April 16, 2024

Pest Control Products And Services Market Is Estimated To Witness High Growth Owing To Advancement In Gene Synthesis Technologies

Pest control products and services help eliminate unwanted insects, rodents or other organisms that can cause harm, damage or disease. They include a wide range of products like insecticides, rodenticides, disinfectants and other chemicals. Various services like preventive pest control, termite control and mosquito control are also provided. The growing commercial sector along with increasing food production has raised demand for effective pest control. Advancements in gene synthesis technology are enabling quicker development of novel biopesticides that target pests in a safer way.

The Global pest control products and services market is estimated to be valued at US$ 27.4 Bn in 2024 and is expected to exhibit a CAGR of 16% over the forecast period 2024 to 2030.

Key Takeaways
Key players operating in the pest control products and services market are Integrated DNA Technologies, Inc., Thermo Fisher Scientific Inc., Eurofins Genomics, Biomers.net, GenScript.
Growing agricultural sector in developing nations and increasing food exports present significant opportunities for adoption of natural and organic pest control solutions.
Continued development of DNA synthesis tools and bioinformatics techniques will aid in designing pest-resistant crops through genetic engineering and help reduce environmental pollution from chemical pesticides.

Market Drivers
Increasing global population and subsequent rise in farming activities to meet rising food demand is a key factor driving pest control sales. Pests can severely damage crops and stored grains leading to huge economic losses.
Rising urbanization has also increased residential pest problems triggering demand for commercial and consumer pest control services and products across both developed and emerging economies. Stringent norms regarding food safety and quality are further boosting adoption of integrated pest management programs worldwide.

Current Challenges in Pest Control Products And Services Market

The Pest Control Products And Services Market Scope is facing various challenges currently. With climate change, the types and ranges of pests are also changing rapidly, which makes it difficult for companies to accordingly change their product offerings in a timely manner. Monitoring new and emerging pests is an ongoing challenge. Another major challenge is increasing consumer awareness about the use of chemicals in pest control products. More customers now prefer green and eco-friendly solutions. Meeting these demands through continuous innovation is testing the capabilities of market players.Strict government regulations around the use of chemicals also limit the product development approaches of companies. Overall, adapting to evolving market needs, customer preferences, and a dynamic regulatory environment is posing operational difficulties for pest control products and services providers.

SWOT Analysis
Strength: Presence of several established players with strong technical capabilities and global presence.
Weakness: High R&D investments required to develop novel technologies and safer products. Dependency on performance of pest control services business.
Opportunity: Growing demand for integrated pest management and chemical-free options from commercial and residential customers.
Threats: Entry of new local and regional players offering low-cost products. Macroeconomic slowdowns impacting the spending ability of customer segments.

Geographical Regions
North America currently accounts for the largest share of the global pest control products and services market in terms of value. This is attributed to factors such as early adoption of advanced pest control methods, availability of innovative products and technologies, and high consumer spending on pest prevention in countries like the U.S. and Canada.

The Asia Pacific region is projected to witness the fastest growth during the forecast period. Rapid urbanization and infrastructure development activities resulting in proliferation of commercial establishments are driving the demand for pest control services across countries such as India, China, and Indonesia. Increasing consumer awareness about health impacts of pest infestation is also boosting the regional market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it