A new report claims the global rodenticides market size will be valued at $4.9 billion (£3.7bn) in 2020 and is projected to reach $6.6bn (£5.1bn) by 2026.
Reportlinker.com said the market will show a compound annual growth rate of 5%, and it said the major opportunity in the rodenticides market will come for rodent pest control services from the hospitality and tourism sectors.
The report said that the growth of this market is projected to remain high due to the growing population of rodents, an increase in urbanisation, along with the rise in instances of crop losses and other economic damages caused by rodents.
The rodenticides market has high growth potential in developing countries, such as the Asia Pacific region, as the economic conditions in several countries in this region are favourable.
The recent COVID-19 pandemic is expected to impact the global rodenticides industry.
The largest growing segment in the rodenticides market, by rodenticide type, is anticoagulants.
The report said: “Anticoagulants rodenticides accounted for the largest share in the rodenticides market in 2020.
“Anticoagulant active ingredients, such as bromadiolone and brodifacoum, are extensively preferred in the US for rodent control, and majorly, products formulated with these active ingredients have been approved by the regulation authority across Europe. Among the anticoagulant rodenticides, second-generation active ingredients are preferred due to their high effectivity.”
The report said the largest growing segment in the rodenticides market, by rodenticides mode of application, is pellet.
“Pellets are the most widely used mode of application across the globe, mainly due to ease to use with baits and its availability in different flavours, which makes it more attractive for luring rodents,” the report said.