Pest Control Products And Services Market Is Estimated To Witness High Growth Owing To Increasing Demand From Agriculture Sector
Pest control products and services include chemical, mechanical, biological, and other methods to control pests that damage crops, households, and transmit diseases. Rodent control, termite control, bed bug control, cockroach control, fly control, mosquito control are some common types of pest control services provided. The global pest control products and services market exhibits significant opportunities, especially for organic and eco-friendly products due to rising health and environmental concerns. Agricultural sector heavily relies on pest control to protect crops from damaging insects and maximize yield.
The global Pest Control Products And Services Market is estimated to be valued at Us$ 23.78 Bn in 2023 and is expected to exhibit a CAGR Of 6.1% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Increasing demand from agriculture sector is driving the growth of pest control products and services market. Rapid growth in global population has increased the pressure on agricultural sector to boost crop production without compromising on quality. Pests severely damage crops every year causing significant economic losses. According to United Nations Food and Agriculture Organization, crop losses due to nearly 2,000 species of invertebrate pests are estimated to be US$470 billion annually worldwide. Therefore, farmers extensively utilize chemical and non-chemical pest control methods to protect crops. Additionally, growth in urbanization has also augmented the proliferation of pests inside households, thereby raising demand for household pest control services and products. However, stringent regulations pertaining to the use of chemical pesticides in many countries and rising preference for eco-friendly solutions are prompting market players to develop sustainable and organic products. This is expected to create lucrative opportunities for natural and green pest control products over the forecast period.
SWOT Analysis
Strength: The pest control products and services market has grown significantly over the years due to rising consumer awareness regarding health issues caused by pests. Additionally, continuous innovation in products and service offerings along with implementation of integrated pest management practices has strengthened the market position of key players. Furthermore, adoption of advanced technologies such as IoT and AI is helping providers improve operations efficiency and customer experience.
Weakness: High initial investment costs associated with advanced equipment, workforce training and requirement of licenses and certifications increases the entry barriers for new entrants. Further, strong bargaining power of global customers and rising raw material costs poses significant pricing pressures. In addition, stringent government regulations regarding the use of chemicals may restrict product offerings.
Opportunity: Growth opportunities lie in untapped and developing markets in Asia Pacific and Latin American regions due to increasing construction activities and rising living standards. Also, shift towards organic and eco-friendly products driven by sustainability priorities of customers and ban on chemicals presents an avenue. Further, expansion of service offerings including mosquito, termite and wildlife control through partnerships can aid market expansion.
Threats: presence of local unorganized players providing low cost services is a major threat. Further, exposure to public health emergencies including COVID-19 pandemic events can temporarily impact business model dependencies. Spread of new pests and rodents owing to climate change phenomenon also poses challenges. Stringent environmental norms regarding use of chemicals may lead to additional compliance costs.
Key Takeaways
The Global Pest Control Products And Services Market Demand is expected to witness high growth over the forecast period. The market size is projected to reach US$ 38.65 Bn by 2030 from US$ 23.78 Bn in 2023, expanding at a CAGR of 6.1%.
Regional analysis
Asia Pacific region dominates the global market and is expected to maintain its lead over the forecast period. Countries such as China, India and Indonesia are likely to drive high demand owing to rapid population growth, urbanization and increasing construction activities. North America is forecast to exhibit significant expansion due to rising consumer awareness, shifting preferences towards organic products and expanded service offerings in the region. Further, stringent regulations in Europe regarding use of chemicals is driving replacement demand and spurring innovations.
Key players
Key players operating in the pest control products and services market are Ecolab Inc., Rollins Inc., Rentokil Initial Plc., ServiceMaster Company, LLC, Massey Services Inc., Arrow Exterminators Inc., Sanix Incorporated, Asante Inc., Dodson Pest Control, Inc., Target Specialty Products, Pelsis Ltd., Killgerm Ltd., WinField Solutions, LLC, and Univer Inc. Ecolab Inc. and Rollins Inc. hold substantial market share due to diversified geographical presence and continuous product development. Other players are focusing on strategic acquisitions and partnerships to strengthen market position and service
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