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
Albany, NY -- (SBWIRE) -- 10/12/2017 -- 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.
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.
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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.
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This review is based on information published by TMR in a report, titled "Body Worn Insect Repellent Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021."
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.
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.
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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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