NEW YORK, April 26, 2018 /PRNewswire/ -- The vector control market is projected to grow at a CAGR of 5.13% during the forecast period.
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The vector control market is estimated at USD 15.86 billion in 2018 and is projected to grow at a CAGR of 5.13% from 2018, to reach USD 20.37 billion by 2023. The market is expected to gain momentum due to the rising awareness of health issues caused by vectors. Factors such as high efficiency of chemical-based vector control methods and the rising prevalence of vector-borne diseases are expected to drive the market. On the other hand, lengthy approval procedures of vector control products and environmental hazards of chemical-based vector control products are expected to restrain the growth of the vector control market.
The biological method of control is expected to grow at the highest rate during the forecast period.
Stringent regulations regarding the use of chemical insecticides are in place in North America and Europe owing to the environmental concerns arising from their usage.This has provided opportunities for the use of biological vector control methods, which are perceived to be safer as compared to their chemical-based counterparts.
The biological segment is projected to grow at the highest rate due to the growing concerns about the environmental impact of chemical compounds and rising number of cases of insecticide resistance among pests. Biological control methods include the beneficial action of microbials, insects, nematodes, botanicals, and fish on harmful insects and minimize the occurrence of diseases caused by insects.
The commercial & industrial segment is expected to dominate the vector control market through 2023.
The dominance of the commercial & industrial segment can be attributed to the increasing demand of vector control products and solutions in the food manufacturing and hospitality sectors in urban areas to maintain hygiene, especially in Asia Pacific countries.This is a result of the stringent regulations and procedural guidelines by governments and other specialized agencies.
Globally, the market is further driven by factors such as mandatory audits for certifications such as ISO 9001 and ISO 22000 and stringent implementation of regulations by the US EPA for certain sectors.
Asia Pacific is projected to grow at the highest rate during the forecast period.
Asia Pacific is projected to be the fastest-growing market for vector control between 2018 and 2023.The region has been experiencing significant demand for vector control products and services due to the awareness about public hygiene and the increase in support provided by governments toward pest control operations.
The rapidly growing population and urbanization have resulted in the demand for sanitary efforts, which include procurement of vector control products. Mosquitoes and rodents are among the many vectors in the Asia Pacific region and are expected to fuel the demand for vector control products and services over the next six years.
The vector control market is segmented region-wise, with a detailed analysis of each market by studying the individual competitive landscapes. The regions covered in this report include North America, Europe, Asia Pacific, and the Rest of the World (RoW).
Breakdown of the profile of primary participants is as follows:
• By Company Type: Tier 1 – 20 %, Tier 2 – 30%, and Tier 3 – 50%
• By Designation: C-level Executives – 15%, Directors – 60%, and Others* – 25%
• By Region: Asia Pacific – 40%, Europe – 30%, Americas – 20%, and RoW – 10%
*Others include sales managers, marketing managers, and product managers.
Note: Three tiers of the companies are defined on the basis of their total revenues in 2016 or in 2017 as per the availability of financial data. (Tier 1: Revenue > USD 1 billion; Tier 2: USD 100 million <= Revenue <= USD 1 billion; Tier 3: Revenue < USD 100 million)
The key manufacturers in the vector control market are Bayer AG (Germany), Syngenta AG (Switzerland), BASF SE (Germany), Bell Laboratories, Inc. (US), and FMC Corporation (US). The key service providers in the industry are Rentokil Initial plc (UK), Ecolab (US), The Terminix International Company LP (US), Rollins, Inc. (US), Anticimex Group (Sweden), Arrow Exterminators, Inc. (US), Massey Services Inc. (US), and Ensystex (US).
• Determining and projecting the size of the vector control market with respect to method of control, vector type, end-use sector, and region over a five-year period from 2018 to 2023.
• It offers a detailed qualitative and quantitative analysis of the market with respect to the competitive landscape and the preferred development strategies such as expansions, acquisitions, new product developments, and agreements.
• It provides a comprehensive review of major market drivers, restraints, opportunities, challenges, and the key issues of the overall market.
• It covers various important aspects of the market which include the analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the vector control market.
Reasons to buy this report:
From an insight perspective, this research report has focused on various levels of analyses—competitive landscape mapping, and company profiles, which together comprise and discuss the basic views on the competitive landscape; emerging and high-growth segments of the vector control market; high-growth regions; and market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
• Market Penetration: Comprehensive information on vector control offered by the top players in the market
• Product Development/Innovation: Detailed insights on upcoming technologies, R&D activities, and growth strategies in the vector control market
• Market Development: Comprehensive information about lucrative emerging markets—the report analyzes the end-users for vector control across various regions
• Market Diversification: Exhaustive information about products, untapped geographies, recent developments, and investments in the vector control market.
• Competitive Assessment: In-depth assessment of the market share, strategies, products, and manufacturing capabilities of the leading players in the vector control market.
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