According to the report, the global pest control industry was estimated at $20.6 billion in 2019, and is anticipated to hit $30.0 billion by 2027, registering a CAGR of 5.2% from 2020 to 2027.
Drivers, restrains, and opportunities-
Implementation of stringent government regulations in the developed regions toward conservation of environment and favorable government initiatives to promote the use of bio-based pesticides fuel the growth of the global pest control market. On the other hand, toxicity and health-related issues due to chemicals present in pesticides retrain the growth to some extent. However, ongoing R&D activities to increase the dependency on bio-based pesticides are expected to create lucrative opportunities in the near future.
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- The outbreak of the pandemic led to changing consumer spending patterns across the globe, which impacted the market negatively.
- However, the support from government bodies that have started offering subsidies to the pest control market has boosted the market growth.
The chemical segment to dominate by 2027-
Based on type, the chemical segment accounted for nearly one-third of the global pest control market share in 2019, and is projected to rule the roost by the end of 2027, owing to its effectiveness in controlling pests in terms of scale and efficiency. The mechanical segment, on the other hand, would register the fastest CAGR of 5.9% from 2020 to 2027. Its easy application, cost-effectiveness, and quick result drive the segment growth.
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The insects segment to lead the trail-
Based on pest type, the insects segment contributed to nearly two-fifths of the global pest control market revenue in 2019, and is anticipated to lead the trail by 2027, due to rise in the number of insects in residential as well as commercial set ups. Simultaneously, the rodents segment would exhibit the fastest CAGR of 6.6% during the forecast period, owing to increasing problems issued out of damaged crops because of rodents.
North America, garnered the major share in 2019 –
Based on geography, North America, held the major share in 2019, generating nearly half of the global pest control market, due to development in farming equipment, contemporary communication tools, and shifting consumer trend. At the same time, the market across Asia-Pacific would manifest the fastest CAGR of 7.9% by 2027, owing to various developmental strategies followed by the key-players in the region.
Key players in the industry-
- BASF SE
- Bayer AG
- Cleankill Pest Control
- Eastern Pest Control
- Eco Environmental Services Ltd.
- The Service Master Global Holdings Inc.
- FMC Corporation
- JG Pest Control
- Lindsey Pest Services
- NBC Environment
- Rentokil Initial plc
- Dodson Pest Control Inc.
- Rollins Inc.
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