Growing prevalence of vector borne diseases is one of the key factors supporting the growth of the global home & garden pesticides market. In addition, growing demand for hydroponics is another key factor supporting market growth of home & garden pesticides. However, factors like ban on select pesticides owing to health hazards, and geopolitical tensions and economic downturn is expected to impede the growth of the Home & Garden Pesticides Market in the coming years.
The global market for home & garden pesticides was valued at US$ 17,735.9 Mn in 2018 and is expected to reach US$ xx Mn by the end of the forecast period, expanding at a CAGR of 4.6% during the forecast period. In terms of volume, the market stood at xx Kilo Tons in 2018 and is expected to reach xx Kilo Tons by the end of the forecast period, witnessing a growth of 3.9% during the forecast period.
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Growing incidence of insect-borne diseases is one of the key factors responsible for the growth of the home & garden pesticides market. West Nile Virus is a cause of fatal mosquito-borne diseases and it has become a major issue in several countries across regions such as North America, Europe, and Asia Pacific, among others. It can cause neurological diseases in humans that ultimately lead to death. Further, there are no vaccines available for humans, as of now. Health officials in the U.S. have warned the public about the arrival of the West Nile virus in the country. In 2018, the country witnessed more than 2,600 cases of West Nile viruses, of which close to 200 occurred in the state of California. In order to prevent mosquito bites, the Center for Disease Control and Prevention (CDC) has urged people to use insecticide products recommended by the Environmental Protection Agency (EPA). Further, bed bug infestation is on the rise in major cities in the US, such as Baltimore, Washington D.C., Chicago, Los Angeles, Dallas, and New York, to name a few. These factors have resulted in increased sales of home & garden pesticides in the country and the impact of this trend is expected to increase further in the coming years.
Governments of several countries have imposed bans on various categories of pesticides due to their negative effects on human health. A prolonged exposure to pesticides results in health complications which include respiratory issues, dizziness, and nausea, among others. Although such pesticides are particularly effective in eliminating pests, they have an adverse effect on infants, old people, and patients. Due to such factors, several governments have imposed bans on some pesticides. For instance, the EU has permanently banned the use of neonicotinoids, effective from the last quarter of 2018, which means that they can only be used in closed greenhouses. Neonicotinoids are particularly effective in eliminating bees and the EU member states viewed it to have a negative effect on food production, as bees pollinate approximately 75% of all crops. These factors are expected to create a bottleneck to the growth of the market in future.
Key Findings: (Based on revenue)