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 refer to the methods and treatments used to eliminate or control pests such as insects, rodents, and termites. These products and services play a crucial role in maintaining a healthy and safe environment by preventing the spread of diseases and minimizing property damage caused by pests. The increasing awareness about the health risks associated with pest infestations and growing concerns for food safety and hygiene are driving the demand for pest control products and services.
Market Key Trends:
One key trend in the pest control products and services market is the growing adoption of eco-friendly and organic pest control solutions. With increasing concerns about the environmental impact of chemical-based pesticides, consumers are shifting towards safer and sustainable alternatives. Eco-friendly pest control products and services not only provide effective pest management but also minimize harm to the environment and human health. This trend is driven by the growing awareness of the benefits of organic pest control methods and the implementation of stringent regulations on the use of chemical pesticides.
Porter’s Analysis:
Threat of New Entrants: The threat of new entrants in the pest control products and services market is moderate. While there are relatively low barriers to entry in terms of capital requirements and regulatory restrictions, established players in the market have already captured significant market share and have established brand recognition. Additionally, the industry requires specialized knowledge and expertise in pest control techniques, which may pose a challenge for new entrants.
Bargaining Power of Buyers: The bargaining power of buyers in the pest control products and services market is relatively high. Buyers have the option to choose from a wide range of products and services offered by various providers. This allows buyers to have a significant influence on pricing and service quality, as they can easily switch to a competitor if they are not satisfied.
Bargaining Power of Suppliers: The bargaining power of suppliers in the pest control products and services market is low. There are multiple suppliers of raw materials and equipment used in the industry, allowing pest control companies to easily switch suppliers if the need arises. Additionally, the industry does not rely heavily on any single supplier, reducing the suppliers’ influence on pricing and terms.
Threat of New Substitutes: The threat of new substitutes in the pest control products and services market is low. While there may be alternative methods for pest control, such as DIY solutions or natural remedies, they are often less effective and may not provide long-term solutions. Professional pest control products and services continue to be the preferred choice for businesses and homeowners to effectively address pest infestations.
Competitive Rivalry: The competitive rivalry in the pest control products and services market is high. The market is fragmented with multiple players, both large and small, competing for market share. This leads to intense competition in terms of pricing, service quality, and innovation. Companies need to continuously differentiate themselves and provide value-added services to stay competitive in the market.
Key Takeaways:
The global Pest Control Products and Services Market Segmentation is expected to witness high growth, exhibiting a CAGR of 6.15% over the forecast period of 2023-2030. This growth can be attributed to the increasing awareness about the importance of effective pest control for maintaining hygiene and safety in residential, commercial, and industrial sectors. Rising urbanization and the expanding hospitality industry are also driving the demand for pest control services.
In terms of regional analysis, North America is projected to be the fastest-growing and dominating region in the pest control products and services market. This can be attributed to the stringent regulations regarding pest control in the food and healthcare industries, along with the increasing demand for pest prevention services in residential and commercial sectors.
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 are focusing on strategic partnerships, acquisitions, and product innovation to gain a competitive edge in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
