New York, USA, Feb. 13, 2023 (GLOBE NEWSWIRE) -- According to Research Dive’s newly published report, the global rodent control market is predicted to grow at a stable CAGR of 4.9%, thereby garnering a revenue of $4,659.7 million by 2028. This holistic report provides an overarching overview of the nature of the rodent control market including its main characteristics like growth drivers, growth opportunities, restraints, and hindrances in the 2021-2028 timeframe. The report also contains all the necessary and essential market figures to help new entrants gain an insight into the working of the market.
Dynamics of the Market
Drivers: The rise in popularity of clean quality of living is expected to be the primary growth driver of the rodent control market in the forecast period. Along with this, rapid urbanization and globalization are predicted to push the market forward.
Opportunities: Technological advancements and the launch of effective rodent control technologies are predicted to offer numerous growth and investment opportunities to the market in the forecast period. Moreover, rapid economic growth and urbanization are anticipated to help the market grow substantially in the analysis period.
Restraints: Increasing regulations regarding the use of rodent control products, however, might prove to be a hindrance in the growth trajectory of the rodent control market.
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Impact of Covid-19 on the Market
The novel coronavirus pandemic and the resulting lockdowns have negatively impacted numerous manufacturing and service industries by hampering both the supply-side and demand-side supply chains. The rodent control market, however, was positively affected due to the pandemic and the lockdowns. The growth in the market was on the account of increasing demands for rodent control services, which were deemed to be essential during the pandemic in order to keep the surroundings clean and free from any infections.
Segments of the Market
The report has divided the rodent control market into certain segments based on type, technique, end user, and region.
Type: Products Sub-Segment to be the Most Dominant
By type, the products sub-segment is predicted to be the most dominant and garner $2,796.8 million by 2028. Rodent control products have gained a lot of demand as these products provide effective treatment. This increased demand is predicted to be the main factor to boost the growth of this sub-segment.
Technique: Chemical Sub-segment to be the Most Profitable
By technique, the chemical sub-segment is predicted to be the most profitable in the forecast timeframe and generate a revenue of $1,900.1 million by 2028. Chemical rodent control techniques can effectively control rodent activity and can prevent them from causing damage. Hence, there is a growth in demand for chemical techniques, which is predicted to propel the growth of this sub-segment.
End User: Residential Sub-segment to Generate Maximum Revenue
By end user, the residential sub-segment is predicted to garner the maximum revenue in the forecast timeframe and generate $1,701.5 million by 2028. Wide usage of rodent control methods across the residential sector is predicted to augment the growth rate of this sub-segment in the analysis timeframe.
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Market in the North America Region to be Most Lucrative
By regional analysis, the rodent control market in the North America region is projected to become the most dominant and grow with a CAGR of 5.2% by 2028. Stringent government regulations and hygiene standards especially related to food safety are predicted to be the primary growth driver of the market in the forecast period.
Prominent Market Players
Some prominent market players of the rodent control market are Anticimex, Ecolab Inc., Rollins Inc., BASF SE, SenesTech Inc., Bayer AG, Neogen Corporation, Rentokil Initial Plc, Syngenta AG, and Neogen Corporation, among others. These companies are coming up with various innovations using different business strategies like acquisitions, mergers, and collaborations to gain a prominent position in the market.
For instance, in August 2022, Rockit Pest, a leading rodent pest control service provider, announced the acquisition of Future Services, a pest and termite control company. This acquisition is expected to help Rockit Pest to increase its foothold in the market and consolidate its position substantially.
Finally, this report published by Research Dive, also summarizes many crucial aspects of the global market including the latest strategic developments, SWOT analysis, financial performance of the key players, and product portfolio.
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More about Rodent Control Market:
- Why is it Necessary to Get Rid of Rodents for a Clean Home Stay?
- Acquisitions like That of Asklepios BioPharmaceutical by Bayer AG to Boost the Growth of the Global Rodent Control Market
