Persistence Market Research states in a new report titled, ‘Global market study on pest control products and services that North America is expected to be the most attractive regional market’. It predicts that the global pest control products and services market value will increase from US$ 16.01bn in 2015 to us$ 16.94bn by 2016 end and exhibiting a Compound Annual Growth Rate of 5.4% over the next 10 years.
The prime factors powering the demand for pest control products and services are a rapid expansion of urban population across the globe, growing consumer awareness concerning health and hygiene, prevalent weather conditions supporting insect growth, a rapid increase in lifestyle expenditures, and rising international tourism. The insecticides product type segment is expected to gain significant market share by 2026 and is estimated to increase 1.7 times in terms of value between 2016 and 2026.
The chemical control services service type segment is estimated to reach US$ 11.56bn by the end of 2016, reflecting a year-on-year growth rate of 5.8%. The segment is expected to continue to remain the most dominant in the market until the end of 2026. The residential end user segment is expected to be valued at US$ 9,956.6mn by 2026.
When it comes to regions, North America is expected to remain the most dominant regional market in the global pest control products and services market. The Asia Pacific pest control products and services market is expected to be valued at US$5,964.2mn by 2026, registering a CAGR of 6.1% during 2016-26.