Dublin, Jan. 23, 2024 (GLOBE NEWSWIRE) -- The "South & Central America Miticides Market Forecast to 2028 -Regional Analysis" report has been added to ResearchAndMarkets.com's offering.
The latest market analysis report demonstrates the robust growth of the miticides industry in South & Central America, with an anticipated climb from a valuation of US$ 171.73 million in 2022 to an impressive US$ 231.59 million by 2028. This remarkable expansion is forecasted at a compound annual growth rate (CAGR) of 5.1% from 2022 to 2028. 
Key Drivers for Market Growth
Increased utilization of miticides for optimal crop protection and yield enhancement has been identified as the prime catalyst propelling market growth. In today's agricultural landscape, where there is an urgent need to maximize production within limited farmlands, the employment of pesticides is paramount. Miticides play a critical role in maintaining crop health by effectively eradicating ticks and mites that pose significant threats to plant health.
Market Dynamics
The expansion of agricultural operations across the South & Central American region is a significant contributing factor to the development of the miticides market. Countries like Brazil are witnessing an increase in the areas planted with cash crops such as soybeans, corn, and sugarcane, thus influencing market dynamics positively. This increase in agricultural land has led to increased usage of agrochemicals that include pesticides and fertilizers, further fuelling market growth.
Comprehensive Market Segmentation Insights Growth Across Diverse Segments
- Source: Divided into bio-based and synthetic sources, the synthetic segment held a dominant position in the market in 2022.
- Form: The market segmentation by form saw the liquid segment outperform the dry segment, claiming a larger market share in 2022.
- Crop Type: Among crop types, the fruits and vegetables segment notched the largest share in 2022 and is expected to continue its lead in the forecast period.
- Country: On a country basis, Brazil proved to be the largest market for miticides in South & Central America.
Leading Market Entities
The report identifies several key players currently leading the South & Central America miticides market. These organizations are recognized for their significant contributions to the sector's innovation and growth. Continuing advancements and strategic market positioning are expected to continue driving the market forward.
The detailed insights provided by the new market analysis are invaluable for stakeholders, investors, and participants looking to navigate and capitalize on the growth trajectory of the South & Central America miticides market. The integration of advanced agricultural practices is set to continue the upward trend in demand for miticides, thus providing promising opportunities for market expansion and strategic investment.
For more detailed industry insights and segment-specific analyses of the South & Central America miticides market, interested parties are encouraged to peruse the full report.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 114 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $171.73 million |
| Forecasted Market Value (USD) by 2028 | $231.59 million |
| Compound Annual Growth Rate | 5.1% |
A selection of companies mentioned in this report includes
- 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
For more information about this report visit https://www.researchandmarkets.com/r/mv31zy
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