In a recent published report, Kenneth Research has updated the market report for Pest Control Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Pest Control Market products.
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According to the statistics by the Organization for Economic Co-operation and Development (OECD), production of maize increased from 8.28 tonnes/hectare in the year 2010 to 9.48 tonnes/hectare in the year 2019.
Factors such as the increasing crop production worldwide and the concern for the decreasing arable land for the cultivation of crops, which is raising the need amongst farmers to develop modern agricultural methods that provide increased yield with low input resources, are anticipated to drive the growth of the market. According to the statistics by the Organization for Economic Co-operation and Development (OECD), production of maize increased from 8.28 tonnes/hectare in the year 2010 to 9.48 tonnes/hectare in the year 2019.
Global Pest Control Market was valued at USD 17.81 Billion in the year 2017. Global Pest Controls Market is further estimated to grow at a CAGR of 8 % from 2019 to reach USD 32.86 Billion by the year 2025.Major market players in Pest Control Market are The DOW Chemical Company, Syngenta AG, National Pest Control, Bayer CropScience AG, FMC Corp., Terminix International Company L.P, Ecolab, BASF SE, Rollins Inc., Bell Laboratories Inc., and brief overview of 10 companies is also provided in the report. Better global reach at the operational level is the main reason the key players are holding substantial Market share. Rising research and development expenses to satisfy the changing demands of end users, new product launches and organic growth strategies were few techniques adopted by various manufacturers in last 5 years.
North America region holds the highest Market share in 2017 and Asia Pacific region is considered as the fastest growing Market in the forecasted period due to growing demand and rising population. At a country level, the U.S., China & India holds the notable Market share and is projected to grow strongly in the coming years due to the strongly growing agriculture sector.
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SWOT Analysis of Pest Control Market:
Changes in climatic conditions
Growing economic activity
Growing pest population
Side effects associated with the use of pest control
Stringent environment regulations across the world
High opportunities in Asia-pacific region
Growing preference for Pest Controls
Low focus on R&D due to high costs
Short shelf life
The segmentation is done on the basis of Type, by application, by pest type, and by region. On the basis of types, the global Pest Control Market is sub-segmented Chemical, Mechanical, Biologicals and Other of which the biological control segment is expected to hold the highest Market share during the forecast period.
Pest Control Market Segmentation:
By Pest Types
o Rest of Europe
o Rest of Asia-Pacific
o Latin America
o Middle East & Africa
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