The global rodenticides market is 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.
Rodenticides Market Growth Drivers: Displacement of rodents due to urbanization
Urbanization is one of the key factors encouraging land use, particularly in developing countries, where 90% of the people are expected to be residents of urban areas. Moreover, urbanization is expected to impact public health due to the shift of rural pathogens adapting to the urban environment and increasing their number.
According to an article by Rentokil, it has been observed that the construction of new buildings is increasingly displacing the rat population across regions. As per the report by Building and Construction Authority (BCA), the need for construction in the country is increasing. Some construction activities in rural areas disturb the nesting area of rodents, such as rats, and thus encourage them to relocate to another urbanized location.
According to a recent article posted in Frontiers, Norway, black rats are considered the urban rats that inhabit cities worldwide. They adapt to environmental changes caused by humans and thus survive easily. Hence, the increase in the levels of urbanization creates the need for rodent control, majorly in the urban areas of developing regions.
Rodenticides Market Opportunities: 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 Demand for Second-Generation Anticoagulants due to their Longer Half-Life, Which Implies Longer Tissue Persistence, and Enhanced Efficacy Against Rodents
With the increase in exposure to first-generation anticoagulants, rodents have developed resistance to them; hence, second-generation anticoagulants were developed. Second-generation anticoagulants, also called single-dose anticoagulants, can be lethal in a single dose. They are more toxic than first-generation anticoagulants due to their superior affinity for vitamin K-epoxide reductase, which disrupts the functioning of the blood clotting agents in rodents. The popular rodenticides in this category are brodifacoum, bromadiolone, difethialone, difenacoum, and flocoumafen.
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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 few other Asian counties. As the world’s 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 damages 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.
The major players in this market are BASF SE (Germany), Syngenta (Switzerland), Bayer AG (Germany), UPL (India), and Rentokil Initial PLC (UK).
