January 13, 2021
According to the research report titled ‘Global Rodenticides Market Size study with COVID-19 impact, by Product (Anticoagulants and Non-anticoagulants), by Mode of Application (Pellets, Blocks and Powder & spray), End-Use sector (Agriculture, Pest control companies, warehouse, urban centers and Household) and Regional Forecasts 2020-2027‘, available with Market Study Report LLC, global Rodenticides market was valued at USD 4.67 billion in 2019 and is expected to witness a CAGR of 4.90% during 2020-2027.
Flourishing agriculture sector, and increasing concerns related to rodents destroying the agriculture field are propelling the growth of global rodenticides market. Also, ability of the product to resist and kill rodents in the places with high risk of damage, including residential infrastructures, commercial areas, and warehouses is driving the market growth.
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Further, rising prevalence of Covid-19 has compelled the authorities to ensure food availability at low prices, thereby boosting the demand for rodenticides so as to safeguard crop yield. Efforts taken by the government to support the growth of agriculture sector and ensure safety of the food industry is contributing to the worldwide rodenticides market growth. As per Statista, global agriculture sector was valued at USD 11 billion in 2018, and is expected to be appraised at USD 74.5 billion by the year 2024.
In addition, displacement of rodents due to the rapid urbanization is expected to create opportunities for the global rodenticides industry partakers during the forecast years. However, strict regulations and restrictions on the use of rodenticides in emerging nations is hampering the market growth.
In terms of product terrain, global rodenticides industry is bifurcated into non-anticoagulant, and anticoagulants. Considering the mode of application, the market is divided into powder & spray, pellets, and blocks. Based on end-use scope, the market is fragmented into warehouses, agriculture, pest control companies, household, and urban centers.
From a regional frame of reference, North America rodenticides market is projected to record significant growth during the study period, mainly due to increasing rodent attacks, and subsequent surge in economic loss. Whereas, Asia-Pacific industry is anticipated to amass considerable revenues by the year 2027, owing to flourishing agriculture sector, and security concerns related to the rodent attacks in the region.
Major players operating in global rodenticides market sphere include Syngenta AG, BASF SE, Neogen Corporation, Bell Laboratories Inc., Impex Europa S.L., Rentokil Initial plc, EcoClear Products, Inc., Liphatech Inc., Bayer AG, and PelGar International.