Pest Control Market Size, Business Opportunities to 2027 by Fortune Business Insights™
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 pest control 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-
The advent of Pest Control Software will Bolster Growth
The rise in the number of fatal vector-borne diseases is a major factor in promoting the growth of the pest control 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 pest control.
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 pest control products and services that may pose a threat to the environment. This may hamper the overall market in the coming years.
Insects Segment to Dominate Market with its Proliferating Population
Based on the pest type, the insect segment dominated the market in 2019 with a 49.30% pest control market share. This is attributed to the rapidly multiplying insect population in both agricultural and non-agricultural areas.
Nevertheless, the increasing adoption of pest control software is currently trending, thereby creating lucrative growth opportunities for the future market.
Information source: https://www.fortunebusinessinsights.com/pest-control-market-102854