In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Pest control has been a significant aspect of sustaining a healthy environment for a long time. The rise in urbanization all across the globe has impelled the health and hygiene concerns among the population due to increase in pollution, congestion in roads and cities and other related factors. The increasing population of pest on account of large availability of food sources further increasing the need for pest control products and services across the globe. Wide scale availability and growing demand for these products and services in urban regions are some of the major factors which established the importance of these services and products across the globe.
Increasing awareness towards pest control in corporate sectors to maintain hygiene in the workplace is contributing the major share in the growth of pest control products and services. Moreover, rapid expansion of modern infrastructure and smart cities across the globe further requires the services and products related to pest control to maintain hygiene. Vast varieties of chemicals and pest control techniques in the global market and large scale availability of these products has established importance in various end-use industries. High concentration of chemical substances which provides quick action to control and kill the insects is making it the most required substance for the proper growth of farming and agriculture. Thus the demand for pest control products is anticipated to expand at a rapid pace in the next few years.
The global pest control products and services market is projected to expand at a CAGR of 6.1% over the forecast period i.e. 2016-2023. Further, the global market is estimated to garner revenue of USD 26.5 Billion by 2023 from USD 16.25 Billion in 2015. Moreover, the market of pest control products and services reached USD 17.01 Billion by the end of 2016. The global market of pest control products and services is expected to uplift on the back of rising demand of pest control services in commercial and corporate sector.
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The insecticides product segment accounted for USD 5.2 Billion in 2015 and it is garnered USD 5.6 Billion by the end of 2016. However, the cockroach application segment accounted the largest market share in 2015 of overall application market and it is expected to register a CAGR of 5.2% over the forecast period i.e. 2016-2023. Moreover, chemical control services segment was the largest segment by services type and it is expected to remain its dominance over the forecast period on account of availability of low cost pesticides chemicals and wide scale application of these services.
North-America is expected to remain the most dominant market in pest control products and services market across the globe till 2023. The pest control products and services market of North-America region was valued at USD 7.2 Billion in 2015 and has reached to USD 8.01 Billion by the end of 2016. The market is expected to register a CAGR of 5.8% during the forecast period i.e. 2016-2023 on account of rising need for pest control products and services in agriculture sector. Moreover, rapid expansions of corporate and commercial sector in growing nations are subsequently increasing the demand for pest control products and services in order to maintain hygiene and to reduce the spread of infections at workplace.On the other hand, Asia-Pacific market of pest control products and services is the most resourceful and revenue generated market for pest control service providers and products manufacturers due to availability of cheap labor force and low cost raw material in the region. The market is mainly up surged by the rapid pace in urbanization along with rising concern towards health and hygiene. Besides, Asia-Pacific market of pest control products and services is projected to account for USD 5.8 Billion by 2023, registering a CAGR of 6.2% during the forecast period i.e. 2016-2023.
Our in-depth analysis segmented the global pest control products & services market in the following segments:
Global pest control products & services market is further classified on the basis of region as follows:
The market of pest control products and services is majorly driven on the back of factors such as growing urban population, increasing congestion in urban cities, and rising awareness towards health and hygiene among the urban population. Moreover, growing demand for pest control products and services in emerging economies on account of rising pest infestation rates is fostering the growth of pest control products and services across the globe. Increasing demand for pest control products in agriculture sector due to growing preferences towards quality crop is swelling the demand for pest control services and products. Furthermore, prevalence of vector-borne diseases and virus linked to pests are also contributing positively towards the market growth of pest control products and services. On the other hand, increasing international tourism is also a prominent factor among others, fostering the growth of pest control products and services market.
Additionally, ease of availability of pest control products in the market through various distribution channels such as supermarket, hypermarkets and others is one of the major factor which is propelling the growth of pest control products and services market. Growing concern towards health and well-being among the population and emergence of smart cities across the globe is expected to fuel the demand for pest control products and services.
However, presence of stringent government regulations on the production of pest control products due to high toxic level of these products is the major challenge for the key players of this industry. Likewise, rising concern towards environmental health and modern infrastructure with proper sanitation system is expected to hamper the growth of pest control products and services market.