Acaricides Market to Expand with Significant CAGR | 2024

Acaricides are pesticides that are used to kill acari such as ticks and mites. They are employed in agriculture and medicine; the desired level of toxicity differs between the two fields as per their applications. There are different types of acaricides, depending on the concentration of various chemicals such as chlorine, zinc, phosphorous, and tin. Acaricides are also produced from natural raw materials such as clove, spoiled corn, and neem. These naturally produced acaricides tend to be less toxic in nature. Chemically derived acaricides include organophosphorus and organochlorine.

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Acaricides have been segmented on the basis of application into agriculture, animal husbandry, and home. Acaricides help maintain the health of animals and crops and protect them from diseases. They also help increase the productivity of crops. When treated with acaricides, cattle becomes lesser prone to tick-borne diseases, thereby resulting in increased milk production. The agriculture sector accounted for a major share of acaricides in 2014, followed by animal husbandry. Acaricides are used widely in homes to kill ticks and mites. The rising usage of acaricides in home applications is anticipated to boost the acaricides market in the near future. Driving factors of the acaricides market include increase in productivity, development of the agriculture industry, and rising global demand for livestock. The development in sectors such as fertilizers and medicines has led to an increase in demand for acaricides in the global market. The factors restraining growth of the acaricides market include high cost of acaricides and stringent regulatory restrictions in some countries.

The global acaricides market is segmented into regions such as Asia Pacific, North America, Europe, Middle East & Africa, and Latin America. In 2014, Asia Pacific accounted for the major share of the market, followed by Europe and North America. Asia Pacific is anticipated to continue to witness high growth during the next few years owing to the expansion of agriculture and animal husbandry sectors. Asia Pacific accounts large application of acaricides in domestic homes, resulting in large market share for the region. China and India are among the growing economies that account for major share of consumption in the Asia Pacific region. Growth in the agriculture sector in countries such as India, China, Indonesia, Japan, and South Korea has boosted the regional market. This, in turn, would help Asia Pacific to retain its market position during the next few years. Currently, Europe is the second-largest market for acaricides. It is projected to expand at a higher rate than North America. Agriculture is the major end-use application in Europe, followed by animal husbandry and home applications. The future growth in these sectors would led to boost the global demand for acaricides in the near future.

The global demand for acaricides is expected to rise significantly in the near future, thereby offering high growth opportunities for the market. Increasing demand for acaricides has compelled producers to undertake the expansion and acquisition of projects in order to meet the global demand. Large numbers of producers are shifting their plants to countries such as China and India due to factors such as high demand and low raw material and labor costs.

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The global acaricides market is steadily expanding due to growth in the usage of crop protection chemicals required to control the spread of ticks and mite-borne diseases. BASF SE, Bayer CorpScience Limited, Arysta LifeScience Limited, FMC Corporation, and DuPont are the key participants in the acaricides market.

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