PORTLAND, Oregon, April 21, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Rodent Control Market by Type (Chemical, Mechanical, Biological, and Others) and Application (Commercial, Residential, Agriculture, Industrial, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027" According to the report, the global rodent control industry garnered $2.4 billion in 2019, and is estimated to generate $3.9 billion by 2027, registering a CAGR of 6.4% from 2020 to 2027.
Prime determinants of growth
Rise in urbanization coupled with exponential growth of population, changes in climatic conditions, and easy availability of rodent control products and services drive the global rodent control market. However, stringent regulations and ban on the use of chemical-based rodent control hinder the market growth. On the other hand, R&D activities to develop bio-based rodenticides create new opportunities in the market.
The chemical segment to continue its lead position during the forecast period
Based on type, the chemical segment held the highest market share in 2019, contributing to more than one-third of the global rodent control market, and is estimated to continue its lead position during the forecast period. Industry players are focusing on providing a comprehensive product portfolio that includes less toxic rodent control chemicals, maintaining safety standards of the Food Quality Protection Act which drives the growth of the segment. However, the biological segment is expected to witness the highest CAGR of 7.3% from 2020 to 2027. Research firms are actively working on different projects to develop new species of pathogens for rodent prevention, which makes it the fastest-growing segment.
The residential segment to maintain its dominant position in terms of revenue by 2027
Based on application, the residential segment contributed to the highest market share in 2019, accounting for nearly one-third of the global rodent control market, and is expected to maintain its dominant position in terms of revenue by 2027. Surge in building construction activities in developing areas and government initiative for rodent control in various regions have propelled the growth of the segment. However, the commercial segment is expected to register the highest CAGR of 6.8% during the forecast period. Increase in use of chemical and mechanical methods to eradicate rodents in hospitals, households, farms, and restaurants has significantly fueled the growth of the market.
Based on region, the North America region contributed the major market share, accounting for nearly half of the total share of the global rodent control market in 2019, and is estimated to maintain its dominance during the forecast period. The strengthening of the housing market, steadily improving economy, and government initiatives such as vector control programs have fueled the market growth. On the other hand, the Asia-Pacific region is estimated to register a CAGR of 7.5% from 2020 to 2027. This is owing to the expansion of agricultural lands and the number of organic food producers in China and India.
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