Opportunities for New Market Entrants in Insect Pest Control Market

The insect pest control market was valued at USD 12.49 Billion in 2016 and is projected to reach USD 17.60 Billion by 2023, growing at a CAGR of 5.05% from 2017.

Insect control methods include the prevention, monitoring, and intervention to control the chances of infestation and subsequent damage caused by pests. Chemical, physical, biologicals, and environmental control services are some of the methods which are used to control the outbreak of insect pests in crop as well as household and commercial spaces. Some of the major insect pests which are commonly controlled with methods such as physical, chemical or fumigation include termites, cockroaches, bedbugs, mosquitoes, flies, ants among others. Termite species such as dampwood termite, dry wood termite, subterranean termite, and dessert termite cause significant economic losses.

The growing concern about vector-based disease outbreaks, rise in purchasing power among the end consumers and the effect of the climate change in insect proliferation are some of the factors driving the growth of the insect pest control market. Considering the increase in demand for sustainable agricultural practices at farm level and increasing demand from consumers for organic products, the use of biological insecticide for pest control is gaining traction. Also, at a commercial scale, there is high demand for pest control services from hospitality and tourism sectors.

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Regionally, the share of the North American region in the insect pest control market is the largest owing to factors such as the growing market for housing which raises a complementary demand for insect pest control services to drive termites, bedbugs, and cockroaches and the growing need for insect pest control in the commercial and industrial set-up. Asia Pacific is projected to be the fastest-growing market since the region is witnessing high growth in population and rapid scale of urbanization which subsequently leads to a higher demand for sanitary efforts.

Despite effective measures being taken for the control of insect pests, most species have been developing resistance to insecticides when exposed to a larger dose of active ingredients frequently. There have been instances in Japan where the Diamondback moth had developed resistance against Bacillus thuringiensis as a consequence of lack of awareness on the dosage level and application technique. Another factor which could hinder the growth of this market is the high cost of registering insecticides which provides less incentive for smaller players to penetrate the market. However, the major players in the market such as FMC Corporation (US), Bayer AG (Germany), BASF SE (Germany) made use of strategies such as expansions, product launches, and collaborations to capitalize on the strong market potential.

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The various contributors involved in the value chain of the insect pest control market include raw material suppliers, R&D institutes, insect pest control solutions manufacturing companies such as Bayer (Germany), Syngenta (Switzerland), BASF (Germany), FMC Corporation (US), and government bodies & regulatory associations such as the Environmental Protection Agency (EPA) and Pest Management Regulatory Agency (PMRA).

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