Insect Pest Control Market worth $15.8 billion by 2026

The global insect pest control market size is estimated to be valued at USD 12.3 billion in 2021 and projected to reach USD 15.8 billion by 2026, recording a CAGR of 5.1% during the forecast period.

(EMAILWIRE.COM, November 24, 2021 ) According to MarketsandMarkets, the global insect pest control market size is estimated to be valued at USD 12.3 billion in 2021 and projected to reach USD 15.8 billion by 2026, recording a CAGR of 5.1% during the forecast period.

The insect pest control market is driven by rapid urbanization across all regions. Increasing awareness about public hygiene and the prevention of vector-borne diseases, coupled with the rising adoption of digital applications and technology, has fueled the demand for insect pest control services globally. The increasing awareness of public health has compelled people to adopt these services regularly at residential and commercial levels creates a positive impact on global insect pest control market.

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In terms of insect type, termites’ segment is projected to dominate the market. Termites are a major pest across the world and cause high economic losses in public places, households, and industrial sectors. Species of termites that require pest control services include damp wood termite, dry wood termite, the Formosan termite, subterranean termite, dessert termite, and conehead termite. Coptotermes vastator species of termites are prevalent in tropical regions. This factor is encouraging many insect pest control manufacturing companies to opt for termites control solutions at global level.

The liquid form of insect pest control products captures a large share of the global market due to several reasons. Liquid insect pest control products are comparatively easier to apply and use as they offer convenience and require a lesser time span for application. The liquid form is the most popular formulation of insect pest control products among residential and commercial sectors. These products can be mixed with water at different rates depending on the size of the establishment and the severity of infestation. This variability is another driver for the liquid form of insect pest control products.

In terms of geographical coverage, the insect pest control market has been segmented into five regions, namely, North America, Asia Pacific, Europe, South America and Rest of the World which includes Africa and the Middle East. The Asia Pacific market is expected to witness the highest growth rate during the forecast period. China, Japan, Australia, Thailand and India are expected to contribute to the growth of the insect pest control market. Although North America holds the largest market share, the insect pest control market is saturated and is projected to grow at a steady CAGR during the forecast period. With a change in temperature, pest infestation is increasing in the region, thus leading to an increased demand for insect pest control services and products during the forecast period.

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