The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
Household insecticide market remains influenced by multi-pronged factors, ranging from fast-paced urbanization, to ongoing battle against vector-borne diseases. There is a marked preference for ready-to-use insecticides among customers who seek quick and hassle-free results. According to an analytics research study of Persistence Market Research (PMR), global household insecticides sales in 2019 will exceed US$ 14.5 Bn.
“The demand for household insecticides, both in residual as well as non-residual forms, will gain substantial traction, and this demand will be governed by specific use-case requirements“, finds PMR study.
The report opines gel and cream formulations to be the top-selling household insecticide variants, underpinned by unparalleled ease of usage and easy-to-carry convenience. Global sales of gel and cream household insecticide formulations are envisaged to surpass revenues worth US$ 8 Bn in 2019.
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Leading household insecticide manufacturers are developing natural ingredient-based gels and creams that offer optimal results offset side effects linked with their chemical-based variants, to realize enhanced consumer loyalty and boost sales.
Rapid rise of e-commerce has been primarily backed by advances in the computing technology and mobile devices, consequently leading to an influx of online channels. The modern-age customers’ seek for favorable deals, and convenience to choose from varieties, is not an exception when it comes to vector repellents.
Mosquito Repellents Remain Preferred Backed by their Availability in Multiple Formats
Mosquito repellents will remain preferred over other household insecticide products, with demand upheld by their availability in multiple formats, including liquid vaporizers, sprays, coils, and mats. Mosquito repellent sales are likely to cross US$ 4.5 Bn Mn in 2019, primarily attributed to the global outbreak of mosquito-borne diseases and rising awareness on relevant control measures.
Store-based retailers continue to steer sales of household insecticides through active adoption of viable business formats by considering latest trends, with the agenda to attain strong brand images and economies of scale.
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The PMR report foresees promising future prospects for sales of household insecticides with safer formulations. Although sales of household insecticide have registered a decent uptick over the past few years, associated health concerns are increasingly denting consumer confidence.
Asia Pacific, spearheaded by prolific sales across emerging countries, retains its lucrativeness in the household insecticide market. With the battle against vector-borne diseases across Asia Pacific approaching its peak, the use of household insecticide products is poised to significantly take off in this region over the forecast timeline.
Manufacturers Multimodal Approaches for Product Innovations and Marketing
Manufacturers of household insecticide products are increasingly focusing on advertising and marketing their products via multimodal approaches. Key home insecticide brands have witnessed a remarkable significance in recent years, backed by consumer preferences for branded offerings.
Meanwhile, the emerging players are focusing on retaining their market sustenance by generating brand awareness through promotional campaigns. Moreover, leading players are likely to remain highly oriented toward offering innovative products, such as fast cards, and instant-action electric liquidators, to seize big opportunities and gain competitive benefits.
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