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The global pest control market size is expected to grow significantly due to increasing rodent population and reach USD 31.94 billion by 2027. Changing climatic conditions and rapidly increasing rodent populations around the world have increased the demand for pest control worldwide. Fortune Business Insights recently published a report titled “Pest Control Market Size, Share and Industry Analysis, By Pest Type (Insects, Termites, Rodents, Others), By Method (Chemical, Mechanical, Biological), By Application According to ``Regional Forecast 2020-2027'', the market value in 2019 was USD 19.73 billion and 6.31% during the forecast period 2020-2027. It is expected to increase at a CAGR of %.
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Source: https://www.fortunebusinessinsights.com/pest-control-market-102854
Does the report answer the following questions?
How intense is the market competition?
How will government support for Integrated Pest Management boost the 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 and Restraints -
The arrival of pest control software accelerates growth
Increasing number of deadly vector-borne diseases is the major factor driving the growth of the pest control market. The World Health Organization says vector-borne diseases cause 700,000 deaths annually, accounting for 17% of all infectious diseases worldwide. Diseases caused by pests increase the need for various pest control methods such as biological, mechanical and chemical methods, thereby promoting growth. In addition, increasing urbanization and industrialization, which promoted increased construction activity, also improved the sanitary standards of the population. This has further increased the need for pest control.
The downside is that the use of pesticides and insecticides is closely monitored by various agencies such as the U.S. Environmental Protection Agency (EPA) and the government. They impose strict regulations on the use of lethal chemicals and highly toxic pest control products and services that can pose a threat to the environment. This could hinder the overall market in the coming years.
Nevertheless, there is currently an increasing trend in the adoption of pest control software, thereby creating lucrative growth opportunities for the market in the future.
segment-
Insect segment dominates market due to population growth
Based on pest type, the insect sector dominated the market with a pest control market share of 49.30% in 2019. This may be due to rapidly increasing insect populations in both agricultural and non-agricultural areas.
Regional analysis-
North America emerges as dominant due to presence of major players
Rising awareness about the negative effects of pest attacks on health and hygiene is a major factor driving the North American market, with North American market being the largest contributing country. In 2019, the region attracted US$9.59 billion in revenue from increased commercial and residential infrastructure development activity. This, coupled with the presence of a large number of Pest Management market manufacturers, will help this region continue to maintain its dominance in the near future.
Meanwhile, the Asia-Pacific market is expected to grow rapidly due to rising urbanization activities across emerging countries such as Malaysia, China, and India. This, coupled with increasing awareness about the toxicity caused by pests and increased spending on pest control products by consumers, will cause this region to grow at a significant CAGR in the coming years.
Competitive environment -
Players that focus on launching innovative products to gain a strategic position in the market
There are more than 40,000 pest control products and services companies around the world, making the competitive landscape highly fragmented. Some of the highest market shares are contributed by players such as ServiceMaster, Rollins Inc., and Rentokil. They are making concerted efforts and investing in new products being launched to increase their competitiveness in the market.
Some of the key industry developments in the pest control market include:
September 2019 – Nomor Holding AB, the fourth largest pest control company, is acquired by ServiceMaster to increase its product portfolio in the European market.
January 2019 – Rentokil acquires Brazilian pest control giant Multicontrole Pest Control. The main purpose of this acquisition is to expand the market's geographic presence in the South American region.
Fortune Business Insights™ lists the names of market makers. Also this:
ServiceMaster Global Holdings Inc. –
Bayer AG, USA –
Terminix International Company LP, Germany – Antisimex, USA – Rentokil Initial Plc.,
Sweden – Ecolab, UK – Truly Nolen, USA – Rollins Inc., USA – Massey Services Inc., USA – USA Bell Laboratories – US and other vendors