Miticides Market Size, Industry Share, Forecast

"The world-class Miticides Market business report encompasses an extensive study of different market segments and regions, highlighting emerging trends alongside major drivers, challenges, and opportunities in the market. The report holds immense importance in terms of market definition, classifications, applications, and engagements. All parameters can be explored to analyze market status, market share, growth rate, future trends, market drivers, opportunities and challenges, risks and entry barriers, sales channels, and distributors. The competitive landscape in the comprehensive Miticides Market document covers strategic profiling of key players in the Miticides Market industry, comprehensively analyzing their core competencies and strategies.

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Data Bridge Market Research analyses that the miticides market will project a compound annual growth rate (CAGR) of 5.88% during the forecast period of 2021-2028. Growing demand to control various crop related diseases, rising demand for new and mechanized techniques for farming or agriculture especially in the developing countries, concerted efforts of governments and companies to promote sustainable agriculture practices, growing use of advanced gardening and farming methods, rising integration of advanced technology with the agricultural equipment and increasing industry competitiveness are the major factors attributable to the growth of miticides market.

Miticides are chemical pesticides that are specifically manufactured to kill rodents, mice and ticks. Also known as acaricide, miticides are utilised in a wide range of applications such as soil treatment and foliar spray.

Growing public and private expenditure for agro- genomics research capacities, rising production of cereals and food grains, and increased adoption of integrated pest management (IPM) especially in the developing economies will emerge as the major factors fostering the growth of the market. Also, growing demand for effective and efficient crop protection tools to improve the crop productivity is another important factor fostering the growth of the market. Growth in the demand for fruit and vegetable food items, ever-rising global population and growing yield rate in farming will further create lucrative and remunerative growth opportunities for the market.

However, evolution of biotechnology and growing acceptance of GM crops is a major factor that will pose a major challenge to the growth of the market. Also, dearth of required infrastructural facilities, and easy availability of alternatives and substitutes, ban on use of several chemical pesticides, stringent government regulations regarding the approval process and lack of technical skills especially in the underdeveloped economies will further slowdown the market growth rate.

Key Pointers Covered in the Miticides Market Industry Trends and Forecast to 2029