Residential Segment Holds Dominance with 67% Share in 2018
Driven by changing lifestyle and rapid urbanization, residential segment is expected to hold about 67% of the market revenue. Higher number of households as compared to number of commercial buildings is a factor responsible for high adoption of mosquito repellent candles in residential segment. However, commercial sector is expected to offer lucrative opportunities during the forecast period.
There is zero tolerance for pests such as mosquitoes and flies in commercial sector. Commercial sector is abided by stringent rules and regulations on pest control. . In hospitality sector, mosquito repellent candles serves dual purpose of preventing mosquitoes through scented surroundings. Other commercial sectors such as spas have growing demand for natural mosquito repellent candles. There is an increasing trend of scented mosquito repellent candles with essential oils that create a refreshing and calm environment.
This trend is anticipated to fuel the growth of mosquito repellent candles in the commercial sector. Amognst other mosquito repellent products, mosquito lamps are witnessing a boost owing to the increased perevelence of mosquito borne diseases. The rising risk of diseases such as yeloow fever, dengue, malaria, etc, among the common people is leading consumers to focus on mosquito killing products which is boosting the demand for mosquito repellant products.
Developed Countries to Drive the Growth of Mosquito Repellent Candles Market
According to FMI analysis, more than 60% of the mosquito repellent candles market is driven by the developed countries of North America and Europe. The high literacy rate of these regions results in smart consumers who show immense interest in knowing about the products they use. Besides, Asia Pacific is forecasted to be one of the emerging regions for the mosquito repellent candles market. Increasing population is one of the primary factors affecting the sales of the mosquito repellent candle.
Natural Products Serve as Suitable Substitute for Chemicals
Increasing demand for new and innovative products containing natural ingredients is likely to give significant growth opportunities to the natural ingredient mosquito repellents candles market in the next few years. Manufacturers operating in the market are constantly engaged in extensive research and development activities to develop safer products. Examples include conceal candles manufactured by BioSensory Inc. and Yankee Candle Company
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How Growth will Unfold
The growth of the mosquito repellent candles is significantly dependent on their increasing adoption in the rural areas. Increased product penetration in untapped developing regions has helped key companies to significantly increase their revenue. Overall, the pest constrol services are witnessing a significant adoption in the residential sector as compared to commercial and agricultural sectors, due to growing concerns for hygienic environment and increasing diseases associated with insects.
Although awareness among the consumers is being generated, majority of developing countries are unaware of availability of mosquito repellent candles. Moreover, it is estimated that about 23% of rural population only use insect repellent products. Hence, penetration of mosquito repellent candle market is meagre. It indicates that market players need to create more consumer education programs in developing regions to make the population aware on effectiveness of mosquito repellent candles.
What are future prospects of the mosquito repellent candles market?
There will be steady growth in the demand for mosquito repellent candles over the next decade, with market value increasing from US$ 34.4 Mn in 2019 at a CAGR of over 8.7% to reach US$ 67.3 Mn in 2027.
How innovative mosquito repellent candles will create new value-adding business opportunities for market players?
Innovative mosquito repellent candles with improved efficiency is anticipated to witness high growth in forecasted years. Launch of innovative products that suffice the consumer’s requirements will expand the product offerings to generate lucrative opportunities in the market.
Which mosquito repellent candles will have the largest sales growth in the next five years?
Natural/Organic mosquito repellent candles is expected to hold a dominant position throughout the forecasted years. The pleasant fragrance produced by natural mosquito repellent candles is attracting consumers, thereby increasing sales of the products.
What revenues can market stakeholders derive from online sales over the next decade?
In 2019, mosquito repellent candles worth over US$ 7.9 Mn were sold through e-commerce platforms, and the number is set to maintain an average 10% annual increase during the forecast period (2019-2028).
Which region is expected to lead global sales of mosquito repellent candles?
North America region is anticipated to forefront of the global mosquito repellent candles market, with sales projected to grow at a CAGR of 7.8% during the predefined timeframe.
Which companies are investing significantly in the development of innovative products?
Investors continue to remain bullish in industry behemoths such as United Industries, Murphy’s Naturals, Spectrum Brands, Inc., and Yankee Candle Company, bringing innovative products into the marketplace. It is pertinent to note that a large number of new players are also vying for a pie of this lucrative market.
MOSQUITO REPELLENT CANDLES MARKET TAXONOMY
The global mosquito repellent candles market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to readers.
- Direct Sales
- Drug Stores
- Convenience Stores
- Department Stores
- Other Sales Channels
- North America
- Latin America
- South Asia & Pacific
- East Asia
- Middle East and Africa