The European acaricides market is projected to register a CAGR of 5.2% during the forecast period 2020-2025. The European region is one of the major markets for acaricides, and the market here is projected to grow at a higher rate as compared to that in the other countries. Acaricides are a kind of insecticides that form a necessary part of the crop protection chemical industry. These are manufactured and used for controlling various species of arthropod pests, heavily occurring in plant and animal bodies. These products are one of the cornerstones of an efficient control program for phytophagous mites in Europe. Mites survive in dry weather and with an increase in the global temperatures, mites have found their way as an important pest. The Acaricides Market is projected to grow at a fast pace on account of the increasing incidences of prolonged dry spells.
Key Market Trends
Need for Increasing Agricultural Productivity
The need to feed an ever-growing population, decreasing arable land, and increasing demand for sustainable agricultural practices, are some of the major drivers for the increasing demand of acaricides. Agricultural production is likely to grow in two-folds, over the next few years, in order to meet the demand from the growing population, which, in turn, increases the usage of acaricides. Certainly, technology is expected to play a major role in the manufacturing of acaricide products. An increase in urbanization and less availability of arable land are motivating farmers to adopt efficient crop-protection techniques. There is are a broader acceptance and recognition of the increasing benefits of acaricides. With the steep decline in the per capita arable land, contrasting to the rising population, the crop yields must increase to meet the increasing food demand in the region. Owing to the above factor, an increase in demand for acaricides products and agricultural production is being witnessed.
Rising Demand for Bio-based Acaricides.
According to the Research Institute of Organic Agriculture, the organic farmland in Europe accounted for 15,635.504 Thousand ha in 2018 up from 13,535.234 Thousand ha in 2016 reflecting the rising demand for organic farming in the region. This scenario has in turn paved the way for the increased demand for organic or biobased acaricides to treat the mite infestation in the organic field. Acaricides because of the safety concerns and increased organic land has led to the development of organic or biobased acaricides like "ESTEN 80" a bio-based acaricide developed by the TENSAC (AR), a South American company, is a fatty acid derivative from vegetable oil and sucrose. Currently, there are so many suppliers and manufacturers of "ESTEN 80" acaricide in the European market. The biodegradable property and safety advantage gains more popularity for such products in a region that is more supportive of organic farming. Moreover, as per CropLife America, it takes nearly 10-12 years and an investment of USD 300.0 million for developing a chemical pesticide. On the contrary, a bio-based pesticide/Acaricide can enter the market in 3-5 years, with roughly USD 3.0-5.0 million development cost.
The market for acaricides in Europe is fairly consolidated with few major players occupying a major share of the market. Key participants in the European acaricides market are BASF SE, UPL, Bayer Ag, FMC Corporation, etc. Other than the global leaders, there are many small local players active in the region trying to capture a fraction in the growing market. The market here is witnessing rapid growth in terms of product innovation, with a focus on increasing retail availability of various acaricides products.
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