Acaricide Market Size Forecast to Reach $370.3 Million by 2026

Acaricide Market Size Forecast to Reach $370.3 Million by 2026

Acaricide Market
The Increasing Demand for Dairy Products and New Developments in the Crop Sector Are Also Key Drivers of the Market for Acaricides.

Acaricide Market is forecast to reach $370.3 million by 2026, after growing at a CAGR of 4.4% during 2021-2026. Acaricides or miticides are pesticides that help to maintain the health of the animals and crops and protect them from diseases across agriculture and animal husbandry. Globally, some of the key drivers of the rising demand for acaricides are the need to feed an ever-growing population, declining arable land, and increasing demand for sustainable agricultural practices. Also, often the term ixodicides are referred to as acaricides that are used against ticks. Furthermore, with the increasing agriculture productivity in various regions, the global acaricide industry is anticipated to create new growth opportunities in the forecast period.

Impact of Covid-19

The COVID-19 pandemic and subsequent halt in manufacturing activities had an impact on the supply availability of a variety of pesticides in the year 2020. Furthermore, disruption in trade also gravely impacted the availability of acaricides in import-dependent countries. Thus, which leads to the declination in the acaricide market growth.

Acaricide Market Segment Analysis – By Type

Organophosphorus Compounds held the largest share in the acaricide market in 2020. Organophosphorus compounds are organic compounds that contain phosphorus. They are primarily used in pest control as an alternative to chlorinated hydrocarbons that persist in the environment. Some of the organophosphorus compounds are highly effective insecticides. These chemicals account for a large proportion of all insecticides used in different countries, including those used in food crops. Organophosphate insecticides (such as diazinon) are one type of pesticide that works by damaging an enzyme called acetylcholinesterase in the body of the pest. This enzyme is critical for the control of nerve signals in the body, thus, damage to the enzyme kills the pests. Thus, due to such properties, the growing demand for Organophosphorus will raise the market demand for acaricide in the forecast period.

Acaricide Market Segment Analysis – By End-Use

The agriculture sector held the largest share in the acaricide market in 2020 and is projected to grow at a CAGR of 4.1% during the forecast period 2021-2026. Agricultural acaricides or miticides are pesticides that are used for killing mites and ticks in agriculture. Acaricides are used in crop protection practices against phytophagous mites, pests that cause economic damage to agricultural crops and ornamental plants. Also, acaricides is used by cattle farmers to avoid tick infestation and animal injury. Theileriosis, heartwater, anaplasmosis, and babesiosis are major illnesses transmitted by ticks. Ticks need to be killed in order to stop the transmission of diseases before they feed on vulnerable animals and transmit diseases to other organisms. The most common and effective method of killing ticks is the use of chemical acaricides. Therefore, with the growing agriculture sector, the demand for the acaricides market is expected to grow in the forecast period.

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Acaricide Market Segment Analysis – By Geography

North America held the largest share with 37% in acaricide market in 2020. The demand for acaricide in the region is majorly driven by the growing demand for pesticides in emerging economies, like the U.S., Canada, and Mexico. The market in North America 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. The development of the crop protection industry and the increase in demand for crops and animal feed are the key growth drivers of this sector. North America region is one of the largest consumers of acaricides, in terms of volume. It is also one of the fastest-growing markets, with agriculture being one of the largest applications in terms of demand for acaricides nationwide. The demand is therefore anticipated to increase in the forecast period because of these properties.

Acaricide Market Drivers

Need For Increasing Crop Productivity

Some of the main drivers of rising demand for acaricides or miticides are the need to feed an ever-growing population, decreasing arable land, and increasing demand for sustainable agricultural practices. Over the next few years, crop production is likely to double in order to meet demand from the growing population, which in turn would increase the use of acaricides. Certainly, it is expected that technology will play a major role in the production of acaricide products. Increased urbanization and less access to arable land are motivating farmers to adopt effective techniques for protecting crops. Pesticides can have devastating results that can significantly reduce or even destroy future crops. Thus, farmers around the world are constantly using acaricide as a control measure to eliminate unwanted impacts. According to the United Nations Food and Agriculture Organization, if farmers avoid adopting methods of crop defence, they will lose about 40 percent of the crop immediately because of pests and plant diseases. Thus, with the increasing crop productivity, it is necessary to protect the crops from such pests and plant diseases as well. Due to which the demand for acaricide is estimated to rise in the forecast period.

Productive Farming Techniques

Modern agricultural techniques are being adopted by farmers worldwide to improve productivity per hectare, driving pesticide demand. Intensive farming is a method for intensifying and mechanizing agriculture aimed at optimizing yields from the land available by means such as heavy use of acaricide or miticides. These strategies help to meet the increasing food demand from the rising population and to avoid food shortages. The market for acaricide is driven by intensive agricultural techniques, such as monoculture. Monoculture is the practice of intensively growing one form of the crop over a wide area, depleting the soil’s nutrients and making it highly dependent on pesticides such as acaricide.

Acaricide Market Challenges

Various Effects of Acaricide will Affect the Market Growth

Unfortunately, when a pesticide such as an acaricide is applied to the surface, it travels outside its intended area of use by air, soil, or water. This can contribute to decreased control of pests, surface water and groundwater pollution, and damage to non-target organisms, including humans. Acaricide may also cause adverse health effects, known as acute effects, in the short term, as well as chronic adverse effects that may occur months or years after exposure. Stinging eyes, blindness, blisters, nausea, rashes, dizziness, diarrhea, and death are all examples of acute health effects. The various harmful effects of acaricides on humans and the environment will therefore further create obstacles for the acaricide market growth.

Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the acaricide market. Major players in the acaricide market are Merck & Co., Inc., Nissan Chemical Industries. Ltd., Bayer AG, Arysta Lifescience Limited, BASF SE, Chemtura Corporation, DuPont, The Dow Chemical Company, Gowan Company, L.L.C., FMC Corporation, and Syngenta among others.

Acquisitions/Technology Launches

In September 2020, Gowan Crop Protection Limited, an affiliate of Gowan Company, L.L.C., acquired New Active Ingredient Spirodiclofen (which is an IRAC Group 23 acaricide) from Bayer AG.

Key Takeaways

The growing need to improve crop productivity and the growing crop protection industry will drive demand growth for the market for agricultural acaricides over the forecast period.

The increasing demand for dairy products and new developments in the crop sector are also key drivers of the market for acaricides.

Mites are important pests in agriculture, not only because of the damage they cause to crops themselves but also because of their role as vectors of viral diseases. Acaricides are crop protection chemicals that are used to control mites.

Related Reports :

A. Carbamate Insecticides Market

B. Pesticides Market

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