BEIJING: While the fast-flying insects cause itchy bumps on people’s skin, they are propelling a billion-dollar market that has seen rapid growth in recent years with increasing product innovations.
According to China Insights Consultancy, domestic retail sales of mosquito repellent and insecticide products increased from 6.2 billion yuan ($892.9 million) in 2015 to 8.4 billion yuan in 2019, with a compound annual growth rate of 7.96 percent.
Take mosquito repellent liquid as an example. Its sales revenue in the domestic market rose from 1.8 billion yuan in 2015 to 2.7 billion yuan last year, data from Shenzhen-based consultancy ASKCI Corp showed.
A recent report by China Merchants Securities showed that China’s insecticide and mosquito repellent market scale ranks first in the world as of June.
China Insights Consultancy estimates that the market will continue to rise, with retail sales reaching 12 billion yuan in 2024 and the compound annual growth rate standing at 7.28 percent from 2020 to 2024.
The huge market potential has attracted numerous companies to step into the business.
According to Qichacha, a corporate information provider, there were a total of 5,227 companies producing smoking mosquito coils and repellent plugins as of August, with a majority from Guangdong province.
–The Daily Mail-China Daily news exchange item
