by The global Pest Control Products and Services Market is estimated to be valued at US$ 22.4 billion in 2022 and is expected to exhibit a CAGR of 6.15% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Pest control products and services are used to eliminate or control pests such as insects, rodents, and other organisms that pose a threat to human health and the environment. These products and services offer advantages such as reducing the risk of diseases transmitted by pests, protecting property from damage, and improving the overall quality of life. With the growing awareness about vector-borne diseases and the need to maintain a hygienic and pest-free environment, the demand for pest control products and services is expected to increase significantly.
Market Key Trends:
One key trend in the pest control products and services market is the increasing adoption of eco-friendly pest control solutions. With growing concerns about the harmful effects of chemical-based pesticides on the environment and human health, consumers are increasingly opting for natural and organic pest control products. These products are derived from natural ingredients and are considered safe for both humans and the environment. The shift towards eco-friendly pest control solutions is driven by the desire to minimize the use of chemicals and promote sustainable and environmentally friendly practices.
Porter’s Analysis:
Threat of new entrants: The threat of new entrants in the pest control products and services market is moderate. Although there are low barriers to entry in terms of capital investment, brand recognition and customer loyalty are significant factors. Established players have a strong advantage in terms of economies of scale and established distribution networks.
Bargaining power of buyers: The bargaining power of buyers in the pest control products and services market is moderate. Although buyers have the option to switch suppliers, the high dependence on professional pest control services limits their negotiation power. However, with the availability of a wide range of pest control products and services, buyers can exercise some degree of influence.
Bargaining power of suppliers: The bargaining power of suppliers in the pest control products and services market is low. Suppliers of raw materials such as chemicals and equipment face intense competition, giving buyers the upper hand in negotiating prices and terms. Additionally, the market is characterized by a large number of suppliers which reduces their individual bargaining power.
Threat of new substitutes: The threat of new substitutes in the pest control products and services market is low. Pest control is essential for maintaining hygienic living and working spaces, and there are limited alternatives available. Customers rely heavily on professional pest control services and products due to their expertise and effectiveness.
Competitive rivalry: The competitive rivalry in the Pest Control Products and Services Market Growth is high. The market is fragmented, with numerous players competing for market share. Established companies such as Ecolab Inc., Rollins Inc., and Rentokil Initial Plc. have a strong presence, making it challenging for new entrants to penetrate the market.
Key Takeaways:
The global pest control products and services market is expected to witness high growth, exhibiting a CAGR of 6.15% over the forecast period. This growth can be attributed to the increasing awareness among consumers about the importance of pest control in maintaining hygienic living and working environments. The growing urban population and the rise in pest infestations also contribute to the market’s growth.
Regionally, North America dominates the pest control products and services market, accounting for the largest market share. The region’s dominance can be attributed to the stringent regulations regarding pest control, high awareness among consumers, and the presence of major market players. However, the Asia Pacific region is expected to be the fastest-growing market due to the increasing urbanization, improved standards of living, and rising investments in infrastructure development.
Key players operating in the pest control products and services market include 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. These companies have a strong market presence and offer a wide range of pest control products and services to cater to the growing demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
