In 2019, the global rodenticides market was valued at USD 2.04 billion and is expected to reach USD 3.10 billion by 2032, growing at a compound annual growth rate (CAGR) of 3.30% over the forecast period. In the U.S., the market is anticipated to achieve a value of USD 736.31 million by 2032, driven by advancements in product formulations and the rising need for effective rodent control solutions among manufacturers. North America held the largest market share in 2019, accounting for 33.95%.
The rise in urbanization and industrial development, along with increasing rodent activity in urban environments, is expected to boost the demand for rodenticides significantly.
Rodents are destructive pests, causing damage to crops both in fields and storage facilities. They are also vectors for serious diseases like hantavirus, plague, and typhus. These concerns have accelerated the adoption of rodenticides across residential, commercial, and industrial sectors. Expanding urban and commercial development has also increased pressure on public agencies to uphold hygiene standards, further fueling market demand.
Information Source: https://www.fortunebusinessinsights.com/rodenticides-market-102826
Key Questions Addressed in the Report:
Market Drivers and Restraints
Growing Adoption of Integrated Pest Management (IPM) to Support Market Growth
Rodents have long posed risks to public health and property, transmitting over 60 diseases and causing significant economic damage. Integrated Pest Management (IPM), a cost-effective and holistic approach to pest control, has emerged as a practical solution to manage rodent populations. However, stringent regulatory frameworks governing the introduction of new rodenticides could pose challenges to market expansion.
Market Segmentation
Anticoagulants Expected to Lead Due to Strong Agricultural Demand
The market is segmented into anticoagulants and non-anticoagulants. In 2019, anticoagulants dominated the market with a share of 75.54%. These rodenticides are widely preferred as they cause painless death in rodents by preventing blood clotting and pose minimal risk to non-target species, including humans. Their extensive use in agriculture supports continued growth in this segment.
Regional Insights
North America to Maintain Dominance Due to Rising Residential Developments
Regionally, the market spans North America, Europe, Asia Pacific, South America, and the Middle East & Africa. North America generated USD 692.58 million in revenue in 2019 and is expected to maintain a leading position due to increasing residential construction and the high demand for rodent control solutions.