Acaricides Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The acaricides market is anticipated to register 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 resulted in supply chain disruptions worldwide. The global shutdowns with an increase in the number of cases, the shortage of labor, and closing down of facilities resulted in low production of agrochemicals, including acaricides. Thus, the pandemic has indirectly impacted acaricide supplies on a global level. Therefore, the market is expected to observe a moderate impact of COVID-19 in 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 recent years. However, the strict regulations over the use of acaricides are 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.

Scope of the Report

Acaricides are crop protection chemicals used to control mites. Mites are important pests in agriculture, not only because of the damage they cause to crops by themselves but also because of their role as a vector of viral diseases. The acaricides market is segmented by type (organophosphates, carbamates, organochlorines, pyrethrins, pyrethroids, and other types), application (spray, dipping, hand dressing, and other applications), and geography (North America, Europe, Asia-Pacific, South America, and Africa).

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Key Market Trends

Increasing Demand for Natural Products

With the rising environmental concerns and increasing area under organic farming, the demand for natural crop protection products has significantly increased across the world. The growing demand from 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, in the Netherlands. This plant protection product has recently been approved by the Dutch Board for the Authorization 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 reached an exclusive distribution agreement with the South African company Oro Agri to commercially develop its registered natural product, OROCIDE, in Spain.

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