(I-BusinessNews.Com, February 22, 2020 ) The insect pest control market is projected to grow at a CAGR of 5.05% from USD 13.10 Billion in 2017 to reach USD 17.60 Billion by 2023. Pathogens causing dengue, rift valley fever, malaria, and Zika virus are transmitted by insects, which act as vectors for these diseases, and are considered to be dangerous to humans, livestock, and the environment. Hence, various preventive and control measures to control the proliferation of harmful insects have been driving the growth of this market, globally.
Insect control methods include the prevention, monitoring, and intervention to control the chances of infestation and subsequent damage caused by pests. Chemical, physical, biologicals, and environmental control services are some of the methods which are used to control the outbreak of insect pests in crop as well as household and commercial spaces. Some of the major insect pests which are commonly controlled with methods such as physical, chemical or fumigation include termites, cockroaches, bedbugs, mosquitoes, flies, ants among others. Termite species such as dampwood termite, dry wood termite, subterranean termite, and dessert termite cause significant economic losses.
The growing concern about vector-based disease outbreaks, rise in purchasing power among the end consumers and the effect of the climate change in insect proliferation are some of the factors driving the growth of the insect pest control market. Considering the increase in demand for sustainable agricultural practices at farm level and increasing demand from consumers for organic products, the use of biological insecticide for pest control is gaining traction. Also, at a commercial scale, there is high demand for pest control services from hospitality and tourism sectors.
Download PDF brochure:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=26785207
Regionally, the share of the North American region in the insect pest control market is the largest owing to factors such as the growing market for housing which raises a complementary demand for insect pest control services to drive termites, bedbugs, and cockroaches and the growing need for insect pest control in the commercial and industrial set-up. Asia Pacific is projected to be the fastest-growing market since the region is witnessing high growth in population and rapid scale of urbanization which subsequently leads to a higher demand for sanitary efforts.
Despite effective measures being taken for the control of insect pests, most species have been developing resistance to insecticides when exposed to a larger dose of active ingredients frequently. There have been instances in Japan where the Diamondback moth had developed resistance against Bacillus thuringiensis as a consequence of lack of awareness on the dosage level and application technique. Another factor which could hinder the growth of this market is the high cost of registering insecticides which provides less incentive for smaller players to penetrate the market. However, the major players in the market such as FMC Corporation (US), Bayer AG (Germany), BASF SE (Germany) made use of strategies such as expansions, product launches, and collaborations to capitalize on the strong market potential.
Regulatory control on the use of mixtures for certain applications in different countries has limited the range of insecticides available for the formulators. Even a new active ingredient or formulation, in order to be introduced in the market, requires to undergo rigorous trails and tests to ascertain the eco-friendly nature of the products, which is a long, rigorous, and time-consuming process. A lack of skilled technical personnel can limit the expansion strategies of pest control service providers.
Speak to Analyst:
https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=26785207
The insect pest control market is a fragmented one with a large number of domestic manufacturers, formulators, service, providers, and suppliers. Easy availability of off-patent chemicals allows the entry of many small-scale manufacturers and to compete for the market position. Limited research activities are conducted with respect to insecticides, except for some key players such as Bayer (Germany), Syngenta (Switzerland), BASF (Germany), FMC Corporation (US), Sumitomo Chemicals (Japan), ADAMA (Israel), Rentokil Initial (UK), Ecolab (US), The Terminix International Company (US), Arrow Exterminators (US), Ensystex (US), and Rollins (US), as these are well-established and financially stable players that have been operating in the industry for several years. Most key participants have been exploring new regions through acquisitions, new product developments, and collaborations across the globe to avail a competitive advantage through combined synergies.
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
MarketsandMarkets™
Mr. Sanjay Gupta
1-888-600-6441
raviraj.tak@marketsandmarkets.com
Source: EmailWire.Com 
