05.26.22
Insect-borne diseases can put an enormous health and economic burden on individuals and nations.
Millions of people are directly affected by these infections, causing health disorders and weakness and blindness, among other problems. Increase in literacy in developing countries is making rural populations focus more on health and hygiene. As the current coronavirus crisis drives modern consumers' purchasing decisions, so is the growing use of insect repellents to protect against these insect-borne diseases— recognized as a major market driver worldwide.
According to Fact. MR, consumers are more health-conscious and willing to pay for better solutions in healthcare and home care.
The global insect repellent market is projected to reach a revenue of $9.3 billon by the end of 2031, and is poised to expand at a CAGR of around 7% over the next 10 years.
Citing the market study, the insect repellent market is anticipated to add triple in value by 2031. India and China are expected to become huge markets in the projected period and there will be substantial investments in insect repellents in many countries in Africa.
Further, investments in R&D and new advancements in technology will increase the market for insect repellents.
Organic Strategies
Aforementioned key players in the market for insect repellents rely on a blend of organic and inorganic strategies to deepen penetration across lucrative markets. These strategies include product launches, collaborations with key players, partnerships, acquisitions and strengthening of regional and global distribution networks.
Similarly, recent developments related to companies manufacturing insect repellents have been tracked by the team at Fact.MR, available in the full report here.