The increasing level of destruction and damage done by the rodents in grocery stores, hardware stores, grain storage, and other retail outlets are negatively impacting the businesses. Rodents cause damage and wastage of foodstuffs. However, rodenticides are found to be the most effective solution to reduce damage and losses to rodents which is driving the rodenticides market. The cumulative demand for rodenticides is posed to attain an impressive global market size of $1243.94 million by the end of 2023 as well as mounting use of rodenticides from various end-user industry the market will observe an increment with substantial compound annual growth rate (CAGR) of 5.8% during the forecast period of 2018-2023.
The rodenticides market intelligence report segments signify the analysis of the market ecosystems, current scenario, growth drivers, and challenges in the market. It also consists of the current lucrative opportunities that will assist to endure the market size. The report is titled, “Rodenticides Market: By Rodent (Rats, Hamsters, Chipmunk, Mouse, others); By Form (Block, Pellets, Granules, spray); By Type (Anticoagulant, Non-anticoagulant, Metal phosphides, others); By End User (Agriculture, Warehouse, Pest Control Companies, Urban centers, Consumer use) & Geographic Analysis - Forecast (2018-2023).”
Global Rodenticides Market: Leading Segments
According to the regional study by the IndustryARC analyst, the APAC region is expanding at a higher rate with impressive rodenticides market size of $229.1 million in 2017. Many countries in the region are producing agro and food products such as rice and sugarcane. Rodents damage to growing food products and crop at the growing stage have been causing the problems to farmers. Also, livestock production act as a feed to rodents which is leading to uncontrolled population. Moreover, food wastage and transmitted diseases have been a burning issue in the region which prompts higher adaption of chemical rodenticides in the region.
The segmentation analysis of application that includes agriculture, warehouses, pest control services, and urban centers. According to the application examination by market analyst, pest control services is the most profitable segment. Pest control is one of the leading problems and requires assistance in controlling the pest. The growing number of companies providing pest control operations and customized solutions to eliminate the rodents and other pests in the commercial and residential ground. The application is projected to grow with a CAGR of 5.7% through to 2023.
Global Rodenticides Market: Growth Drivers
- The increased industrial activities impact the environment which leads to global warming. Rodents thrive in warm temperatures due to which the nuance caused by them increases. Many regions are observing warmer temperatures than before, and so, the application of rodenticides is gaining grounds.
- Increase in construction activities is supporting the creation of commercial and residential infrastructure. The tendency of rodents to boom among the human population is increasing the menace of proper cleanliness, hygiene and health conditions. This is the notable factor contributing to increased utilization of rodenticides in the near future.
- The substantial demand for rodenticides is highly dependable upon the cultivation, drying, and storage process in the agriculture sector. The food loss and damage on each process altogether can negatively impact the farming process, so the rodenticides are gaining traction from the agricultural end.
- The innovative development in rodent control by a non-lethal technique that aims the fertility of the species is achieving acceptance in the rodenticides market.
- Manufacturing and registration costs, potential threats to the population, government regulations are budding the growth opportunities in the rodenticides market.
Global Rodenticides Market: Competitive Landscape
Some of the major players in the rodenticides market are BASF, Bayer, Syngenta, Neogen, SenesTech, LiphaTech, Pelgar, and Impex Europe.
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