Business Overview: COVID-19 impact on the Pest Control Market

The global pest control market is estimated to be valued at $31,782.1 million by 2027, surging from $21,661.1 million in 2019 at a noteworthy CAGR of 4.8%.

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Impact Analysis of COVID-19 on the Pest Control Market

The global market for pest control is estimated to experience a negative impact due to the COVID-19 pandemic. During the crisis, major manufacturers experienced several issues such as disruption in raw material supply and less production due to lockdown of industries, which restricted the demand and supply for insecticides across the globe. However, leading market participants are concentrating on product developments and advancements to gain a competitive edge in the overall industry. For example, in November 2020, Bayer, a leading insecticides manufacturer, introduced a new product called “Fludora Co-Max”. This product is an effective way to combat vector borne diseases and resist mosquitoes. Such product launches are expected to create a major impact on the on-going activities to sustainably and actively tackle the rising pest problems. These initiatives made by market leaders are predicted to have significant impact on the global market during this time.

Global Pest Control Market Analysis

The increasing prevalence of vector-borne diseases across the globe is estimated to fuel the market growth during the forecast time. As per Rentokil, a global leader in pest control services, more than 3.9 billion people across the 128 countries are at higher risk of contracting dengue fever and they estimated about 96 million new cases occurring per year globally. This factor is predicted to increase the demand for pest control products and is anticipated to drive the industry growth in the forecast time. In addition, rise of pest intolerance due to rising consumer awareness about health and other hygiene issues may drive the pest control market growth in the analysis timeframe. Moreover, 29% Americans experience rodent issues in commercial, residential, and agricultural sectors and this will propel the market growth during the forecast period. In China, every year, termites are the reason for about $1 billion economic losses as they cause floor damages, ceiling damages, and others similar issues. Such aspects are estimated to enhance the growth of the market in the review time.

However, increasing concerns related to toxicity of the pest control chemicals and stringent regulations imposed by the governments for the approval of these products are significant factors acting as restraints for the growth of the market in the forecast time.

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Emergence of biological pest elimination products to minimize the use of chemicals in pest control is estimated to propel the opportunities for the industry growth in the upcoming years. This growth is majorly attributed to biorational or biological pesticide products containing pheromones or living microorganisms, which are non-toxic and best alternatives for chemical products.

Global Pest Control Market, Segmentation
The global pest control market is categorized based on pest type, control type, end user, and region.

Pest Type:

The pest type segment is further categorized into rodents, insects, termites, and others. Among these, the termites pest control sub-segment is anticipated to have the fastest growth rate and surpass $9,095.4 million by 2027, with a healthy CAGR of 5.5%.

The sub-segment growth can be attributed to increasing usage of pest control products to control termites as there is rise in urbanization and termites are considered as the main reason for wood structure losses. As per U.S. Department of Agriculture, Americans spend about $1 billion on termite control and related services per year to avoid property damage caused by termites. This aspect is estimated to fuel the pest control market growth in the analysis period.

Control Type:

The control segment is further categorized into biological, mechanical, chemical, and others. The biological sub-segment is anticipated to have a lucrative growth in the forecast years and is anticipated to register a revenue of $5,510.0 million during the analysis timeframe.

The sub-segment growth is projected to be due to the increasing importance of biological practices to control pests in agricultural, residential, and commercial places as biological products are non-toxic and environmentally friendly. Also, International Organization for Biological Control (IOBC), an organization affiliated with the International Union of Biological Sciences, supports the research and practitioners in the biocontrol practices to identify the major restrictions to biocontrol uptake in the pest control market. This aspect is estimated to result in lucrative growth in the pest control market in the coming years.

End User:

The end user segment is further categorized into agriculture, residential, industrial, commercial, and others. The residential pest control sub-segment is predicted to have a rapid growth in the forecast time and generate a revenue of $7,974.7 million by 2027.

Increasing consumer awareness about vector-based diseases due to climate changes is creating significant importance for residential pest control. This is because pest control is necessary in residential places to avoid health issues and property damages. This aspect is estimated to accelerate the growth of the pest control market during the analysis time.

Region:

The pest control market for the Asia-Pacific region is projected to witness rapid growth and generate a revenue of $8,168.0 million by the end of 2027.
The demand for pest control services is surging in the Asia-Pacific region specifically because the rise in population has directly impacted the pest control use in agriculture sector to meet the increasing food demand. Also, increase in pest intolerance due to rising living standards of individuals in Asia-Pacific countries due to rising consumer focus on hygiene and pest free environments is estimated to fuel the growth of the market in the analysis time.

Key Players in the Global Pest Control Market

1 Bayer AG
2 Syngenta
3 Corteva
4 Rollins, Inc.
5 The Terminix International
6 UPL
7 FMC Corporation
8 ADAMA Ltd
9 Rentokil Initial plc
10 BASF SE

Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.

Porter’s Five Forces Analysis for the Global Pest Control Market

• Bargaining Power of Suppliers: The companies involved in pest control business are extensive in number. Thus, companies are concentrating on the development of new products that are cost effective. Also, consumer always check different product prices and select which is most cost-effective and relevant to their requirements.
Thus, the bargaining power of the suppliers is moderate.

• Bargaining Power of Buyers: There is a growing consumer demand for pest control services, but health issues related to pest control chemicals are restricting the market growth.
These factors are resulting in moderate the bargaining power of buyers.

• Threat of New Entrants: Moderate initial investment is required for the new entrants but huge brand loyalty among the consumers is necessary for the startup to survive.
As a result, the threat of the new entrants is moderate.

• Threat of Substitutes: Presence of moderate number of alternatives such as Indian Lilac (Neem) oil and high brand loyalty are generating high demand for pest control methods.
However, companies that are already in pest control business offer discounts due to competitive rivalry.
Therefore, the threat of substitutes is moderate.

• Competitive Rivalry in the Market: The companies operating in the global pest control are opting for various businesses deployment strategies to hold their position in the market. Several companies are launching and introducing various cost-effective services in the global market to strengthen their products demand.
Therefore, competitive rivalry in the market is high.

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This release was published on openPR.