According to a new report published by Allied Market Research, titled,"Pest Control Market by Type, Pest Type, and Application: Global Opportunity Analysis and Industry Forecast, 2018 - 2025,"The global pest control market accounted for revenue of $18,214.7 million in 2017 and is anticipated to generate revenue of $27,609.8 million by 2025. The market is projected to grow at a CAGR of 5.2% from 2018 to 2025.
Implementation of stringent government regulations in the developed regions, such as North America and Europe, toward conservation of environment coupled with continuous investment in new product development by key players such as BASF are the factors expected to drive the growth of the global pest control market. The Asia-Pacific region helps increase or to optimize the crop yield due to which there is significant growth in the demand for pesticides in agriculture sector. However, the presence of unorganized players in the emerging economies is the vital factor expected to hamper the pest control market growth during the projected period. Unorganized players are characterized, as a couple of small-scale players in the market. Organized players are not able to deliver efficiently due to the strong presence of the unorganized players. Increase in demand for pest control services from hospitality and tourism sectors along with utilization of bio-based pesticides gaining popularity are the factors that provide lucrative growth opportunities to the pest control market.
In addition, pest control activities at industrial sites are important for the global economy. Loss caused by presence of varied species of pest affects the production and storage of a variety of goods, especially foodstuffs. Moreover, the destruction caused at industrial sites is irreversible, and therefore is extremely expensive. Hence, pest control practice is rigorously being carried out at industrial sites to avoid damage.
The pest control market is segmented based on type, pest type, application, and region. Based on type, it is categorized into chemical, mechanical, biological, and others. Based on pest type, the pest control market is classified into insects, termites, rodents, and others. Based on application, it is divided into commercial, residential, agriculture, industrial, and others. Based on region, the pest control market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The key players analyzed in pest control market are BASF SE, Bayer AG, Rentokil Initial Plc., Ecolab, Rollins, Inc., Anticimex, and FMC Corporation. The other players in the value chain include The ServiceMaster Company, LLC, Syngenta, Dodson Pest Control, Inc., and Lindsey Pest Services.
Key Findings of the Pest Control Market:
- Chemical in the type segment dominated the pest control market with a revenue share of over 31.8% in 2017.
- Commercial in the application segment dominated the pest control market with a revenue share of over 42.7% in 2017
- Asia-Pacific is projected to grow at a highest CAGR of nearly 6.8%, in terms of revenue, during the forecast period.
- The commercial segment dominated the application segment with more than one-third share in 2017.
- The pest control market trends are analyzed across the North America, Europe, Asia-Pacific, and LAMEA.
- Pest control market size is provided in terms of revenue
- The qualitative data in this report aims on the market dynamics, pest control market trends, and developments in the pest control industry while the quantitative data provides information of the market size in terms of revenue.