Household Insecticides Market is Expected to Surpass US$ 29,972.2 Mn by 2028 - Coherent Market Insights

Household insecticides are chemical substances used to eradicate or kill insects from the house. Cockroaches, bedbugs & beetles, files & moths, mosquitos, ants, and rats & rodents are some of the insects on which household insecticides are applied. Household insecticides can be classified into synthetic and natural. Synthetic includes DEET and Picaridin whereas natural includes geraniol and citronella oil.

Market Statistics:

The global household insecticides market is expected to surpass US$ 29,972.2 Mn in terms of value by the end of 2028.

Drivers:

Growing concern over vector-borne disease is primarily fueling the market growth of the household insecticides. According to the World Health Organization, vector-borne diseases account for more than 17% of all infectious diseases, causing more than 700 000 deaths annually. They can be caused by either parasites, bacteria, or viruses. Malaria is a parasitic infection transmitted by Anopheline mosquitoes. It causes an estimated 219 million cases globally and results in more than 400,000 deaths every year.

Market Opportunities

Continuous product launch by key products in order to cater to rising demand is expected to provide lucrative opportunities over the forecast period. For instance, in November 2017, BASF launched a new multi-purpose, undetectable insecticide in Australia. The new product is Seclira® WSG, it is a non-repellent insecticide to control both indoor and outdoor pests. It is a colorless, non-staining product that helps reduce the risk of contamination while providing enhanced coverage with lower impact on the area where treatment is being applied.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/household-insecticides-market-4944

Global Household Insecticides Market: Recent Developments

• In February 2020, Godrej announced Goodknight Goldflash Liquid Vapourizer, a new product in its lineup to keep a leading position in the household insecticides domain. With this they also stated their goal which is to focus and invest hugely in household hygiene.
• In February 2021, FMC Corporation and Novozymes signed a collaborative deal for jointly developing enzyme based bio insecticides. The alliance ensures quality production and market penetration benefiting the both.
• In October 2020, Insecticides India designed a business plan to expand all its current plants and construct a new plant at bhiwadi, Rajasthan with an investment sum upto 60-70 crores.

Market Restraints

Toxicity and associated health issues with the exposure of household insecticides is expected to hinder the market growth. According to the Coherent Market Insights Analysis, DEET is a neurotoxin that may increase the toxicity of other chemicals, to which people are exposed. Almost one-third of children in the U.S. are estimated to use DEET-based products.

Global Household Insecticides Market - Impact of Coronavirus (Covid-19) Pandemic

The Covid-19 outbreak has had an adverse impact on various industries around the globe. Due to the strict rules and regulations undertaken by government to curb the spread of the infection, companies are looking to function remotely. Moreover, various companies are looking to implement strict measures to operate at minimum risks. Additionally, various companies had shutdowns their manufacturing units which had an adverse impact on household insecticides market.

Figure 1. Global Household Insecticides Market Value (US$ Mn), by Product Type, 2020

Key Takeaways:

• The global household insecticides market was valued at US$ 17,249 Mn in 2020 and is forecast to reach a value of US$ 29,972.2 Mn by 2028 at a CAGR of 6.42% between 2021 and 2028.
• The Synthetic Insecticides segment was valued US$ 7,912 Mn in 2020 and is expected to witness a CAGR of 4.84% over the forecast period. The Prolonged shelf life and easy availability of synthetic insecticides over natural insecticides are propelling demand for the former.

Market Trends

The rising popularity of paper-based mosquito repellent product that helps in eradicating the household insecticides is contributing to the market growth.  Moreover, they are cost-effective and are easy available in market. This is again propelling the demand for paper-based mosquito repellent.  Advent of IoT based household insecticide devices is projected to support the market growth over the forecast period. For instance, in April 2018, Henkel has introduced the world’s first Internet of Things (IoT) electrical diffusor against mosquitoes. It is called “HomeControl” and is launched under the brands Vape (Italy), Bloom (Spain) and Catch (France).

Growing strategic partnership and agreement among key manufacturer in order to cater to rising demand is one of the trends. For instance, in April 2020, Godrej Consumer Products Limited (GCPL) has partnered with start-ups Zomato, Shopkirana, and Zoomcar for delivery of essential items during lockdown amid the coronavirus pandemic. The aim of this partnership is to deliver essential products under personal care, hair care, home care, and household insecticide categories to customers at their doorsteps.

Competitive Section:

Company Names 

1. Godrej Consumer Products Ltd.
2. Reckitt Benckiser Group PLC
3. S. C. Johnson & Son.
4. Spectrum Brands Holdings
5. Dabur India Limited
6. Amplecta AB
7. Jyothy Laboratories Ltd.
8. Earth Chemicals Co. Ltd.
9. Jaico RDP NV.