by Pest control products and services are utilized for eliminating or controlling pests like rodents, termites, cockroaches, bed bugs and other household pests that can cause significant damage. The growing awareness regarding various vector-borne diseases has boosted the demand for pest control services globally. Ridding households, offices, and other commercial properties of pests is crucial to prevent contagious diseases and provide a hygienic environment. The pest control industry offers a wide variety of products and services that include insecticides, rodenticides, trapping devices and regular preventive treatments. Advanced monitoring and treatment methods are being employed by professionals to remove pests in a safe and environmentally responsible manner.
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 4.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
This reduces over-reliance on chemical pesticides and minimizes environmental risks. Leading players are increasingly offering advanced solutions involving environmental monitoring systems, digital record-keeping of treatments and automated pest control devices. Sustainable and eco-friendly products formulated with natural or botanical ingredients are also in demand. Growth in urbanization and increasing middle-class population with greater health awareness have further boosted the pest control market in developing regions over the past few years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate in the pest control products and services market. Establishing a brand and expertise is essential in this market, creating barriers for new players.
Bargaining power of buyers: The bargaining power of buyers is high in this market due to the availability of many established brands offering similar products and services. Buyers can negotiate on price.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Key raw materials include chemicals and equipment which have few substitutes available.
Threat of new substitutes: The threat of new substitutes is low. Integrated pest management is gaining traction but is not a perfect substitute for chemicals and equipment based control at present.
Competitive rivalry: Competition is high among the existing players like Nike, Adidas AG, Borosil, Milton, H2O International SA., Shanghai Atlantis Industry Co. Ltd, SIGG Switzerland Bottles AG, Decathlon S.A., Puma SE, and Camlin Kokuyo. Companies compete on innovation, quality, and price.
Key Takeaways
The Global Pest Control Products And Services Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2023 is US$ 23.78 Bn and is forecasted to grow at a CAGR of 4.0% through 2030.
Regional analysis: North America dominates the pest control products and services market currently, followed by Europe. Asia Pacific region is expected to witness the fastest growth during the forecast period due to increasing construction activities and rising household incomes in the region.
Key players: Key players operating in the pest control products and services market are Nike, Adidas AG, Borosil, Milton, H2O International SA., shanghai Atlantis Industry Co. Ltd, SIGG Switzerland Bottles AG, Decathlon S.A., Puma SE, and Camlin Kokuyo. These companies are focusing on innovations and expansions to increase their market share. For example, Borosil introduced new range of pest control products with advanced formulations.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
