The global pest control market size is anticipated to witness substantial growth on account of the increasing rodent population and reach USD 31.94 billion by 2027. The change in climatic conditions and the rapidly growing population of rodents worldwide have increased the demand for these products worldwide. As per a recently published report by Fortune Business Insights titled, “Pest Control Market Size, Share & Industry Analysis, By Pest Type (Insects, Termites, Rodents, Others), Method (Chemical, Mechanical, and Biological), Application (Residential, Commercial, and Industrial), and Regional Forecast, 2020 – 2027,” the market value was USD 19.73 billion in 2019 and is anticipated to rise at a CAGR of 6.31% during the forecast period, 2020 to 2027.
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Drivers & Restraints-
Advent of Pest Control Software will Bolster Growth
The rise in the number of fatal vector-borne diseases is a major factor in promoting market growth. The World Health Organization states an annual of 7,00,000 deaths to vector-borne diseases, which accounts for 17% of all infectious diseases in the world. Diseases caused by pests are promoting the need for various pest control methods such as biological, mechanical, and chemical methods, thereby augmenting growth. Additionally, the increasing urbanization and industrialization that propelled a rise in construction activities have also increased the hygiene standards among people. This further added impetus to the rise in the need for the product.
On the negative side, the use of pesticides and insecticides is strictly monitored by various agencies such as the Environment Protection Agency (EPA) of the United States and the government. They have imposed stringent regulations on the use of fatal chemicals and highly toxic products and services that may pose a threat to the environment. This may hamper the overall market in the coming years.
Players Emphasizing on Innovative Product Launches to Gain Strategic Position in Market
There are more than 40,000 companies dealing with these products and services worldwide, thereby leading to a highly fragmented competitive landscape. Some of the highest shares of the market are contributed by players such as ServiceMaster, Rollins Inc., and Rentokil. They are engaging in collaborative efforts and investing in new products launched to gain a competitive edge in the market.
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