Portland, OR, March 25, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global pest control market was pegged at $20.6 billion in 2019 and is estimated to hit $30.0 billion by 2027, registering a CAGR of 5.2% from 2020 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
Implementation of strict government regulations in the developed regions toward conservation of environment and favorable government initiatives to promote the use of bio-based pesticides drive the growth of the global pest control market. On the other hand, toxicity and health-related issues due to chemicals present in pesticides impede the growth to some extent. However, ongoing R&D activities to increase the dependency on bio-based pesticides are expected to create lucrative opportunities in the industry.
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Covid-19 scenario-
- The outbreak of COVID-19 led to changing consumer spending patterns across the world, which in turn impacted the pest control market negatively.
- Nevertheless, several government bodies have started offering subsidies to the market, which has proven to be beneficial to the sector.
The global pest control market is analyzed across type, pest type, application, and region. By type, the chemical segment accounted for nearly one-third of the total market revenue in 2019, and is projected to dominate by the end of 2027. Simultaneously, the mechanical segment would manifest register the fastest CAGR of 5.9% from 2020 to 2027.
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By pest type, the insects segment contributed to nearly two-fifths of the total market share in 2019, and is expected to retain its dominance by 2027. At the same time, the rodents segment would cite the fastest CAGR of 6.6% during the forecast period.
By geography, North America, held the major share in 2019, generating nearly half of the global pest control market. The market across Asia-Pacific, on the other hand, would portray the fastest CAGR of 7.9% by 2027. The other two regions analyzed through the report include Europe and LAMEA.
The leading market players analyzed in the global pest control market report include Dodson Pest Control Inc., Anticimex, BASF SE, Bayer AG, Cleankill Pest Control, Eastern Pest Control, Eco Environmental Services Ltd., Lindsey Pest Services, The Service Master Global Holdings Inc., Ecolab, FMC Corporation, JG Pest Control, NBC Environment, Rentokil Initial plc, Rollins Inc., and Syngenta. These market players have adopted different strategies including partnership, expansion, collaboration, joint ventures, and others to reinforce their status in the industry.
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