The globalrodenticides marketis predicted to experience a 5.8% compound annual growth rate, leading to revenue surpassing USD 7.1 billion by 2027. This thriving industry, valued at USD 5.4 billion in 2022, is on a path of substantial growth. The rising concern for environmental pollution and public health hazards posed by vector-borne diseases is fueling the global demand for rodent control services. The growing population, coupled with the overexploitation and degradation of limited resources, is contributing to the degradation of the ecosystem, leading to global warming and temperature rise. These factors, in turn, are indirectly strengthening pests' ability to survive in different seasons, as evidenced by the migration of tropical pests away from the equatorial region due to global warming.
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increase in demand for rodent pest control services from the hospitality and tourism sectors
With the growing interest in recreational activities and aesthetics among consumers, the demand for maintenance services to control rodent pests and their possible damages are the key factors that are projected to drive market growth for rodenticides shortly. The entertainment sector, warehouses, construction companies, the food service segment, pharmaceutical companies, and the hospitality sector play an important role in encouraging the demand for pest control products services, particularly for rodents. The economic losses due to the damages caused by pests, such as rodents, affect the tourism industry. The growth of the hospitality and entertainment sectors in urban areas due to the high purchasing power among consumers has driven the demand for rodent control products.
Rising awareness about sanitation and hygiene among people is driving the demand for rodenticides for residential purposes.
Rodents like rats are mostly found in kitchens due to food and food-related garbage. The increase in health and hygiene concerns among people and the affordability of pest control practices encourage them to adopt such practices for a rodent-free environment. Sewers, open areas, and waste dumps are highly susceptible to rat infestations. Thus, the application of rodenticides becomes essential. Rodenticides are used in and around buildings to control rat infestations. The presence of rodents can result in the transmission of zoonotic diseases, such as plague and leptospirosis. As a result, urban centers stock up on rodenticides to take immediate action on the transmission of diseases and prevent contagious diseases.
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Asia Pacific is expected to be the fastest-growing region with a CAGR of 6.5% during the forecast period.
The Asia Pacific market is completely driven by the country markets of China, India, Japan, Australia, Thailand, Indonesia, and a few other Asian countries. As the worlds largest and most populous region, Asia-Pacific is one of the key markets for rodenticides. Rodents are common pests present in agricultural fields. Annually, extensive volumes of agricultural produce are destroyed and contaminated by rodents. To meet the increase in demand for food products and to reduce the crop damage caused by rodents, the use of rodenticides has increased significantly in the region. The food retail, food manufacturing, pharmaceutical, hospitality, and residential sectors are expected to be major growth verticals in this market.Asia Pacific is expected to be the fastest-growing region during the forecast period due to several reasons. One of the major drivers of the market is the fact that agriculture is one of the most significant revenue-generating sectors in China and India. The growing population within the region is urging the farmers to provide a maximum yield to fulfill the demand of the increasing population. In such cases, the increasing crop damage and decreasing food production due to rodents are expected to leverage this market positively.
Key players operating in this market include BASF SE (Germany), Bayer AG (Germany), Syngenta AG (Switzerland), UPL Limited (India), Rollins, Inc. (US), Liphatech, Inc. (US), JT Eaton Co., Inc. (US), Pelgar (UK), Bell Laboratories Inc. (US), and Abell Pest Control (Canada).
