LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global miticides market to grow at a CAGR of over 5% during the forecast period, according to their latest market research report.
The integrated pest management is one of the major trends being witnessed in the global miticides market 2018-2022. Integrated pest management is an effective and ecologically sensitive approach to pest management. This strategy involves specific procedures for pest prevention in an agricultural environment. This prevention methodology creates an inhospitable environment for pests, which includes systematic resistance and proper operation design.
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According to Technavio analysts, one of the key factors contributing to the growth of the global miticides market is the shrinking arable land due to urbanization:
Global miticides market: Shrinking arable land due to urbanization
The cultivable land is gradually decreasing owing to the fast-paced urban development, population growth, and high energy demand, globally. Agricultural land is being converted to develop infrastructures such as houses, roads, and factories. The shrinking rate of arable land is approximately 0.5% annually to increasing industrialization.
According to a senior analyst at Technavio for research on specialty chemicals, “The food demand is estimated to increase drastically in order to feed the 9.1 billion people by 2050. In developing countries such as India and China, the shortage of cultivable land is mostly witnessed, as they are the two most populous countries in the world that require increased food production.”
Global miticides market: Segmentation analysis
The global miticides market research report provides market segmentation by region (the Americas, EMEA, and APAC).
APAC led the market in 2017 with a market share of nearly 38% of the market share. The market share occupied by this region is anticipated to increase during 2018-2022.
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