Dublin, Nov. 22, 2023 (GLOBE NEWSWIRE) -- The "North America Miticides Market Forecast to 2028 -Regional Analysis" report has been added to ResearchAndMarkets.com's offering.
The North America miticides market is poised for significant growth, with a forecasted increase from US$ 135.02 million in 2022 to US$ 175.14 million by 2028, representing a CAGR of 4.4% during this period. This substantial growth is driven by several key factors, making it a high-growth niche within the market.
Growing Demand for Fruits and Vegetables Driving Miticides Market
One of the primary drivers of the North America miticides market is the increasing demand for fruits and vegetables. In recent years, there has been a growing awareness of the importance of a healthy diet rich in micronutrients and dietary fibers. Organizations like the World Health Organization (WHO) and the Food and Agriculture Organization (FAO) recommend a daily consumption of 400 grams of fruits and vegetables per person to prevent chronic diseases.
Insufficient intake of fruits and vegetables is associated with a significant percentage of deaths from gastrointestinal cancer, heart disease, and stroke. As a result, consumers are shifting towards healthier diets, leading to a surge in the demand for these nutritious foods. To protect these valuable crops from pests like mites and ticks, the use of miticides has become crucial, further boosting their demand in the market.
North America Miticides Market Overview
The North America miticides market benefits from factors such as a growing population, government subsidies, robust economies, and a strong focus on food safety. The agricultural sector in the United States, for instance, plays a vital role in the country's economy, contributing over 0.6% to the GDP in 2020. This economic significance has driven the demand for miticides in North America.
Additionally, North America promotes the use of miticides to support the growth of the agricultural sector, which heavily relies on chemical fertilizers and pesticides for large-scale production. The United States, as the largest global producer of corn, faces challenges from pests like spider mites, which can significantly reduce crop yields. Miticides are instrumental in controlling these pests and safeguarding crop production.
North America Miticides Market Segmentation
The North America miticides market is segmented based on various factors:
- Source: It includes bio-based and synthetic miticides, with the synthetic segment dominating the market in 2022.
- Form: Miticides are categorized into dry and liquid forms, with the liquid segment holding a larger market share in 2022.
- Crop Type: The market is segmented into fruits and vegetables, cereals and grains, oilseeds and pulses, and others, with fruits and vegetables being the largest segment in 2022.
- Country: The market spans across the United States, Canada, and Mexico, with the US segment leading the market in 2022.
Key Players in the North America Miticides Market
Several prominent companies are actively contributing to the North America miticides market. These include:
- BASF SE
- Bayer AG
- Certis USA LLC
- FMC Corp
- Gowan Co
- Kemin Industries Inc.
- Nihon Nohyaku Co. Ltd.
- Oro Agri International BV
- Syngenta AG
- UPL Ltd
These companies play a vital role in manufacturing agricultural miticides, catering to the diverse needs of the agriculture sector in North America. They are also devising long-term strategies to adapt to potential market trends.
In conclusion, the North America miticides market is experiencing robust growth, driven by the increasing demand for fruits and vegetables, government support for agriculture, and the need to protect crops from pests. This presents opportunities for both established players and new entrants in the market to capitalize on this high-growth niche within the agricultural industry.
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