The pest control services market is segmented into type, pest type, application, and region. Based on type, the market is classified into chemical, mechanical, biological, and others. Based on pest type, the market is divided into insects, termites, rodents, and others. Based on application, the market is categorized into commercial, residential, agriculture, industrial, and others. Based on region, the market is analyzed across 15 Europe countries, which include Germany, UK, France, Italy, Spain, Netherlands, Switzerland, Poland, Czech Republic, Austria, Belgium, Greece, Slovakia, Portugal, Ireland, and rest of the Europe.

The favourable weather conditions in 2017 that led to a record crop season of soybean and maize impacted crop producers in a positive way. Both domestic and international crop sales registered an increase, generating higher revenues for farmers. More capital was invested in machinery, equipment and new technologies for monitoring and managing production. The increased supply, however, caused a fall in prices, especially of soybean and maize. Although this downward trend in prices affected farmers’ margins, it had a positive impact on livestock producers, due to cheaper feed inputs.

周期品价格变化看供需，白糖或于19Q3/4 迎拐点。供需分析始终贯穿于周期品分析中，以5-6 年为一周期的白糖产业具备显著的周期特征，供需缺口为正则价跌，供需缺口为负则价涨。自2003 年以来，我国白糖已经历两个完整糖周期，分别是2003.7 至2008.10、2008.10 至2014.9，其中上行期均保持30 个月以上，涨幅分别达165.2%、191.4%。目前，周期三正处于下行期，根据广西糖网数据，2019.4.1 柳州白糖现货价为5250 元/吨，相比于2016.12 高点7020 元/吨降幅为25.21%。根据历史周期规律，我们粗略估算，自2016.12 达到高点以来，大约经历30 个月本轮周期结束，随后开启新一轮周期。

18/19 榨季是国内白糖增产周期第三年，19/20 榨季有望重新进入减产周期。复盘历史糖价走势及白糖供给数据发现，我国食糖价格呈现5-6年一个周期的波动规律，其中上涨、下跌周期持续时间均为2-3 年左右。根据农业农村部4 月数据，2018/2019 榨季食糖产量1068 万吨，相比上一榨季增加36 万吨，产量的持续增加导致现货价格低迷，制糖企业亏损不断扩大，支付能力下降。

白羽鸡已成我国第一大肉鸡品种。我国最主流的肉鸡品种包括黄羽肉鸡和白羽

肉鸡。2017 年白羽肉鸡出栏量42 亿羽，黄羽肉鸡出栏量37 亿羽，表明白羽肉

鸡出栏量已经超越黄羽肉鸡，成为我国第一大肉鸡品种。

禽用疫苗受非瘟去产能影响，需求量进一步提升：生猪产业在非洲猪瘟的影响下去产能化严重，猪肉供给缺口有望达到800 万吨，而进口猪肉只占我国总体的3%左右，无法有效弥补缺口，禽类是猪肉最佳的替代品，在此情况下禽类需求势必提升。从单月引种量来看去年10 月份引种量开始上升，随着禽类养殖景气度提升，养殖企业补栏积极性提升，禽类疫苗的需求量也将进一步提升。