Pest Control Products And Services Market Is Estimated To Witness High Growth Owing To Opportunity Of Rising Pest Diseases And Infections
Pest control products and services are essential to control and eliminate pests such as termites, rodents, cockroaches, mosquitoes and others that damage structures, spread disease or are allergens. The growing frequency of pest diseases and infections has boosted demand for professional pest control services. Pest control products include insecticides, rodenticides, disinfectants and other chemicals to control pests.
The global Pest Control Products And Services Market is estimated to be valued at Us$ 23.78 Billion in 2023 and is expected to exhibit a CAGR Of 6.1% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The rising incidence of pest diseases and infections presents a major market opportunity for pest control products and services. Pests carry and transmit various diseases among humans and animals. For instance, mosquitoes transmit diseases such as malaria, dengue, chikungunya, yellow fever and Zika virus. Rodents are known to spread at least 14 diseases directly or indirectly. Increased pest population has led to increased risk of pest-borne diseases. This is driving demand for effective pest control. Professional pest control ensures timely pest inspection and treatment which helps eliminate pests and control the spread of associated diseases. This growing need to curb vector-borne and rodent-borne diseases through pest eradication is expected to drive revenue growth of the pest control products and services market over the forecast period.
Porter's Analysis
Threat of new entrants: Low- moderate as the market requires huge investment and has presence of major established players. However, small regional players can enter easily.
Bargaining power of buyers: Moderate- High as buyers have choice of large number of suppliers and can negotiate on prices.
Bargaining power of suppliers: Low as there are number of suppliers for required inputs.
Threat of new substitutes: Low as there are no close substitutes for pest control products and services.
Competitive rivalry: High due to presence of large multinational companies globally.
SWOT Analysis
Strength: Wide product range and global presence of key players. Technological advancements help provide effective pest control.
Weakness: Seasonal nature of revenue. Heavy reliance on insecticides and chemicals raises environmental concerns.
Opportunity: Rising commercial construction and growing food retail industry boost demand. Developing nations yet to adopt modern pest control fully.
Threats: Stringent regulations around use of chemicals. Natural/biological products challenge conventional pest control.
Key Takeaways
The Global Pest Control Products And Services Market Demand is estimated to be valued at US$ 23.78 Bn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030.
The global Pest Control Products And Services Market is expected to witness high growth on the back of rising food retail industry and increasing constructions. North America dominates currently due to widespread pest infestations and regulatory support to the industry. However, Asia Pacific is poised to grow at fastest pace considering huge population and improving standards of living.
Key players operating in the Pest Control Products And Services Market are Ecolab Inc., Rollins Inc., Rentokil Initial Plc., ServiceMaster Company, LLC, Massey Services Inc., Arrow Exterminators Inc., Sanix Incorporated, Asante Inc., Dodson Pest Control, Inc., Target Specialty Products, Pelsis Ltd., Killgerm Ltd., WinField Solutions, LLC, and Univer Inc. Ecolab Inc. is the global leader with wide product portfolio and multi-country presence. The industry is moving towards green and biological products to replace chemical pesticides raising sustainability.
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