New York, USA, June 08, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global pest control market is projected to register a revenue of $31,782.1 million at a CAGR of 4.8% during the forecast period (2020-2027), increasing from $21,661.1 million in 2019. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
Pests and bugs cause many fatal diseases such as influenza, dengue, Zika virus, chikungunya, and others. Pests also cause harm to crops and fruits. These are the reasons people look out for pest control services frequently to eliminate such pests from their homes and gardens, which is expected to enhance the growth of the market in upcoming years.
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Insecticides and pesticides are highly toxic and may prove harmful for children and pets. This factor is likely to hamper the growth of the pest control market.
Segments of the Market
The report has divided the market into different segments based on pest type, control type, end-use, and regional analysis.
• Pest Type: Insects Segment Predicted to be the Most Lucrative
The insects sub-segment is expected to garner the maximum revenue of $11,008.7 million during the forecast period. The reason behind this growth is the fear of insect-transmitted diseases among people.
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• Control Type: Chemical Segment Expected to be the Most Profitable
The chemical sub-segment is predicted to dominate the market by registering a revenue of $12,243.9 million by 2027, at a CAGR of 4.4%. Chemical control methods are more popular among people owing to their effectiveness and affordability as pest eliminators. Moreover, these chemicals eliminate the insect at any stage of their lives- larvicides, ovicides, larvae, and eggs. These are the main factors behind the growth of the market segment.
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• End-User: Commercial Segment Predicted to be the Most Profitable
The commercial sub-segment is expected to garner a revenue of $11,012.5 million during the analysis period, increasing from $7,332.8 million in 2019. Commercial industries are prone to pests and bugs which increase the demand of pest eliminating services. This is the reason behind the growth of the market segment.
• Regional Analysis: North America is Expected to Dominate the Market
North America regional market reached a revenue of $6,698.9 million in 2019, and is further projected to register a revenue of $9,610.9 million during the forecast period. Most of the houses in the North American countries are made of wood and because of that they require termite control services quite frequently. This is the major factor contributing to the growth of the regional market.
Key Players of the Market
• BASF SE
• Bayer AG
• Syngenta
• Corteva
• Rollins, Inc.
• The Terminix International
• UPL
• FMC Corporation
• ADAMA Ltd
• Rentokil Initial plc
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth. For instance, in November 2020, Syngenta, a leading agricultural science and technology provider, unveiled an innovative new insect control technology named Spiropidion. This technology is designed to help farmers protect their crops against harmful pests in an effective and environmentally sustainable manner.
Impact of Covid-19 on the Pest Control Industry
The global pest control services are impacted by the coronavirus pandemic in a negative way.
The restrictions and supply chain disruption during the lockdown period imposed by the governments to curb the spread of the virus has restrained the production and supply of pesticides. As manufacturing companies were shut down temporarily, the market of pest control had to witness a drastic decline during the pandemic. However, the market will revive once the restrictions are lifted and life comes back to normal.
Further, the report outlines and presents several aspects of these key players such as business performance, product portfolio, recent strategic moves, SWOT analysis, and recent developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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