October 07, 2021
As cited by the research report titled ‘Global Insect Pest Control Market Size study, by Insect Type (Termites, Cockroaches, Bedbugs, Mosquitoes, Flies, Ants, Others), by Application (Commercial & industrial, Residential, Livestock farms, Others), by Control Method (Chemical, Physical, Biological, Others), by Form (Dry, Liquid), and Regional Forecasts 2021-2027’, available with MarketStudyReport, global insect pest control market was worth USD 11.7 billion in 2020 and is projected to grow with a CAGR of 5.1% to accumulate USD 16.6 billion over 2021-2027.
Increasing instances of insect-borne disease outbreaks coupled with high efficiency, ease of application, & easy availability associated with the product are the major factors driving global insect pest control market growth. Development of biological insect pest control solutions is likely to generate lucrative opportunities for the business scenario.
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For the record, insect pest control is the management or regulation of pests, that negatively impact human activities. Insect pest control can be achieved by using insecticides when necessary, monitoring the crop, and by growing crop varieties which are resistant to pests.
Moreover, introduction of innovative products by the market players is positively swaying the industry dynamics.
For instance, Syngenta Crop Protection launched Spiropidion, a new product in 2020, to assist farmers to protect crops from pests in an effective and environmentally sustainable manner. Also, Mortein launched a new product back in 2018, to tackle the increasing disease threat.
Speaking of the negatives, risks associated with storage of insect pest control products is likely to hinder the market progression over the estimated timeline.
Based on insect type, global insect pest control industry is segmented into termites, bedbugs, cockroaches, mosquitoes, ants, flies, and others. Considering application range, the marketplace is categorized into livestock farms, residential, commercial & industrial, and others. Speaking of control method, the industry space is divided into chemical, biological, physical, and others. Moving on to form, the business space is classified into dry and liquid.
The geographical analysis of the worldwide insect pest control industry is studied for the major regions like North America, Asia Pacific, Europe, and Latin America. Experts cite that, North America is likely to hold largest market share over the assessment period, owing to growing prevalence of insect-borne diseases in countries like the United States and Canada, technological developments, innovative product launches, and high concentration of leading companies across the region.
Prominent players influencing the global insect pest control industry trends are Rollins Inc., Terminix International Company LP., Rentokil Initial plc, ADAMA Ltd., Syngenta Group, FMC Corporation, Henkel Home Care Korea Ltd., Sumitomo Chemical Co. Ltd., BASF SE, and Bayer AG.