Press Release
Press Release
Acaricides are used to effectively control mites and ticks on both plants and animals. The growing demand for eco-friendly and biopesticides is a major driver for the market growth. Resistance development and the commercial availability of compounds with novel modes of action also contribute significantly to the market growth. As the production of various fruits and vegetables, such as grapes, soybean, cotton, and corn, is expected to increase with the rise in demand, the demand for acaricides to enhance the productivity and quality of the crop is also predicted to rise.
As they can be used as sprays, spot-ons or incorporated into plastics, they offer easier application and more prolonged efficacy; this further lubricates the industry growth. The rise of disposable income and the emergence of the middle class have resulted in the growing demand for quality and organic food. As acaricides functions as an eco-friendly and harmless pesticide, it is widely used for crop protection, consequently boosting the market growth. The growing reliance on the internet and the e-commerce platform, along with the wide availability of acaricides, is also expected to aid the market growth of acaricides.
Various technological advancements and innovations are substantial to the growth of the market. The leading players hence are continuously researching and launching new products that offer better quality. Bayer AG (ETR: BAYN), one of the key players of the acaricides industry, launched Oberon® SC 240, a new acaricide, in January 2019. With various innovations such as the ketoenol technology, Oberon offers a new mode of action for whitefly and spider mite control and has a high level of lasting efficacy. Moreover, it decreases the fertility of adult female firefly and controls the developmental stages of spider mite. Additionally, the product is eco-friendly and shows no cross-resistance to other pesticides and acaricides. Developments such as these are expected to promote the growth of the acaricides industry in the forecast period.
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The major players in the global acaricides industry are Syngenta Crop Protection, Bayer AG, UPL Europe Limited, and Corteva Agriscience, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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