market. For instance, the European Union (EU) has banned the sales of chlorpyrifos which is an organophosphate insecticide, acaricide, and miticides after January 31, 2020.
Brazil is among the most productive in the global agricultural sector, with annual revenues of US$ 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.
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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.
Miticides Market Drivers
Food security and higher efficiency of miticides in the elimination of mites
Increasing government initiatives to boost the agriculture sector
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.
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