Northbrook, IL 60062 -- (SBWIRE) -- 08/24/2023 -- The pest control market is on track for substantial growth, according to a comprehensive research report titled "Pest Control Market by Control Method, Pest Type, Mode of Application, Application, and Region - Global Forecast to 2028" published by MarketsandMarkets. The market is projected to reach USD 32.8 billion by 2028, up from an estimated USD 24.9 billion in 2023, at a Compound Annual Growth Rate (CAGR) of 5.7% in terms of value during the forecast period.

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This growth is driven by a range of factors that reflect evolving needs and priorities in individual, business, and industrial contexts. Heightened awareness of health risks associated with pests and the diseases they carry has fostered a greater demand for proactive pest management. Furthermore, increased urbanization and population density in various regions have created conditions conducive to pest infestations, necessitating effective control measures.

The residential segment leads the application-based sectors, representing the largest share of the pest control market. This segment is driven by the essential need for pest control products to ensure safe and comfortable living environments for homeowners. These products effectively target common household pests, including insects like ants, cockroaches, spiders, termites, as well as rodents like mice and rats, addressing the increasing pest infestations in residential areas.

Among pest types, the insects segment dominates the market in terms of value. Global insect populations are growing due to urbanization and climate changes, necessitating pest management, particularly for insects such as bedbugs, cockroaches, mosquitoes, and flies. Insect pests cause disruptions to livestock, humans, and plants, and can transmit diseases, making effective pest control crucial.

In terms of the mode of application, the sprays segment holds the largest market share. Sprays are favored due to the high demand for liquid chemical formulations. They offer a quick and easy method of applying pest control solutions, ensuring uniform distribution of the active ingredients over the target area. This application method enhances the effectiveness of treatments and minimizes property losses.

Among control methods, the chemical segment leads the market due to the quick action and effectiveness of chemical pesticides. Chemicals are widely used for their affordability, ease of application, and reliability in pest control. They provide rapid response to pest outbreaks and infestations, regardless of weather conditions, contributing to consistent pest management.

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Geographically, North America dominates the global pest control market in terms of value. This region's growth is attributed to rising awareness and adoption of sustainable pest control practices, stringent industry regulations, and advancements in pest control technologies. These factors have collectively fueled the expansion of the market in North America.

Key players in the pest control market include Bayer AG (Germany), Corteva Agriscience (US), BASF SE (Germany), Sumitomo Chemical Co. Ltd. (Japan), Syngenta AG (Switzerland), Rentokil Initial plc (UK), and other prominent names. These companies are driving innovation and development in pest control technologies and services.

The pest control market's growth trajectory underscores the increasing importance of effective pest management strategies across various sectors to ensure health, safety, and economic stability.

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