Rodenticides Market Size to Reach USD 2.66 Billion by 2027; Rising Contamination of Food Items to Aid Growth, says Fortune Business Insights™
The global rodenticides market is set to gain momentum from the increasing contamination of food items. Rodents are capable of contaminating around ten times the amount of food that they consume. Sometimes, it is much more. This information is given by Fortune Business Insights™ in a recent report, titled, “Rodenticides Market Size, Share & Industry Analysis, By Type (Anticoagulant and Non-anticoagulant), Form (Pellets, Powders, Sprays, and Others), Application (Agricultural Fields, Warehouse, Pest Control Companies, and Others), and Regional Forecast, 2020 – 2027.” The report further states that the rodenticides market size was USD 2.04 billion in 2019 and is projected to reach USD 2.66 billion by 2027, exhibiting a CAGR of 3.46% during the forecast period (2020-2027).
Drivers & Restraints:
Increasing Usage of Integrated Pest Management to Bolster Growth
Rats and mice have been damaging the health and fitness of the masses since time immemorial. They can cause 60 different types of diseases, such as Hantavirus, typhus, and plague. At the same time, they can cause economic loss. One of the most effective methods to deal with such commensal rodents is the adoption of integrated pest management (IPM). It is a broad-based approach that highlights the economic management of rodents. However, the launch of new rodenticides must follow some of the rigorous and stringent regulatory requirements as provided by the governments or other regulatory bodies. It may hamper the rodenticides market growth during the forthcoming period.
Anticoagulant Segment to Grow Rapidly Backed by High Demand from Agriculture Sector
Based on type, the market is bifurcated into non-anticoagulant and anticoagulant. The anticoagulant segment held 75.54% rodenticides market share in 2019. They are used at a large scale as they provide the rodents with painless deaths by preventing their blood from coagulating. They are also less toxic to other animals, as well as human beings. They are highly demanded from the agricultural sector across the globe. Hence, this type of rats and mice pest control would be sold more in the near future.
Increasing Number of Residential Societies to Drive Growth in North America
In terms of geography, the market is divided into Asia Pacific, South America, North America, the Middle East and Africa, and Europe. Out of these, North America procured USD 692.58 million revenue in 2019. It is set to dominate the market in the near future. This growth is attributable to the rising number of residential societies in this region. Coupled with this, the increasing demand for rodent control products and services would contribute to the market growth in this region.
Asia Pacific, on the other hand, is expected to showcase rapid growth during the forecast period backed by the ever-increasing population, especially in the developing countries, such as India and China. Most of the people are engaged in agriculture in these countries. The growing population is urging the farmers in providing the maximum yield to fulfil the unmet needs. The production is lowering because of rodent attacks. Hence, such attacks need to be reduced. Also, rodenticides are easy-to-use, cheap, and are very effective. These factors are increasing their popularity in this region.
Key Players Engage in Mergers & Acquisitions to Broaden Product Portfolio
Major companies operating in the market are aiming to generate more sales by launching unique rodenticides in the market. Some of the reputed enterprises are also acquiring local players to increase their product portfolios. A few of the others are conducting awareness programs to let people know about the availability of various novel rodent pests and their advantages.
Below are a couple of the latest key industry developments:
• November 2017: Rentokil Initial, a business services group based in the U.K., announced the acquisition of Vector Disease Acquisition, LLC (VDA). The latter is a provider of a wide range of vector control services consisting of disease testing, species identification, and weekly monitoring of mosquito levels. This transaction would aid Rentokil in strengthening its position in the market and fulfil the growing demand for mosquito control worldwide.
• August 2017: NEOGEN launched an effective rodenticide bait named DeciMax® Soft. It blends the flexibility and superior palatability so that it can be used in extreme weather conditions. It is also equipped with a second-generation anticoagulant named bromadiolone that would help in controlling mice and rats effectively.
Browse More Insights into the Rodenticides Market Research Report: https://www.fortunebusinessinsights.com/rodenticides-market-102826