Rodenticides Market is estimated to reach revenue of $1170.46 million by 2023 with an anticipated growth of CAGR 5.9% during 2018-2023
North America established with major share and growth in the Rodenticides Market
Americas, comprising of North America and South America, held maximum share and ruling since 2016. The American market for Rodenticides is expected to grow at a CAGR of 5.67% to reach a value of $546.30 million by 2023. Increasing industry and consumer spending will drive the demand for regular inspections for pests, particularly rodents in North America. Asia-Pacific is the second leading market which is estimated to grow at a faster rate among the entire region at a CAGR of 6.50% to reach a value of 332.86 million by 2023. The rodenticides market in APAC region is influenced by a number of countries producing agro and food products such as China and India. Europe market is increasing at a CAGR of 6.30% to reach a value of $242.32 million by 2023 from $169.1 million in 2017. The U.K. market is forecast to exhibit relatively higher growth in hospitality industry which makes up a significant portion of pest control services in market.
Selected Type Analysis done in the full Report:
- Rodenticides are typically non-specific pest control chemical used to kill rodents. The rodenticides market is classified into various types such as Anticoagulant, Non-Anticoagulant and Metal Phosphides among others. The main share of the profits will be contributed by three products that include Brodifacoum, Diphacinone and Zinc Phosphide, growing at CAGR of 5.0%, 6.2% and 5.9% respectively. The Anticoagulant Rodenticides Market is forecast to grow at a CAGR of 5.6% to reach revenue of $746.82 million by 2023. The Rodenticides Difethlalone Market will have the highest growth rate of 8.3%, which is known for quick acting single dose rodenticide. The non-anticoagulant rodenticides market is foreseen to grow at a CAGR of 5.1% to reach revenue of $276.78 million by 2023. The above are the leading products utilised by most, among all Zinc Phosphide will be the largest segment both in terms of revenue and growth rate. This market revenue will increase from $146.8 million in 2017 to $205.68 million by 2023.
Excerpts on Market Growth Factors
Rodenticides industry is dominated majorly by agro companies. The evolving companies are developing products to control rodents that have been unaddressed. With their functional advantages and product innovation, these companies have considerable chances to lead in the market.
The formulations getting introduced in the marketplace are modifications to enhance the efficiency in rodenticides. The future rodenticides will witness environmental responsible solutions amongst the concerned ecological disturbance created by them. Factor based on environment handling will drive the rodenticides market.
The increasing investment on health and safety due to better and improving regions is forecast to drive the market for rodenticides in urban centers.
Key players of the Rodenticides Market
Rodenticide products have reached the prime stage acquired by the domestic and small scale suppliers. Among all, the key players Bayer AG held the major market share of 18%in 2017, followed by Syngenta and BASF accounting 17% and 9% market share respectively. Bayer has its product named as Rodilon used in total 77 geographical locations. BASF, known for Storm, is used in more than 80 countries. Neogen is best known for Anticoagulant Bait and Bait Stations spread over 100 countries. Syngenta offered a product named as Talon G Bait, Talon Ultrblok and Weatherblok XT, and last but not least Lipha Tech with its products as FirstStrike, BootHill, FastDraw and many others.
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