The Growing Trend of Home Gardening to Boost the Global Home & Garden Pesticides Market
The demand for home & garden pesticides has been growing continuously across the world, mainly due to the growing trend of home gardening. As a result of this trend, the expenditure incurred on lawn and garden maintenance has witnessed a considerable increase in recent years. This has provided a huge boost to the growth of the global home & garden pesticides market.
The global home & garden pesticides market was valued at USD 17,735.9 million in 2018 and is projected to grow at a CAGR of 4.6% during 2019 to 2026. As mentioned already, the growth of the global home & garden pesticides market is being mainly driven by the growing trend of home gardening and rising expenditure on lawn and garden maintenance. Further, more and more people are opting for herbicides instead of labor-intensive work of removing unwanted plants. This is also expected to support the growth of the global Home & Garden Pesticides market.
Another major factor that will play a key role in the growth of the Home & Garden Pesticides market is the growing prevalence of vector borne diseases. For example, the prevalence of dengue and malaria in India is very high. Mosquitoes responsible for spreading diseases like dengue and malaria mostly breed in water storage containers, gutters, wells, and construction sites, which serve as the ideal breeding ground for them. This has led to increasing purchase of insect repellent products and home & garden pesticides.
However, bans imposed on some synthetic pesticides in several countries of the world could have a negative impact on the global home & garden pesticides market. The rising awareness about the harmful effects of chemical or synthetic pesticides has increased the demand for organic pesticides and has also compelled manufacturers to focus on R&D to develop eco-friendly products. New product development as a result of increasing R&D is likely to have a positive effect on the global market.
However, the outbreak of coronavirus pandemic is going to have a major impact on the global home & garden pesticides market. Due to the lockdowns imposed across the world to contain the spread of the virus, the production of pesticides has been hit significantly. This, in turn, is going to affect the market projections, especially if the lockdowns are not lifted soon.
North America is presently dominating the global market and is likely to maintain its dominance over the next few years. However, the Asia-Pacific home & garden pesticides market is expected to register the fastest growth during 2019 to 2025. Factors such as improving standard of living and increasing number of residential construction projects are going to drive the growth of the Asia-Pacific regional market. The European market is also expected to record significant growth over the coming years.
The major players operating in the global Home & Garden Pesticides market include Bayer AG, Syngenta AG, Organic Laboratories Inc., Reckitt Benckiser Group plc, BASF SE, and DuPont de Nemours, Inc., Central Garden & Pet, SC Johnson & Son, Willert Home Products, Inc., The Scotts Miracle-Gro Company, and Spectrum Brands Holdings, Inc. These market players are undertaking initiatives like product innovation, partnerships, M&A, and geographical expansion in an attempt to increase their market share.