Rise in urbanization, exponential growth of population, changes in climatic conditions, and ease in availability of products & services drive the market.
PORTLAND, OREGON, UNITED STATES, September 16, 2020 /EINPresswire.com/ — Rise in urbanization, exponential growth of population, changes in climatic conditions, and ease in availability of products & services drive the global pest control market. However, health hazards regarding pest control chemicals hinder the market growth. On the other hand, product developments and new product launches create new opportunities in the industry.
According to the report, the global pest control industry garnered $19.38 billion in 2018, and is expected to reach $27.61 billion by 2025, registering a CAGR of 5.2% from 2018 to 2025.
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The chemical segment to maintain its lead position during the forecast period:
Based on type, the chemical segment held the largest share in terms of revenue in the global pest control market in 2018, accounting for nearly one-third of the total market, and is expected to maintain its lead position during the forecast period. This is attributed to rise in practices of chemical pest controlling owing to its cost-effectiveness and quick applications. On the other hand, the mechanical segment is estimated to register the highest growth rate with a CAGR of 5.9% from 2018 to 2025, owing to its ease in application, cost-effectiveness, and rapid results.
The insects segment to contribute its highest share by 2025:
Based on pest type, the insects segment accounted for nearly two-fifths of the total share of the global pest control market in 2018, and is expected to contribute its highest share during the forecast period. This is due to Increase in use of insecticides in hospitals, farms, households, restaurants, and forest plantations. On the other hand, the rodents segment would grow at the largest rate with a CAGR of 6.6% from 2018 to 2025, owing to increase in demand for rodents control due to surge in demand for food grains and expansion of food storage capacity.
North America to maintain its leadership status during the forecast period:
North America held the major market share, accounting for nearly half of the total global pest control market in 2018, and is expected to maintain its leadership status during the forecast period. This is attributed to rise in construction activities in the region and surge in concerns regarding estimated food production requirements by 2050. However, Asia-Pacific is expected to register the highest rate with a CAGR of 6.8% from 2018 to 2025, owing to low labor costs, less manufacturing costs, and high adoption of pest control methods for residential, agricultural, and industrial applications.
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Leading Market Players:
• BASF SE
• Bayer AG
• Rentokil Initial Plc.
• Rollins, Inc.
• FMC Corporation
• The ServiceMaster Company, LLC
• Dodson Pest Control, Inc.
• Lindsey Pest Services
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Source: EIN Presswire