Pest Control Products And Services Market Is Estimated To Witness High Growth Owing
Posted by coherent market insights on November 23rd, 2023
The Pest Control Products And Services Market 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, as highlighted in a new report published by Coherent Market Insights.
The Pest Control Products And Services Market deals with reducing and preventing pest infestation that can cause health issues. Pests damage food, ruin homes and spread diseases among humans and livestock. This has led to a growing demand for pest control products and services worldwide.
Market Overview:
Pest control products and services aim to eliminate or reduce pest populations to acceptable or minimal levels. Common pest control products include chemicals like insecticides, termiticides, pesticide baits and fumigants. They are used to treat homes, commercial buildings, hotels, hospitals and other establishments against pests like insects, rodents and termites. Effective pest control is essential for maintaining hygiene, minimizing health risks and preventing costly property damage.
Market key trends:
One of the key trends driving the pest control products and services market is growing urbanization and changing lifestyle. As more people migrate to cities, settlement densities are increasing. This favors the proliferation of pests as they find suitable living and breeding conditions in crowded urban environments. Moreover, changing climate patterns are enabling pests to migrate to new territories, requiring consistent control measures. Companies are focusing on developing eco-friendly and sustainable pest control products and services to meet rising environmental concerns of consumers and regulatory norms. The market is also witnessing increased adoption of integrated pest management strategies and other advance techniques for pest elimination.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as large capital investment is required for infrastructure, maintenance, and safety compliances. However, the growing pest control market attracts new small players.
Bargaining power of buyers: The bargaining power of buyers is high as pest control services are available from multiple providers and buyers can easily switch between them based on price and quality of services.
Bargaining power of suppliers: Suppliers of pest control chemicals and equipment have moderate bargaining power due to availability of substitute suppliers in the market.
Threat of new substitutes: Threat from substitutes is low as integrated pest management requires expertise which limits new substitutes. However, some home remedies act as alternatives.
Competitive rivalry: The industry competition is high due to presence of many regional and global players.
SWOT Analysis
Strength: The Pest Control Products and Services Market has strong growth prospects due to increasing pest attacks worldwide. Established industry players have extensive geographic presence and expertise in integrated solutions.
Weakness: Frequent need for employee training and high operation costs reduce margins. Pest resistance develops against certain chemicals over time.
Opportunity: Growth in urbanization and changing lifestyles have increased food & commercial establishments susceptible to pest attacks presenting opportunities.
Threats: Stringent regulations over pesticide usage and environmental laws pose challenges. Alternative organic solutions also threaten market shares.
Key Takeaways
The global Pest Control Products And Services Market Share is expected to witness high growth, exhibiting CAGR of 6.1% over the forecast period, due to increasing pest infestations owing to climate change and urbanization. The market size for pest control in 2023 is estimated at US$ 23.78 Bn.
Regional analysis North America dominates currently due to stringent food safety regulations and presence of major industry players. Asia Pacific is expected to grow at the fastest pace due to improving standards of living and demand from China and India. Latin America and Middle East & Africa also present lucrative opportunities for pest control companies.
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. The major players focus on launching effective yet eco-friendly products to strengthen their positions.
Read More,
https://www.newsstatix.com/pest-control-products-and-services-market-trends-size-and-share-analysis/
