Insect Pest Control Market- Growth and Opportunities

The global insect pest control market size is estimated to be valued at USD 12.3 billion in 2021 and projected to reach USD 15.8 billion by 2026, recording a CAGR of 5.1% during the forecast period. Various factors have played a major role in driving the insect pest control market growth across the globe.

Insect pest control products are used in various end-user industries such as in residential buildings, commercial & non-commercial institutions, livestock, and industrial sectors. The bulk end-users namely as, hospitals, airports, hotels, offices under commercial establishments, factories, manufacturing plants are driving the demand of insect pest control. Also, the segment such as non-commercial institutions, storage and transport facilities, and public landscapes are also creating a positive influence on the market. Some of the end-user companies include Hilton, ITC, General Mills, and Nestlé are demanding the insect pest control services in their kitchens.

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The value sales of insect pest control products and services indicated growth during the pandemic situation. Sales of insect pest control products and services from different end-user application industries shot up, specifically in North America and Europe. In North America, consumers view insect pest control as an effective way to maintain a pest-free environment, health and wellness, during the COVID-19 pandemic. Some of the key sources indicated the increase in usage of insect pest control services, mainly by the real estate sector. Also, in South America, and Asia-Pacific region, the outbreak of COVID-19 has brought serious medical, social, and economic challenges. It is seen that the majority of the companies operating in the manufacturing sector (53%) expect COVID-19 to impact their operations, which results in a slowdown of expenditures and rising uncertainty in credit markets. Like wisely, distribution system has disrupted supply chains in the global insect pest control market.

Key Market Players:

•             Bayer (Germany)

•             BASF (Germany)

•             Sumitomo Chemical (Japan)

•             Korea Henkel home care Co. Ltd. (Korea)

•             FMC Corporation (US)

•             Syngenta (Switzerland)

•             ADAMA (Israel)

•             Rentokil Initial Group (UK)

The North American insect pest control market has been experiencing significant growth. The US acquired the largest share of the North American insect pest control market. According to the Centers for Disease Control and Prevention (CDC), between 2004 and 2016, more than 640,000 cases of insect-borne diseases were reported in the US. Additionally, during this period, nine new germs spread by bites from infected mosquitoes and ticks were discovered or introduced in the US. As a result, the demand for effective insect pest control methods has significantly increased in recent years.

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Insect pest controls have wide application in industrial and commercial segment, residential, and livestock farming practices. The residential segment mainly requires pest control services for the containment of cockroaches, bed bugs, mosquitoes, and termites. Insect pest control is recommended for localized areas and home applications. Baits are also used for indoor and outdoor applications in residential areas.