02 December 2019
The Rodenticides Market Report 2020-2030: Forecasts by Mode of Application (Pellets, Blocks, Powder & Spray), By End Use (Pest Control Companies, Household, Agriculture), by region and analysis of leading companies operating in this industry.
The global market size of rodenticides is estimated to exceed USD 914 million by 2020 and is expected to grow over the forecast period at a CAGR of more than 4.3 percent. Factors such as increased pest-related disease prevalence, increasing rodent population, increased pest control demand, and the availability of natural rodenticides are likely to be major drivers of market growth. Increasing concerns about economic loss due to rodent disruption in agricultural fields are likely to drive development in the coming years.
Growing population of rodents is a major factor behind increasing prevalence of communicable diseases such as Hantavirus infection, plague, and Lassa fever, which, in effect, affects the climate, wildlife, and humans. This has prompted the use in retail, residential and industrial applications of various rodent control products. Rodent control services in most major cities around the world are seeing high demand. To order to effectively manage the rodent population, industry players are involved to developing new goods. Increasing number of hospitals, offices, housing, and hotels coupled with high hygiene standards preference are expected in the coming years to fuel market demand.
In 2019, the agricultural segment accounted for significant global market share. Increased damage to farm equipment, stored grain, and field crops caused by rodents in the agriculture sector is likely to drive demand over the forecast period. Rodents can result in the most serious threats to global food security. Feed and crop failures have been observed in numerous countries over the past few years resulting in an escalated demand for rodenticides market.
Rodent attacks reported massive losses in agriculture, grain processing, and warehouses. Consequently, control of the rodent population has been critical in recent years. Although rodenticide adoption has room for improvement worldwide, the toxicity of these chemicals was a major concern, owing to which rodenticide application regulations across developed countries are stringent. The rodenticides industry is fragmented at global level, with various innovative start-ups entering the market and emerging firms.
The North American rodenticides market is projected to be the largest between 2019 and 2025, while the Asia Pacific market is projected to grow at the highest CAGR during the same period. Bolstering housing industry and a steadily improving economy have propelled the overall market for pest control, which in turn has also increased the market for rodenticides. The demand for rodent control products and services is also projected to increase over the forecast period with the growing number of new houses.
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