At 5.1% CAGR, the South & Central America Miticides Market is projected to be worth US$ 231.59 million by 2028, says Business Market Insights

According to Business Market Insights research, the South & Central America miticides market was valued at US$ 171.73 million in 2022 and is expected to reach US$ 231.59 million by 2028, registering a CAGR of 5.1% from 2022 to 2028. Ongoing developments in crop protection practices and growing demand for fruits and vegetables are the critical factors attributed to the South & Central America miticides market expansion.               

A miticide is a chemical insecticide that mainly targets mites (e.g., spider mites) that harbor fruits and vegetables, cereals and grains, oilseeds and pulses, turf and landscape, ornamental flowers, and forage and plantation crops. Miticides are packed in the form of spray concentrates and have powerful active ingredients, resulting in a quick knockdown and fast kill. However, the development of miticide resistance in mites is a major issue in the agriculture field. Repeated pesticide uses result in microevolution due to the selection pressure, ultimately leading to resistance development. Thus, manufacturers have shifted their focus on offering miticides made of chemicals such as omite and palictran, which give better results without harming the predatory fauna of mite pests. Moreover, they offer effective products that can kill mites in all stages of their lifecycle. BASF SE and Sym-Agro, among others, offer organic miticides that also act as fungicides. These miticides help to control adelgids, aphids, fungus gnats, lace bugs, leafminers, leafhoppers, mealybugs, mites, scale, thrips, whiteflies, webworms, and powdery mildew on ornamentals. Such innovative multipurpose products are becoming popular among farmers as they lower the cost of production. Many countries are encouraging the development of pesticides for agricultural use. For instance. Thus, the development of novel products, coupled with favorable government initiatives, is offering future growth opportunities for the South & Central America miticides market players.  

On the contrary, regulations focused on harmful effects of miticides hurdles the growth of South & Central America miticides market.

Based on source, the South & Central America miticides market is bifurcated into bio-based and synthetic. The synthetic segment held 64.8% share of South & Central America miticides market in 2022, amassing US$ 111.28 million. It is projected to garner US$ 148.24 million by 2028 to expand at 4.9% CAGR during 2022–2028.

Based on form, the South & Central America miticides market is segmented into dry and liquid. The liquid segment held 75.3% share of South & Central America miticides market in 2022, amassing US$ 129.35 million. It is projected to garner US$ 173.32 million by 2028 to expand at 5.0% CAGR during 2022–2028.

Based on crop type, the South & Central America miticides market is segmented into fruits and vegetables, cereals and grains, oilseeds and pulses, and others. The fruits and vegetables segment held 75.0% share of South & Central America miticides market in 2022, amassing US$ 128.87 million. It is projected to garner US$ 175.55 million by 2028 to expand at 5.3% CAGR during 2022–2028.  

Based on country, the South & Central America miticides market is segmented into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 56.4% share of South & Central America miticides market in 2022. It was assessed at US$ 96.87 million in 2022 and is likely to hit US$ 131.77 million by 2028, exhibiting a CAGR of 5.3% during the forecast period.  

Key players profiles in the South & Central America miticides market report BASF SE; Bayer AG, Certis USA LLC; FMC Corp, Gowan Co; Kemin Industries Inc.; Nihon Nohyaku Co. Ltd.; Oro Agri International BV; Syngenta AG; and UPL Ltd, among others.

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