The pest control market is expected to reach $
1,688.3 billion by 2017 and is expected to grow at an average annual rate of
5.4% from 2018 to 2024, reaching $ 24,397 million by 2024. North America is one
of the outstanding consumers of pest control and the total market in 2017.
Pest control
is the management of species or pests that are considered harmful to human
health. Pest control takes place in a wide range of applications, including
agriculture, commercial buildings, residential buildings and industries. It is
beneficial to protect crops from pests to increase food production. House flies
tend to be located close to human activities, especially where food waste is
found.
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The key players profiled in the report include
·
Rentokil Initial PLC
·
BASF SE
·
EcoLab Inc.
·
Syngenta AG
·
National Pest Control
·
Rollins Inc.
·
LLC
·
Lindsey Pest Control
·
Bayer AG
·
FMC Corporation
·
Rollins Inc.
Increase in pest population, changes in climatic
conditions, and awareness among consumers pertaining to the health hazards
caused by the pests is anticipated to drive the global pest control market
during the forecast period. The market is characterized by the presence of
large number of service providers. Hence, easy availability of this service is
also anticipated to drive the growth of the global pest control market.
However, pest control is a highly fragmented market and hence poses a threat
for the large players. Moreover, frequently changing environment regulations is
also anticipated to restrain the growth of the market during the forecast
period.
Insects are expected to maintain dominance in
the global pest control market during the forecast period. However, termites
are anticipated to gain traction in the near future. Changes in climatic
conditions is anticipated to drive the growth of this segment in the near
future. In 2017, insects and termites collectively accounted for approximately
three-fifths share in the global pest control market.
Commercial application segment is anticipated to
remain dominant in the global pest control market during the analysis period.
In 2017, commercial and residential application segments collectively accounted
for more than half share in the global pest control market. Agriculture
application segment is anticipated to expand at the highest CAGR during the
forecast period.
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Key Findings of the Pest
Control Market:
- In terms of value, the insects segment is
expected to grow at a CAGR of 4.7% during the forecast period.
- North America is projected to maintain its
lead position throughout 2024, growing at a CAGR of 5.2%, in terms of
value. Asia-Pacific is anticipated to witness the highest growth during
the forecast period.
- Commercial and residential application
segment is estimated to collectively occupy more than half share of the
total market by 2024.
- China is expected to occupy more than half
of the total Asia-Pacific pest control market by 2024.
- In the global pest control market, India is
expected to grow at a CAGR of 5.4%, in terms of value, from 2018 to 2024.
In 2017, North America accounted for
approximately half share of the total pest control market and is expected to
continue its dominant position during the forecast period. The Asia-Pacific
pest control market is anticipated to grow at the highest CAGR, specifically in
China, India, and the other developing countries. Rise in agriculture and
industrial sector is the major reason for the growth of the market in the
Asia-Pacific.
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