The miticides market is projected to grow at a CAGR of 5.7%

LONDON, June 18, 2018 /PRNewswire/ -- The miticides market is projected to grow at a CAGR of 5.7%.
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 factors responsible for the increased use of miticides are that they have a quick mode of action, are easy to use, and reduce labor costs. The market is further driven by factors such as technology and development of innovative miticides that are cost-effective as well as used on a broad crop portfolio to decrease crop losses. Whereas, high residue levels of miticides on excessive use, stringent government regulations, and easy availability of substitutes and alternatives are restraints for the miticides market.

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The demand for chemical miticides is exhibiting steady growth.
On the basis of source, the chemical segment is projected to exhibit a higher CAGR from 2018 to 2023.The chemical segment led the market for miticides.

The use of synthetic chemical miticides for plant and crop protection is constantly growing. Many specific miticides have been introduced, which are less toxic to predaceous mites than phytophagous mites are and help in controlling the population of phytophagous mites.

High growth is expected in the Asia Pacific miticides market.
Asia Pacific is projected to be the fastest-growing market for miticides during the forecast period.The region is emerging and estimated to be the largest market for miticides, with investments from several multinational manufacturers, especially in countries such as China, New Zealand, and Japan.

The increasing adoption of modern agricultural practices and requirement of high-quality fruit & vegetable produce for exports are expected to drive the growth of the miticides market in the region.

Break-up of Primaries:
• By Company Type: Tier 1 - 45 %, Tier 2 - 35%, and Tier 3 - 22%
• By Designation: C-level - 33%, D-level - 45%, and Others* - 22%
• By Region: North America - 11%, Europe - 11%, Asia Pacific - 45%, and RoW - 33%
*Others include sales managers, marketing managers, and product managers.

Leading players profiled in this report:
• BASF (Germany)
• Bayer (Germany)
• Syngenta (Switzerland)
• Nihon Nohyaku (Japan)
• Gowan (US)
• DowDuPont (US)
• ADAMA (Israel)
• Platform Solutions (Arysta LifeScience) (US)
• FMC Corporation (US)
• Nufarm (Australia)
• Valent Biosciences (US)
• Certis (US)
• OHP, Inc. (US)
• Nissan Chemicals (Japan)

Research Coverage:
The report categorizes the miticides market on the basis of crop type, mode of application, source, form, and region. In terms of insights, this report has focused on various levels of analyses—competitive landscape, end-use analysis, and company profiles—which together comprise and discuss views on the emerging & high-growth segments of the global miticides, high-growth regions, countries, government initiatives, drivers, restraints, opportunities, and challenges.

Reasons to buy this report:
• To get a comprehensive overview of the miticides
• To gain wide-ranging information about the top players in this industry, their product portfolios, and key strategies adopted by them
• To gain insights about the major countries/regions in which the miticides market is flourishing

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