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The global pest control market size is prophesied to reach USD 31.94 billion by 2027 owing to the increasing number of vector-borne diseases worldwide. In addition to this, the advent of smart pest control technology emerging as a current trend will also add impetus to the market. As per a recently published report by Fortune Business Insights titled, “Pest Control Market Size, Share & Industry Analysis, By Pest Type (Insects, Termites, Rodents, Others), Method (Chemical, Mechanical, and Biological), Application (Residential, Commercial, and Industrial), and Regional Forecast, 2020 - 2027,” the market value was USD 19.73 billion in 2019 and is anticipated to rise at a CAGR of 6.31% during the forecast period, 2020 to 2027.
New Disinfectant Launched by Orkin LLC for Fighting Wide Variety of Pathogens
The increasing concerns of germ transmission and the welfare of public citizens have provoked a pest control company called Orkin LLC to launch an effective option for restoring a healthier business environment. Orkin LLC is a completely owned subsidiary of Rollins Inc., a major player in this sector. The product called Orkin® VitalClean™ was launched in March 2020 for use in large-scale commercial and public recreational spaces for sanitization. This product utilizes a disinfectant that is EPA-registered for use against a wide variety of pathogens. The current COVID19 pandemic has prioritized the importance of hygiene and this is likely to propel consumers and other business minds to opt for this product to maintain a clean, safe, and healthy atmosphere.
Vice President of the department of Quality Assurance and Technical Services at Rollins Inc., Judy Black stated, “This product is a disinfectant that we offer was enlisted by EPA for specific use against SARS-CoV-2 virus, is almost non-toxic, and is magnificently effective to fight strong viruses such as the coronavirus. It also does not contain any ozone harming organic compound and is skin-friendly and mild on fabrics and hard surfaces.” This may pose as a major contributor to this market in the forthcoming years.
Rising Awareness about Cleanliness and Maintaining Hygiene Standards are likely to Boost Market
The rise in the development and utilization of biocontrol agents that can be used for population control of pests is a key factor promoting the pest control market growth. This, coupled with the increasing adoption of smart and long-lasting measures will also add impetus to the market. Additionally, the expansion of the integrated pest management industry, coupled with government support for the same is expected to boost the market.
On the contrary, factors such as strict regulations on certain chemicals used for making these products may hamper the market in the long run. Nevertheless, the increasing number of construction activities for both residential, and commercial purposes and the increasing need to maintain cleanliness and hygiene of such buildings will create lucrative growth opportunities for the market in the coming years.
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ServiceMaster, Rollins Inc., and Rentokil Holding Major Shares in Market
The competitive nature of this market is highly fragmented on account of the presence of many players. The major objective of players to gain momentum in the market is to develop better quality pest control products and are therefore investing heavily in the same. Besides this, players are engaging in collaborative efforts such as mergers and acquisitions, joint ventures, contracts and agreements, partnerships, and others to stay ahead of their competitors.
Notable Industry Developments of Market include:
List of Companies Profiled in the Report:
Further Report Findings
This Market is segmented into:
Value (USD Million)
By Pest Type