The Acaricides Market is anticipated to grow at a CAGR of 5.1 % during the forecast period (2021-2026). Post the COVID-19 global health emergency, nationwide shutdowns were imposed across the world which in turn resulted in supply chain disruptions worldwide. The broadening of shutdowns with an increase in a number of cases, along with the shortage of labor, closing down of facilities resulted in low production of agrochemicals including acaricides. Thus, the pandemic has indirectly impacted acaricide supplies at a global level. Therefore, the market is expected to observe a moderate impact of COVID-19 in the year 2021.
Over the long term, the growing food demand with expanding population, decreasing arable land, increasing demand for natural products, and increasing demand for sustainable agricultural practices, are some of the major drivers for the increasing demand for acaricides. It has been estimated that the yield losses due to attacks by mites could be as high as 13.8% in many crops. Mites survive in dry weather and with an increase in global temperatures, mites have found their way as an important pest. The acaricides market is projected to grow at a fast pace on account of the increasing incidences of prolonged dry spells across the world in the recent years. However, the strict regulations over the use of acaricides is expected to restrain the market growth in the coming years.
Fruits and vegetables grown in the sub-tropical and temperate zones of the world are most susceptible to mites. The market in Asia-Pacific is growing at an impressive rate, especially in agriculture, due to the increasing usage of crop protection chemicals to control the spread of tick and mite-borne diseases.
Key Market Trends
Increasing Demand of the Natural Products
With the rising environmental concerns and increasing area under organic farming the demand for natural crop protection products has significantly increased over the world. With the growing demand by agricultural producers for natural products to treat their crops has led the companies to introduce bio based products in the market. For instance, in February 2020, Oro Agri launched its new insecticide/acaricide Oroganic at HortiContact in Gorinchem, the Netherlands. This plant protection product has recently been approved by the Dutch Board for the Authorisation of Plant Protection Products (CTGB) and is based on orange oil, an active substance of natural origin. This is a phytosanitary product obtained from 6% orange oil, with insecticidal, acaricidal and fungicidal properties at the same time, which fights diseases and pests such as powdery mildew, mildew or thrips efficiently and sustainably. Later, in March 2020, a biotech company Idai Nature reach an exclusive distribution agreement with the South African company Oro Agri to commercially develop its registered natural product OROCIDE in Spain.
Asia-Pacific Dominates the Acaricides Market
The agricultural industry in Asia-Pacific region is evolving rapidly, China and India are the major consumers of acaricides. Conventional insecticides or acaricides are extensively used to control the sucking pests, but most of them have failed due to lower efficacy, and the development of high folds of resistance. Red spider mites are a major pest in China causing considerable losses over the years. They have overlapping generations, a strong reproductive capacity, small insect bodies, and high insecticide resistance, making them difficult to control. Recently, in 2020, Chengdu Newsun Crop Science Co., Ltd. launched its novel and innovative botanical acaricide, â€œMarvee,â€ to control red spider mites.
Similarly, in India, many of the sucking pests including mites not only cause damage by direct feeding, but most of them also act as vectors for several plant pathogenic viruses particularly in vegetables. To address these challenges, leading agrochemical company Insecticides (India) Limited (IIL) launched â€˜Kunoichiâ€™, a miticide that is effective at all stages of the mite in 2019. Kunoichi comprises Cyenopyrafen 30% SC, invented and developed by Nissan Chemical Corporation, Japan. IIL is the partner of Nissan Chemical Corporation, Japan in India for marketing of its products.
The market for agricultural acaricides is consolidated with a few major players occupying the higher market share. Key participants in the global agricultural acaricides market are BASF SE, UPL, Bayer CropScience, FMC Corporation, and Nissan Chemical Industries Ltd etc. The market here is witnessing rapid growth in terms of product innovation, with a focus on increasing retail availability of various acaricides products.
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