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Body Worn Insect Repellent Market to Witness a Healthy Y-o-Y Growth during 2021

09-28-2017 02:11 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: TMR - Research Reports

Body Worn Insect Repellent Market to Witness a Healthy Y-o-Y

In order to gain competitive advantage, the key players are focusing on product differentiation and innovation. Furthermore, several companies are actively participating in mergers and acquisitions to expand their product portfolio and business. TMR forecasts the competition prevailing in the market to intensify further as they explore newer strategies to gain competitiveness.According to TMR, the global body worn insect repellent market stood at US$230 mn in 2014. Exhibiting a CAGR of 7.4% between 2015 and 2021, the market is expected to reach US$378.3 mn by the end of 2021.

Increasing Health Awareness to Fuel Demand for Body Worn Insect Repellent across Developing Economies

The rising health awareness among consumers is a key factor fuelling demand from the market. Demand for insect repellent is high across developing countries such as India and Brazil as they witness a high prevalence of insect borne diseases such as dengue, malaria, and yellow fever. According to the WHO, over 3 million cases of dengue were reported across Western Pacific, Southeast Asia, and the Americas in 2013. This number is expected to increase further over the next few years, thus creating opportunities for the body worn insect repellent market.

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Due to the relief they provide, body worn insect repellents are used by people working in industries such as agriculture and oil and mining. These repellents shield people against insect bites. “Since they don’t have any substitutes, demand for body worn insect repellents will continue rising through the forthcoming years,” said a lead TMR analyst.

Besides this, the market is expected to gain from the increasing distribution channels. “Body worn insect repellents are available in the market through various channels such as supermarkets, hypermarkets, online stores, convenience stores, and retail outlets. This augments sales opportunities for manufacturers,” added the TMR analyst. Moreover, several companies have already entered into joint ventures with prominent ecommerce sites and online stores to sell their products across a wider audience. TMR expects these trends to augur well for the market in the near future.

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Stringent Regulations Limit Body Worn Insect Repellent Sales in Developed Nations

Despite witnessing positive growth in emerging nations, body worn insect repellent manufacturers are finding it difficult to establish their stronghold in developed countries such as the U.S. and Canada. Stringent government regulations are in place in these countries, which limit the scope for the market’s expansion to an extent. Organizations such as the U.S. Environmental Protection Agency (EPA) and FDA have set strict standards to determine whether these repellents are safe enough for their intended use. Stringent regulations mandate body worn insect repellents to be substantiated before being available for sale. This inhibits the market’s trajectory to an extent.

Nevertheless, with time more countries are emerging as lucrative markets for body repellents. For instance, growth witnessed in China and other developing nations will fuel sales prospects for body worn insect repellent manufacturers in the forthcoming years.

Based on product type, the oils and creams segment has been witnessing overwhelming demand since the last few years. The segment led the overall market in 2014, with a share of 67.2%.

Regionally, North America dominated the global body worn insect repellent market. It was valued at US$80.5 mn in 2014 and is projected to continue dominating the global market through the forecast period.

The global body worn insect repellent market demonstrates a significantly high consolidation, with the top four players holding over 80% in the market in 2014. These include, Avon Products Inc., S.C. Johnson & Son, Inc., 3M, and Reckitt Benckiser Group plc, finds Transparency Market Research (TMR) in a new study.

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About TMR

Transparency Market Research (TMR) is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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