The mosquito economy is swelling as brands across categories come up with innovative methods of tackling an age-old plague. The annoyance caused by mosquitoes can be documented in terms of economic loss. Mosquitoes are tiny insects, but they carry a big economic bite. Although most of us don’t see the mosquito as causing anything but itchy bites, this insect, in fact, spreads many diseases. Each year, millions of people die as a result of contracting mosquito-borne diseases, and the World Health Organization (WHO) has listed mosquitoes as among the top threats to public health, especially in developing nations. Each year, nations suffer billions of dollars in losses, spend billions on mosquito control programs and invest substantially in treatments for patients who have suffered complications after mosquito bites.
Environmental changes such as land-surface characteristics and variation in climate, along with increased anthropogenic activities comprising mining, deforestation, mining, and human mobility, have resulted in an increase in vector-borne diseases including dengue virus, Zika virus, and malaria, over the years—thereby driving the sales of mosquito repellents.
Global sales of mosquito repellents is expected to generate a valuation of US$ 4 Billion, in 2019 and the global volume sales (in million units) is studied to increase 1.8x, standing at 54,406 Mn units, during the same period. The overall market for mosquito repellents is expected to expand a robust CAGR of 8 percent, in terms of value, through 2018-2026
According to Abhay Soi, chairman and managing director, Radiant Lifecare, the economy surrounding mosquitoes is pegged to be around Rs 25,000 crore, and counting. And it’s growing far beyond old standards, like mats, coils and creams.
The mosquito repellent market is one of the rapidly growing vibrant markets in FMCG sector India Over the last decade, India has witnessed robust increase in use of mosquito repellents due to rising incidence of mosquito borne diseases, increasing consumer awareness and growing health concerns.
Due to increase awareness regarding vector borne disease, the demand for mosquito repellent products like coils, strips, liquid vaporizers, etc are rising than before, thereby providing high momentum to the Indian Mosquito repellent market. Mosquito Repellent has become a gripping market for new product developments and innovation where producers are trying to convince consumers through aggressive campaign and advertizing that they should adopt mosquito repellent products to improve home hygiene and to be protected from mosquito borne disease. The penetration of mosquito repellent products is low, especially in rural India, but this offers the enormous opportunities to Indian mosquito repellent industry.
The Indian mosquito repellent market stood at $ 670 million in 2018 and is projected to grow to nearly $ 900 million by 2024. India Mosquito Repellent Market has been growing with a CAGR of more than 5% from last five years and is projected to reach new heights by the year 2021 due to rising incidence of vector borne disease in India, growing awareness regarding prevention of mosquitoes, brand awareness, increasing disposable income, growing demand in middle class people and affordable price of mosquito repellent products. The various formats such as coils, mats, liquid vaporizers, sprays, creams, lotions, etc are driving the segmental market of mosquito repellent market in India. According to a TechSci Research report India mosquito repellent market is projected to reach $ 800 million by 2021.
It’s ancient, pesky, and persistent. Its hum can spell impending doom. But the ubiquitous mosquito also drills a hole in your pocket triggering demand for hospitals, clinics, diagnostic kits, even some FMCG products
The mosquito repellent market in India is witnessing a significant growth because Indians are becoming more health conscious. Awareness of diseases spread through mosquitoes is increasing due to a rise in the literacy rate. Some of the diseases spread by mosquitoes include malaria, dengue fever and yellow fever.
Prof. MK Sinha is a Finance Officer at Nagaland University
