(I-BusinessNews.Com, February 02, 2020 ) The insect pest control market has been segmented on the basis of insect type, application, and control method, which are further divided into their subsegments. It has also been segmented on the basis of region into North America, Europe, Asia Pacific, South America, and the Rest of the World (RoW). The market for insect pest control is projected to grow at a CAGR of 5.05% from 2017 to reach USD 17.60 billion by 2023. This market is driven by government regulations on food hygiene, public health, and environmental health; growing public awareness for residential pest solutions; and the need to improve service quality among professional pest controllers to maintain a reputation among customers.
Increasing investments in R&D capabilities of the key players for the development of insecticides, along with the increased expenditure in identifying insect control solutions through cost-effective active ingredients, are expected to change the business landscape over the next six years.
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The climate change phenomenon has supported the growth in the population of mosquitoes in the temperate regions of Europe and North America. Being the most damaging pest globally, mosquitoes are causing major concerns to public health with the spread of harmful diseases such as dengue, Zika virus, and malaria. Thus, mosquito control is projected to be the fastest-growing insect control from 2017 to reach USD 2.71 billion by 2023. Also, the increasing instances of bedbugs infestation in countries such as the US and India are also expected to drive the market growth.
Biological control is projected to be the fastest-growing control method in the insect pest control market between 2017 and 2023. Due to the growing insecticide resistance among insects such as flies, cockroaches, and mosquitoes, botanicals (such as pyrethrins and neem oil extracts) and microbial have been gaining popularity for residential purpose as well as in pet care application.
The residential segment is projected to be the fastest-growing area of application during the forecast period. The increasing purchasing power parity among middle-class residents and the growing awareness among consumers about vector-based diseases are the major reasons for the high-growth opportunities in the residential segment. The key players have been seeking an opportunity to capitalize on providing services to the high-potential residential client base which is aware of adopting measures to prevent the infestation of termites and bed bugs in developed markets such as North America and Europe.
The Asia Pacific is projected to be the fastest-growing region from 2017 to 2023, followed by North America. Having a warm tropical climate suitable for the growth of insect population with average living and sanitary standards, the government authorities in these regions have been working on effectively implementing regulations for public health and food, and disease preventive measures. Moreover, the number of policies and support extended by governments in the Asia Pacific to maintain public hygiene, such as the clean-up movement in India, are expected to create a spur in the market.
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