Increased prevalence of diseases and infections has resulted in rise in population of common household pests, which has further led to the increase in spending on pest control products and services. Apart from this, growing awareness among consumers regarding health and hygiene has also led to the rise in use of pesticides and pest control services, thereby leading the global market for pest control to witness continued growth in the coming years.
Market overview
The global pest control market that was valued at USD 16.22 Billion in 2015 is projected to reach a value of USD 22.04 Billion by 2021, registering a CAGR of 5.3% during the forecast period from 2016 to 2021.
Based on type, the biological pest control segment is expected to grow at the highest CAGR over the forecast period, owing to the increasing demand for organic agricultural produce, which has increased the need for quality crop yield and reduced losses of agricultural commodities due to the infestation of pests.
Among applications, the commercial application held the largest market share in 2015, owing to the rising need for preventing pest infestation in order to protect the health of employees and customers in commercial places. However, the agricultural application is projected to witness the highest growth over the forecast period, mainly due to the need for reducing the loss of crops.
Based on the type of pest, the insect segment held the highest market share in 2015, owing to increasing insect population due to drastically changing climatic conditions. However, the termite segment is expected to grow at the highest CAGR during the forecast period.
Which region is expected to lead the market, and why?
Geographically, the market for pest control in Asia-Pacific is expected to witness the highest growth over the forecast period. This growth can be attributed to the rising availability of pest control service providers in nations like China and India and growing awareness regarding the use of pesticides. Moreover, emerging economies such as China and India have considerable cultivable land for growing crops. China is one of the leading countries for pest control, owing to the rapid urbanization and technological advancements in agriculture, thereby leading to the growth in standards of living among consumers, resulting in the huge demand for pest control products and services.
What is driving and restraining the market growth?
The growth of the worldwide market for pest control is being majorly driven by the following factors:
- Emerging economies
- Rising pest population
- Changes in climate
- Easy availability of pest control service providers
In addition, increasing intolerance against pests and high demand for pest control and services in the coming years is expected to further create ample growth opportunities for this market.
On the other hand, regulatory changes such as environmental protection laws and changing government policies across various regions and application problems of pest control products and residue accumulation are the major factors that may hamper the growth of this market to a certain extent. Moreover, short shelf-life is a major challenge to be tackled by the players involved in this market.
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Key players and strategies implemented for sustenance
The global market for pest control involves major companies such as BASF SE (Germany), Bayer AG (Germany), Ecolab (U.S.), Syngenta AG (Switzerland), and Rentokil Initial plc (U.K.). These players collectively held the largest share of the pest control market in 2015. Other players such as FMC Corporation (U.S.), Rollins, Inc. (U.S.), Terminix International Company, L.P (U.S.), Bell Laboratories Inc. (U.S.), and the Dow Chemical Company (U.S.) are also strong players in this market. These companies have adopted strategies such as new product launches, acquisitions, agreements, and expansions in order to witness sustained growth in the market.
