Pune, India, July 2020, MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global Rodenticides Market.
Global Rodenticides Market size is projected to be valued at USD 6.3 Billion by 2026 at a CAGR of 4.8% between 2020 and 2026. The demand for rodenticides is increasing with raising awareness of food safety and diseases spread by rodents. The pesticides market has registered tremendous growth in the past few years, and the same trend is expected for the rodenticides market. There is also an increase in the per capita income, which leads to a rise in demand for hygienic living conditions. Additionally, the North American and European markets are witnessing the growing demand for rodenticides.
The key players in the market have been responsive to shifting consumer preferences and are focused on strategic acquisitions, agreements, and partnerships. Moreover, the key players in the market are focusing on expanding introducing new products in the market. For instance, in 2018, BASF SE launched Selontra, a rodent bait formulation based on the active ingredient, cholecalciferol, for rodent control. The product has high efficiency in controlling rodent invasion in just seven days. Such initiatives by major manufacturers are projected to have a significant impact on the rodenticides market size during the forecast period.
Increase in concerns regarding vector-based disease outbreak
Growth Opportunities in the Market
High Investments in R&D: There has been an increasing interest in developing new ingredients in the rodenticide baits. For instance, Connovation, Ltd. based in New Zealand has developed cholecalciferol plus coumatetralyl bait and cholecalciferol plus diphacinone bait. These two ingredients have two major advantages compared to the other ingredients such as increased efficiency and reduced concentration of active ingredients over singe active ingredient rodenticides. These types of initiatives by companies have created an opportunity in the global rodenticides market.
Increase in demand for rodent pest control services from the hospitality and tourism sectors: Health, safety, and maintaining a proper standard are important factors for the hospitality and tourism sectors. As a result, issues such as rodent control needs to be managed properly as it can affect the revenue. Furthermore, growing entertainment and hospitality sectors as a result of high consumer purchasing power are further creating an opportunity for global rodenticides market growth.
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