by The growing population in urban cities has increased the instances of pest infestation in residential and commercial buildings. Various pests such as rodents, termites, mosquitoes, flies and cockroaches can contaminate food and water and spread diseases. They can damage wooden structures and cause allergies. Many organizations are spreading awareness about the health hazards caused by pests through information on websites and social media platforms. This is driving the demand for integrated pest management programs and regular pest control services.
The global Pest Control Products And Services Market is estimated to be valued at Us$ 23.78 Bn in 2023 and is expected to exhibit a CAGR Of 6.1% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Some of the major trends in the pest control products and services market include adoption of eco-friendly products and services, growth in do-it-yourself pest control, and advancements in technology. There is an increasing demand for green pest control methods owing to growing environmental concerns about toxic chemicals in pest control products. Companies are investing in research & development of biopesticides made from natural ingredients such as plant extracts. Do-it-yourself pest control market is growing owing to easy availability of baits, traps and other products online for solutions like rodent and insect control. Companies are focusing on development of smart pest control devices incorporated with IoT, image recognition and artificial intelligence. For instance, smart traps use image sensors to identify the type of pest and collect real-time data about infestations. This helps in improved decision making and predictive analysis of pest control requirements.
Porter’s Analysis
Threat of new entrants: Low barrier to entry for small localized businesses however larger players have economies of scale and brand recognition that deter new competition.
Bargaining power of buyers: Buyers have moderate bargaining power as there are many suppliers but switching costs are low if unsatisfied with service.
Bargaining power of suppliers: Suppliers of pest control products and equipment have low bargaining power as there are many alternatives.
Threat of new substitutes: Low threat as integrated pest management is still nascent and chemicals remain most economical and effective solution currently.
Competitive rivalry: Intense competition among existing players to gain market share through aggressive pricing, innovative products and acquisitions.
Key Takeaways
The Global Pest Control Products And Services Market Demand is expected to witness high growth. With rising global population and urbanization, demand for pest control is surging across both commercial and residential sectors. The pest control industry is turning towards sustainable and eco-friendly products and services to minimize environmental impacts.
Regional analysis:
North America represents the largest market for pest control currently owing to growing construction and real estate industries. Asia Pacific is expected to be the fastest growing region with China and India emerging as new hotspots. Increasing awareness about hygiene and vector-borne diseases is propelling demand from households and commercial complexes.
Key players:
Key players operating in the Pest Control Products And Services Market are Ecolab Inc., Rollins Inc., Rentokil Initial Plc., ServiceMaster Company, LLC, Massey Services Inc., Arrow Exterminators Inc., Sanix Incorporated, Asante Inc., Dodson Pest Control, Inc., Target Specialty Products, Pelsis Ltd., Killgerm Ltd., WinField Solutions, LLC, and Univer Inc. The market remains highly fragmented with local players co-existing with global brands
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals.
