Household Insecticides Market to witness a CAGR of 6.9% through 2031
NEW YORK, Nov. 11, 2021 /PRNewswire/ -- According to the latest research conducted by Persistence Market Research on the household insecticides market, global demand is all set to witness high growth at a CAGR of 6.9% over the assessment period of 2021-2031. Rising concerns regarding vector-borne diseases is a key factor driving market growth.
Consistent growth in urbanization across the globe accompanied by rise in disposable income, especially in emerging economies such as India and China, is also expected aid demand growth. Rise in disposable income is expected to increase per capita household expenditure of the population across the globe, which, in turn, is likely complement sales of household insecticides. Moreover, tourism increasing tourism will lead to growth in demand for household insecticides as spending increases on products such as anti-mosquito gels, creams, and coils.
However, insect repellents are known to be toxic and can lead to health issues. As a matter of fact, many studies have shown that insecticides and insect repellents can have long-term side-effects. This is a primary factor negatively impacting market growth to some extent. Moreover, various stringent regulations imposed over the use of synthetic chemicals in household insecticides across regions are expected to hamper market expansion.
In this market space, collaborations, acquisitions, and product launches are being witnessed on a large scale:
- In 2021, Spectrum Brand Holdings announced its plans to acquire Life Products LLC, a maker of the brand Rejuvenate. This acquisition expanded the company's portfolio in the household insecticides segment.
- In 2020, Godrej Consumer Products Ltd. launched a new liquid vaporizer mosquito repellant under its brand Good Knight. The vaporizer is named Good Knight Gold Flash, and the company claims it to be India's most powerful liquid vaporizer.
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Key Takeaways from Market Study
- The global household insecticides market is anticipated to reach a value of US$ 27.7 Bn by the end of 2031.
- East Asia is the most prominent market for household insecticides. The region is expected to carry its dominance over the forecast period as well.
- Water-based household insecticides are expected to increase their market share due to shifting consumer base toward eco-friendly products.
- Liquid household insecticides are the most preferred across regions.
- Household insecticides to combat cockroaches and mosquitoes are the most-demanded across the world.
- Key manufacturers are engaged in research & development activities to expand their product portfolios with bio-based products and gain a competitive edge in the market.
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"Demand for household insecticides is estimated to be significantly driven by rising cases of mosquito-borne diseases such as dengue in urban environments," says a Persistence Market Research analyst.
Competitive Landscape
According to the market research analysis, S. C. Johnson & Son Inc, Reckitt Benckiser Group PLC, Godrej Consumer Products Ltd, Spectrum Brands Holdings, Dabur India Limited, Bonide Products Inc, Pelgar International Limited, Tiger Brands Ltd, Amplecta AB, Jyothy Laboratories Ltd, Earth Chemicals Co. Ltd, Neogen Corporation, Liphatech Inc, Zhongshan Lanju Daily Chemical Industries Co., Ltd, Sumitomo Chemical Co., Ltd, Kittrich Corporation, Sanmex International Limited, and Lodi UK are identified as key manufacturers of household insecticides.
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More Valuable Insights Available
Persistence Market Research, a research and consulting firm, has published a market research report on the global household insecticides market that contains global industry analysis of 2016–2020 and opportunity assessment for 2021–2031.
The report provides an in-depth analysis of the market through different segments, namely, product type, nature, sales channel, application, and region. The report also provides supply and demand trends, along with an overview of the parent market.
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