The global pest control market size is anticipated to witness substantial growth on account of the increasing rodent population and reach USD 31.94 billion by2027. The change in climatic conditions and the rapidly growing population of rodents worldwide have increased the demand for these products worldwide. Asper a recently published report by Fortune Business Insights titled, “Pest Control Market Size, Share& Industry Analysis, By Pest Type (Insects, Termites, Rodents, Others),Method (Chemical, Mechanical, and Biological), Application (Residential, Commercial, and Industrial), and Regional Forecast, 2020 - 2027,” the market value was USD19.73 billion in 2019 and is anticipated to rise at a CAGR of 6.31% during the forecast period, 2020 to 2027.
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Drivers &Restraints-
Advent of Pest Control Software will Bolster Growth
Therise in the number of fatal vector-borne diseases is a major factor inpromoting market growth. The World Health Organization states an annual of7,00,000 deaths to vector-borne diseases, which accounts for 17% of allinfectious diseases in the world. Diseases caused by pests are promoting theneed for various pest control methods such as biological, mechanical, andchemical methods, thereby augmenting growth. Additionally, the increasingurbanization and industrialization that propelled a rise in construction activitieshave also increased the hygiene standards among people. This further addedimpetus to the rise in the need for the product.
Onthe negative side, the use of pesticides and insecticides is strictly monitoredby various agencies such as the Environment Protection Agency (EPA) of theUnited States and the government. They have imposed stringent regulations onthe use of fatal chemicals and highly toxic products and services that may posea threat to the environment. This may hamper the overall market in the comingyears.
Nevertheless,the increasing adoption of the pest control software is currently trending,thereby creating lucrative growth opportunities for the future market.
Segment-
Insects Segment to Dominate Market with its ProliferatingPopulation
Basedon the pest type, the insects segment dominated the market in 2019 with a49.30% market share. This is attributed to the rapidly multiplying insectpopulation in both agricultural and non-agricultural areas.
Regional Analysis-
North America Emerged Dominant Owing to Presence of Major Players
Theincreased awareness about the ill-effects of pest attacks on health and hygieneis a major factor boosting the North American market, thereby making it thelargest contributor. In 2019, this region gathered a revenue of USD 9.59billion on account of the increasing number of commercial and residentialinfrastructural development activities. This coupled with the presence of amajority of pest management market manufacturers will help this region continuedominating in the near future.
AsiaPacific market on the other side is anticipated to rise at a rapid pace onaccount of the rise in urbanization activities across the emerging nations suchas Malaysia, China, India, and others. This, coupled with the rise in awarenessabout toxicity caused by pests and increasing expenditure on pest controlproducts by consumers will help this region rise at a significant CAGR in theforthcoming years.
Competitive Landscape-
Players Emphasizing on Innovative Product Launches to GainStrategic Position in Market
Thereare more than 40,000 companies dealing with these products and servicesworldwide, thereby leading to a highly fragmented competitive landscape. Someof the highest shares of the market are contributed by players such asServiceMaster, Rollins Inc., and Rentokil. They are engaging in collaborativeefforts and investing in new products launched to gain a competitive edge inthe market.
Gain More Insights into the Pest Control Market ResearchReport: https://www.fortunebusinessinsights.com/pest-control-market-102854
