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Pest Control Market projected to reach $ 24,397 million by 2024 - North America is maintain its lead position growing at a CAGR of 5.2% during the forecast period

03-20-2019 10:46 AM CET | Industry, Real Estate & Construction

Press release from: Allied Market Research

Pest Control Market

Pest Control Market

According to a new report released by Allied Market Research, the market for pest control is based on type, pest type and use: According to the World Opportunity Analysis and Industry Forecasts for 2018-2024, "The pest control market is valued at $ 16,883 million in 2017 and is projected to reach $ 24,397 million by 2024, growing at a CAGR of 5.4%. North America is one of the outstanding consumers of pest control and accounted for almost half of the total market in 2017.

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Pest control is the management of species or pests that are considered harmful to human health. Pest control takes place in a wide range of applications, including agriculture, commercial buildings, residential buildings and industries. It is beneficial to protect crops from pests to increase food production. House flies tend to be located close to human activities, especially where food waste is found.

The key players profiled in the report include Rentokil Initial PLC, BASF SE, EcoLab Inc., Syngenta AG, National Pest Control, Rollins Inc., LLC, Lindsey Pest Control, Bayer AG, FMC Corporation, and Rollins, Inc.

Consumer perceptions of increased insect pests, changes in climatic conditions, and health risks from pests are expected to dominate the global pest control market during the forecast period. The market is characterized by the presence of a large number of service providers. Therefore, the ease of availability of this service is also expected to lead the growth of the global pest control market. However, pest control is a very fragmented market and is a threat to large companies. In addition, frequently changing environmental regulations are expected to curb market growth during the forecast period.

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Insects are expected to dominate the world pest control market during the forecast period. However, termites are expected to gain traction in the near future. Changes in climate conditions are expected to stimulate growth in this sector in the near future. In 2017, insects and termites accounted for about three-fifths of the global pest control market overall.

During the analysis period, commercial applications are still expected to dominate the world pest control market. In 2017, commercial and residential applications accounted for more than half of the global pest control market. Agricultural applications are expected to expand to the highest CAGR during the forecast period.

Key Findings of the Pest Control Market:
• In terms of value, the insects segment is expected to grow at a CAGR of 4.7% during the forecast period.
• North America is projected to maintain its lead position throughout 2024, growing at a CAGR of 5.2%, in terms of value. Asia-Pacific is anticipated to witness the highest growth during the forecast period.
• Commercial and residential application segment is estimated to collectively occupy more than half share of the total market by 2024.
• China is expected to occupy more than half of the total Asia-Pacific pest control market by 2024.
• In the global pest control market, India is expected to grow at a CAGR of 5.4%, in terms of value, from 2018 to 2024.

In 2017, North America accounted for approximately half share of the total pest control market and is expected to continue its dominant position during the forecast period. The Asia-Pacific pest control market is anticipated to grow at the highest CAGR, specifically in China, India, and the other developing countries. Rise in agriculture and industrial sector is the major reason for the growth of the market in the Asia-Pacific.

Access Summary: https://www.alliedmarketresearch.com/pest-control-market

About Us:

Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.

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