The process of eradicating pests or stopping them from breeding, developing, or migrating is known as pest control. Pests can create serious problems such as health concerns, depending on the species. Bugs can also cause property damage since they infest buildings, crops, and the entire environment. Pest control management has grown more important in recent years due to the presence of house flies, bed bugs, cockroaches, and other insects in regions where there are human activities.
Chemical, biological, mechanical, and software and service are the four most prevalent pest control approaches. Chemical methods are more convenient than others in a wide range of applications. The global pest control market is predicted to be valued at US$24.40 billion in 2023, witnessing growth at a CAGR of 5.09% over the forecasted period.
According to this report, the global pest control market is divided into five regions: North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
North America dominated with largest share of the global market, owing to the suitable climatic conditions for pests in the region, which drives the demand for pest control. The US is the leading pest control market in the North America region. The rapid growth of housing market in the US would boost the US pest control market in the years to come. Asia Pacific pest control market provides lucrative opportunities in the coming years. The rapid development in urban activities throughout various growing economies in Asia Pacific, such as India, China, Malaysia, and others gives a resilient opportunity for pest control service providers.
Top Impacting Factors:
Driver: Changing Climate Condition
Climatic factors including rising temperatures, rising CO₂ levels in the atmosphere, and changing precipitation patterns have a big impact on agricultural pests. Since temperature is the most important environmental element influencing insect population dynamics, global climate change is projected to result in an extension of their geographic range, enhanced overwintering survival, as well as an increase in the number of generations. In future, pest management solutions are essential, especially as climate change exacerbates the pest problem, hence that would boost the pest control market in the next years.
The fatal chemicals used in pest control process are not only dangerous to the environment, but they are also hazardous to a person’s health. Pesticide poisoning causes over one million fatalities and chronic diseases each year around the world. Pesticides can be extremely dangerous to newborns, as the toxins can flow from the mother during pregnancy or when a woman breastfeeds her child. Pesticide vapors produced by commercial pesticide use in agriculture have the potential to pollute the air. Hence, the serious health problems created by the pest control products is regarded as a key factor that restrain the growth of the pest control market, as people are becoming more aware about the harmful effects of using excessive chemical pest products.
Artificial Intelligence (AI) has the potential to transform industries, corporations, and economies. In case of agricultural activities, Artificial Intelligence (AI) algorithm can detect and count the pests in the photo, determining the extent of infestation, and providing the farmers with a set of practical suggestions. In Integrated Pest Management (IPM), AI has become an inextricable part. AI has already been implemented in a number of firms' operations and products. In the pest control sector, this is an excellent alternative to chemical-based insecticides. As a result, the market is predicted to rise in a large scale. So the adoption of AI based technologies is expected to boost the market in the years to come.
The COVID-19 Analysis:
Like many other industries the global pest control market also experienced a slowdown, especially during the first half of 2020 due to COVID-19 pandemic. Due to lockdown restrictions and business closures, many pest control services were stopped. As more businesses reopened after the closure, the need for pest control services for commercial facilities grew. The rise in reopening of economies and surge in economic activities in the second half of 2020 has resulted in a resurgence in pest control revenue around the world. The adoption of new technologies and procedures would boost the global pest control market forward in the coming years.
Analysis of Key Players:
The global pest control market is fragmented. However, North America pest control market is less fragmented than the global. The key players of the global pest control market are:
Rentokil, and more recently Anticimex, have been the most active, in part because they still lack scale in some US markets. Chemicals manufacturers like BASF and Bayer also have product lines oriented at pest control. Pest Control players in Asia include Japan’s Ikari and Sanix. In terms of application, Rollins and Terminix appear to be more diverse. Rollin and Terminix are mostly the US exposed. Consolidation has been a significant part for the Pest Control sector. Because of the significant benefits from route density and the fragmented nature of the market, M&A can lead to significant margin expansion.