Miticides Market: Size, Share, and Growth Trends by 2033"
Global Miticides Market Outlook
The Miticides Market, valued at USD 1.5 billion in 2022, is expected to witness substantial growth. Projections indicate that the industry will expand from USD 1.58 billion in 2023 to USD 2.4 billion by 2032, demonstrating a compound annual growth rate (CAGR) of 5.50% throughout the forecast period from 2023 to 2032.
The global miticides market has been segmented by form, source, mode of application, crop type, and region.
Based on form, the global miticides market has been divided into powder and liquid. The liquid form segment accounted for the larger market share of the global miticides market in 2021. Liquid miticides offer advantages such as no dust formation during spraying, efficient handling, small particle size, and low packaging volume, resulting in the growth of the segment during the forecast period.
On the basis of source, the global miticides market has been segregated into biological and chemical. The chemical miticides segment held the larger market share in 2021 due to the rapid and targeted response of the product. Furthermore, technological advances in chemical miticides are expected to drive demand during the forecast period.
Based on mode of application, the global miticides market has been categorized as foliar spray and soil treatment. The foliar spray segment led the market in 2021 due to the quick response, and application flexibility of the product.
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By crop type, the global miticides market has been segmented into horticultural crops, field crops, and turf and ornamentals. The horticultural crops segment accounted for the largest market share in 2021 and is expected to continue leading the market during the forecast period. The growing demand for fruits and vegetables due to the rising population and increasing per-capita income is boosting the growth of the product market.
Regional Analysis
The global miticides market has been studied with respect to five regions—Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. Asia-Pacific held the largest market share in 2021, followed by Europe and North America. The Latin American market is expected to witness significant growth, while the market in the Middle East & Africa is likely to grow at a moderate rate during the forecast period.
Competitive Analysis
Some of the key players in the global miticides market are Syngenta (Switzerland), Bayer AG (Germany), Adama Agricultural Solutions Ltd (Israel), FMC Corporation (US), Gowan Company (US), BASF SE (Germany), DowDuPont (US), Certis USA LLC (US), Nissan Chemical Corporation (Japan), Philagro South Africa (Pty) Ltd (South Africa), Arysta LifeScience Corporation (Japan), Dhanuka Agritech Ltd (India), Phoenix Environmental Design Inc. (US), Crop Quest, Inc. (US), and United Phosphorus, Inc. (US).
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