July 16, 2024
Pest Control Products and Services Market

Market innovations propel growth of the Pest Control Products And Services Market

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 Overview:
Pest control products and services play a key role in preventing damage caused by various types of pests like insects, rodents, and termites. These pests are harmful and can transmit diseases to humans and animals and damage crops and structures. Pest control products include insecticides, rodenticides, and other chemicals to eliminate pests. The services include regular inspections, pest identification, pest removal and treatment of infested areas. The growing food industry and increasing concern over food safety and quality are majorly driving the demand for advanced pest control products and services in the agriculture sector.

Market key trends:
One of the key trends in the market is the adoption of digital pest monitoring solutions. Technologies such as smart traps, vision sensors, and predictive algorithms are gaining popularity as they help in early detection and identification of pests. They allow real-time monitoring and easy access to pest control specialists. There is also a rise in biopesticides and bio-based products as people are increasingly preferring eco-friendly pest control solutions. Manufacturers are increasingly focusing on developing innovative, targeted products to control specific pests efficiently while reducing health and environmental risks.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to the need for proper licenses and certification required to operate in this market. The market also requires significant capital investments for proper equipment and trained workforce.
Bargaining power of buyers: The bargaining power of buyers is moderate as services in the market are differentiated and not easily substitutable. Switching costs for customers are also moderate.
Bargaining power of suppliers: The bargaining power of suppliers is low since raw materials required are commodity products and there exist many suppliers.
Threat of new substitutes: The threat of substitutes is low as integrated pest control is difficult to replace and customers prefer one-stop solutions from pest control service providers.
Competitive rivalry: intense as the market comprises several global as well as regional players.

Key Takeaways

The global Pest Control Products And Services Market Share is expected to witness high growth, exhibiting a CAGR of 6.1% over the forecast period, due to increasing urbanisation and changing lifestyle.

Regional analysis: North America dominates the market and is expected to continue its dominance over the forecast period. Asia Pacific is expected to witness the fastest growth owing to growing construction activities and increasing consumer awareness in the region.

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.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it