Pest Control Market Witnesses Rapid Growth with a Projected CAGR of 5.09% during the Forecast Period, Fueled by Changing Climate Conditions and Urban Development

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Oct 03, 2023, 19:45 ET

DUBLIN, Oct. 3, 2023 /PRNewswire/ -- The "Global Pest Control Market (by Methods, Pest Type, Application, & Region): Insights & Forecast with Potential Impact of COVID-19 (2022-2026)" report has been added to ResearchAndMarkets.com's offering.

The global pest control market is set for significant growth, with an anticipated valuation of US$24.40 billion by 2023, showcasing a Compound Annual Growth Rate (CAGR) of 5.09% during the forecast period. Pest control, a vital process in eradicating and preventing pests from causing health concerns and property damage, is witnessing increased demand worldwide.

Segments and Methodologies

The global pest control market is segmented based on method, pest type, and application:

By Method:

Chemical
Mechanical
Biological
Others

The chemical method currently leads the market due to its effectiveness, wide-ranging applications, and availability of chemicals. However, the biological pest control segment is expected to grow at the highest CAGR, driven by the rising demand in organic farming.

By Pest Type:

Insect
Termite
Rodent
Others

The insect segment holds the largest share, fueled by increased popularity of insect pest management products and services, particularly in North America and Europe.

By Application:

Commercial
Residential
Agricultural
Others

The commercial segment occupies the largest share in the global pest control market, driven by the surge in demand for pest control services as businesses reopen. The residential segment is expected to grow at the highest CAGR due to rapid population growth and urbanization.

Geographic Coverage

The global pest control market spans across five regions:

North America
Europe
Asia Pacific
Latin America
Middle East and Africa

North America dominates the global market, with the United States as a major contributor due to suitable climatic conditions for pests. The rapid growth of the housing market in the U.S. is expected to further boost the pest control market. Asia Pacific offers lucrative opportunities, driven by urban development in countries such as India, China, and Malaysia.

Key Growth Drivers, Challenges, and Trends

Growth Drivers:

Changing Climate Conditions: Climate change impacts pest behavior, making pest management solutions crucial as climate change exacerbates the problem.
Infrastructure Development: Expanding urban infrastructure provides opportunities for pest control services.
Rise in Fatal Vector-Borne Diseases: The increase in diseases transmitted by vectors like mosquitoes drives the demand for pest control.
Rising Awareness about Cleanliness, Hygiene, and Health: Greater awareness fuels the demand for pest control services.

Challenges:

Harmful Impact of Pesticides: Concerns about the harmful effects of pesticides on the environment and health are restraining market growth.
Lack of Skilled Manpower: Developing regions face a shortage of skilled pest control workers.

Trends:

Adoption of AI-based Technologies: AI algorithms help detect pests and provide practical suggestions, making AI a valuable tool in pest control.
Increasing Demand for IoT Devices: IoT devices are used for pest monitoring and control.
Integrated Pest Management: IPM is gaining prominence as an eco-friendly pest control approach.

Impact of COVID-19

The COVID-19 pandemic initially led to a slowdown in the pest control market due to lockdowns and business closures. However, as economies reopened, the need for pest control services surged, especially in commercial facilities. The adoption of new technologies and procedures is expected to further boost the global pest control market.

Key Players

Key players in the global pest control market include BASF, Bayer AG, Terminix Global Holdings, Inc., Rentokil Initial, Rollins Inc., Ecolab Inc, Bell Laboratories, Inc., Cleankill Pest Control, Anticimex, and Dodson Pest Control.

Market Dynamics

Growth Drivers

Changing Climate Condition
Rapid Urbanization
Infrastructure Development
Rising Industrial Activities
Rise in the Number of Fatal Vector-Borne Diseases
Rising Awareness about Cleanliness, Hygiene, and Health

Challenges

Rising Concerns regarding the Harmful Impact of Pesticides
Lack of Skilled Manpower in Developing Regions

Market Trends

Adoption of AI-based Technologies
Increasing Demand for IoT Devices Globally
Modern Technologies
Integrated Pest Management
Shift towards Biopesticides

For more information about this report visit https://www.researchandmarkets.com/r/e6d2d9

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