Pune, India, February, 2019 /press release/- Market Research Future Published a Cooked Research Report on Insect Pest Control Market Research Report.
The global insect pest control market size is projected to touch USD 17,900.8 million by 2023, asserts Market Research Future (MRFR). The market can achieve this benchmark by exhibiting 5.19% CAGR from 2018 to 2023 (forecast period). It was previously valued at USD 13,901.06 million in 2018.
The accelerated rate of industrialization and growth witnessed in sectors such as information technology, banking, finance, and insurance is likely to create the demand for commercial spaces. The insect pest control market can experience high demand owing to the need to maintain hygienic conditions in these spaces. In addition, the boom in construction is likely to bolster market demand. This is buttressed by the global construction spending amounting to USD 1,246,000 million in 2017.
Rise in vector-borne diseases such as chikungunya, malaria, and dengue which can affect human health is projected to elicit massive demand in the insect pest control market. According to survey by the World Health Organization (WHO), infectious diseases accounted for close to 700,000 deaths annually. Changing climatic conditions which offer perfect breeding grounds for insects can also be a prominent driver of the market.
But high toxicity associated with insecticides can restrain market growth.
The insect pest control market is segmented by control method, insect type, and application.
By control method, chemical segment accounted for 56% share in 2017. The segment is expected to generate close to USD 10,070.1 million by 2023. This can be credited to the popularity of chemical pest control methods among professionals. Bu the biological segment is predicted to exhibit 5.58% CAGR during the forecast period to reach a value of USD 2,940.8 million by 2023.
By insect type, termites accounted for nearly 30% share in the insect pest control market in 2017. It can exhibit the highest CAGR of 6.35% during the forecast period to accrue close to USD 5,808 million by 2023. Cockroaches can display the second-highest CAGR of 5.50% over the assessment period to generate close to USD 3,291 million by 2023.
By application, commercial accounted for 45.1% market share in 2018, followed by residential (24.2%), livestock farms (16.9%), and industrial (13.8%). The commercial segment is expected to exhibit 5.28% CAGR during the assessment period to generate close to USD 8,099.9 million by 2023. The residential segment, on the other hand, is touted to exhibit 5.61% CAGR to accrue close to USD 4,420 million by 2023.
Region-wise, the insect pest control market is segmented into North America, Latin America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA). North America accounted for 48.8% market share in 2018, followed by Europe (20.8%), APAC (19.3%), Latin America (6.0%), and MEA (5.0%).
The North America insect pest control market is predicted to reach a size of USD 8,568.7 million by 2023. High demand in the region can be attributed to requirement for pest management services in hotels, restaurants, and the food processing sector.
The APAC region is expected to exhibit a staggering CAGR of 6.68% during the assessment period to touch a size of USD 3,754.5 million by 2023. It can elicit immense demand for pest control solutions owing to the need in food services, pharmaceutical, and tourism sectors. On the other hand, the MEA region is touted to showcase 6.03% CAGR to accumulate close to USD 946.7 million for the insect pest control market by 2023.
Prominent names in the insect pest control market are China National Agrochemical Co., Ltd. (China), PelGar International Limited (U.K.), SenesTech, Inc. (U.S.), Rentokill Initial plc (U.K.), ADAMA Agricultural Solutions Ltd. (Israel), Bayer AG (Germany), Rollins, Inc. (U.S.), Syngenta (Switzerland), Sumitomo Chemical Co., Ltd. (Japan), Ecolab (U.S.), BASF SE (Germany), Curtis Gilmour (U.S.), and FMC Corporation (U.S.).
Launch of novel products and establishment of new units to cater to the growing demand of pest management services are main strategies of these players. In October 2018, Sumitomo entered into an agreement with Mahindra Agri Solutions to develop new biological methods for eliminating pests.