The most recent study conducted by Report Ocean, titled “Global Residential Pest Control Products Market Size, Share, Pricing, Trends, Growth, Report and Forecast 2023-2030,” presents a comprehensive analysis of the worldwide market. This research delves into the factors driving the market, emerging trends, opportunities for development, as well as potential limitations that may affect the Residential Pest Control Products. The report provides an estimation of the global market size and examines recent strategic actions taken by prominent international competitors.
Global Residential Pest Control Products Market is valued approximately USD 6.6 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 5.8% over the forecast period 2022-2029. Residential Pest Control Products refer to any substance that are intended for preventing, repelling, pests from premises of residential settings such as apartments, residential societies, and independent houses among others. These products are utilized to destroy various insects including flies, bed bugs, ants, termites, wasps, cockroaches, mosquitoes, and spiders among others. The increasing prevalence of infectious diseases and growing popularity of organic pest control products as well as strategic initiatives from leading market players are key factors accelerating the market growth.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
According to Statista – in 2021, the global insect repellent market was estimated at USD 4.2 billion, and the market is projected to grow to USD 4.6 billion by 2023. Moreover, the rising incidences of infectious diseases is another factor contributing to the growth of the Global Residential Pest Control Products Market. For instance, as per Centers for Disease Control and Prevention estimates – as of 2019, the emergency department visits with infectious and parasitic diseases were estimated at 3.4 million, Furthermore, around 523,000 of these emergency department visits resulted in hospital admission. Also, rising emergence of eco-friendly pest products and increasing advancements in UV and LED technology-based electronic insect traps would create lucrative growth prospectus for the market over the forecast period. However, health concerns associated chemicals-based pesticides stifles market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Residential Pest Control Products Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading region in terms of market share owing to presence of leading market players as well as rising demand for organic paste control products in the region. Whereas Asia Pacific is expected to grow significantly during the forecast period, owing to factors such as rising prevalence of infectious diseases as well as growing real estate sector in the region.
Major market players included in this report are:
BASF SE
Bayer AG
Anticimex
Ecoclear Products
Ecolab
Fmc Corporation
Syngenta
Nbc Environment
Adama Ltd
Sumitomo Chemical Co. Ltd.
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Recent Developments in the Market:
In June 2022, SC Johnson launched new range of bug killer sprays and mosquito repellents named STEM. This new range is made from plant-derived active ingredients like lemongrass, mint, and rosemary oils.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Type
Chemical Control
Physical Pest Control
Organic Pest Control
By Application Techniques
Sprayers
Dusters
Space Treating Equipment
Others
By Pest Type
Insects
Nematodes
Weeds
Rodents
Others
By Distribution Channel
Supermarket/Hypermarket
Independent Retail Stores
E-commerce
Others
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Russia-Ukraine War on Market
The market is anticipated to suffer because of the Russia-Ukraine War. The demand for the market has decreased as a result of the political unrest and economic unrest in the area. The war had a detrimental impact on global economic activity, adding to inflationary pressures globally and hindering the post-pandemic recovery, even if it was not the primary cause of the slower-than-anticipated economic growth in 2022 and revised estimates for 2023.
The Five Forces analysis examines the following factors:
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
The PESTLE analysis takes into account the following dimensions:
- Political factors: This includes political policies, stability, and factors related to trade, fiscal policies, and taxation policies.
- Economic factors: This involves analyzing interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates.
- Social factors: These encompass changing family demographics, education levels, cultural trends, shifts in attitudes, and changes in lifestyles.
- Technological factors: This examines changes in digital or mobile technology, automation, and research and development in the relevant industry.
- Legal factors: This entails analyzing employment legislation, consumer law, health and safety regulations, as well as international trade regulations and restrictions.
- Environmental factors: This dimension considers aspects such as climate change, recycling procedures, carbon footprint, waste disposal, and sustainability practices.
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