PORTLAND, Oregon and PUNE, India, May 24, 2018 /PRNewswire/ --
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, 2018-2024," the pest control market was valued at $16,883 million in 2017 and is projected to reach $ 24,397 million by 2024, growing at a CAGR of 5.4% from 2018 to 2024. North America is one of the prominent consumers of pest control and held nearly half of the total market in 2017.
Pest control is the management of species or pests that are considered harmful to human health. Pest control is done in a wide range of applications such as agriculture, commercial buildings, residential buildings, and industries. It is beneficial to protect the crops from pests so as to increase the food production. House flies have a tendency to hoard at places close to human activities, especially at places where food waste is uncovered.
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Increase in pest population, changes in climatic conditions, and awareness among consumers pertaining to the health hazards caused by the pests is anticipated to drive the global pest control market during the forecast period. The market is characterized by the presence of large number of service providers. Hence, easy availability of this service is also anticipated to drive the growth of the global pest control market. However, pest control is a highly fragmented market and hence poses a threat for the large players. Moreover, frequently changing environment regulations is also anticipated to restrain the growth of the market during the forecast period.
Insects are expected to maintain dominance in the global pest control market during the forecast period. However, termites are anticipated to gain traction in the near future. Changes in climatic conditions is anticipated to drive the growth of this segment in the near future. In 2017, insects and termites collectively accounted for approximately three-fifths share in the global pest control market.
Commercial application segment is anticipated to remain dominant in the global pest control market during the analysis period. In 2017, commercial and residential application segments collectively accounted for more than half share in the global pest control market. Agriculture application segment is anticipated to expand at the highest CAGR during the forecast period.
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Key Findings of the Pest Control Market:
- In terms of value, the insects segment is expected to grow at a CAGR of 4.7% during the forecast period.
- North America is projected to maintain its lead position throughout 2024, growing at a CAGR of 5.2%, in terms of value. Asia-Pacific is anticipated to witness the highest growth during the forecast period.
- Commercial and residential application segment is estimated to collectively occupy more than half share of the total market by 2024.
- China is expected to occupy more than half of the total Asia-Pacific pest control market by 2024.
- In the global pest control market, India is expected to grow at a CAGR of 5.4%, in terms of value, from 2018 to 2024.
In 2017, North America accounted for approximately half share of the total pest control market and is expected to continue its dominant position during the forecast period. The Asia-Pacific pest control market is anticipated to grow at the highest CAGR, specifically in China, India, and the other developing countries. Rise in agriculture and industrial sector is the major reason for the growth of the market in the Asia-Pacific.
The key players profiled in the report include Rentokil Initial PLC, BASF SE, EcoLab Inc., Syngenta AG, National Pest Control, Rollins Inc., LLC, Lindsey Pest Control, Bayer AG, FMC Corporation, and Rollins, Inc.
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SOURCE Allied Market Research