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 by 2027. The change in climatic conditions and the rapidly growing population of rodents worldwide have increased the demand for pest control worldwide. As per 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 USD 19.73 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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The Report Answers the following Questions?
- How fierce is the market competition?
- How will government support to Integrated Pest Management boost market?
- Which strategies are adopted by market players to gain a competitive edge in the market?
- What is the impact of the COVID19 pandemic on the pest management market?
Drivers & Restraints-
Advent of Pest Control Software will Bolster Growth
The rise in the number of fatal vector-borne diseases is a major factor in promoting the growth of the pest control market growth. The World Health Organization states an annual of 7,00,000 deaths to vector-borne diseases, which accounts for 17% of all infectious diseases in the world. Diseases caused by pests are promoting the need for various pest control methods such as biological, mechanical, and chemical methods, thereby augmenting growth. Additionally, the increasing urbanization and industrialization that propelled a rise in construction activities have also increased the hygiene standards among people. This further added impetus to the rise in the need for pest control.
On the negative side, the use of pesticides and insecticides is strictly monitored by various agencies such as the Environment Protection Agency (EPA) of the United States and the government. They have imposed stringent regulations on the use of fatal chemicals and highly toxic pest control products and services that may pose a threat to the environment. This may hamper the overall market in the coming years.
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 Proliferating Population
Based on the pest type, the insects segment dominated the market in 2019 with a 49.30% pest control market share. This is attributed to the rapidly multiplying insect population in both agricultural and non-agricultural areas.
Regional Analysis-
North America Emerged Dominant Owing to Presence of Major Players
The increased awareness about the ill-effects of pest attacks on health and hygiene is a major factor boosting the North American market, thereby making it the largest contributor. In 2019, this region gathered a revenue of USD 9.59 billion on account of the increasing number of commercial and residential infrastructural development activities. This coupled with the presence of a majority of pest management market manufacturers will help this region continue dominating in the near future.
Asia Pacific market on the other side is anticipated to rise at a rapid pace on account of the rise in urbanization activities across the emerging nations such as Malaysia, China, India, and others. This, coupled with the rise in awareness about toxicity caused by pests and increasing expenditure on pest control products by consumers will help this region rise at a significant CAGR in the forthcoming years.
Competitive Landscape-
Players Emphasizing on Innovative Product Launches to Gain Strategic Position in Market
There are more than 40,000 companies dealing with pest control products and services worldwide, thereby leading to a highly fragmented competitive landscape. Some of the highest shares of the market are contributed by players such as ServiceMaster, Rollins Inc., and Rentokil. They are engaging in collaborative efforts and investing in new products launched to gain a competitive edge in the market.
Some of the Significant Industry Developments of the Pest Control Market include:
September 2019 – The fourth-largest pest control company, Nomor Holding AB was acquired by ServiceMaster for increasing product portfolio in the European market.
January 2019 – Rentokil acquired Multicontrole Pest Control, the giant company dealing with pest control in Brazil. The key objective of this acquisition is to expand the geographical presence of the market in the South American region.
Fortune Business Insights™ lists out the names of market manufacturers. This includes:
- ServiceMaster Global Holdings Inc. – United States
- Bayer AG – Germany
- Terminix International Company L.P – United States
- Anticimex – Sweden
- Rentokil Initial Plc. - United Kingdom
- Ecolab Inc. – United States
- Truly Nolen – United States
- Rollins Inc. – United States
- Massey Services Inc. – United States
- Bell Laboratories – United States
- Other vendors
Browse Summary
https://www.fortunebusinessinsights.com/pest-control-market-102854
