As the global population increases, cities and surrounding urban areas continually expand to accommodate the ever-increasing population. This rise in population density facilitates these regions to become more susceptible to significant increases in pest infestations. A consequence of this rapid growth is a threat of increases in the incidence of vector-borne diseases within domestic settings which are becoming more prevalent. Common domestic pests which contribute to these issues include both flying and crawling insects such as domestic houseflies, mosquitos and cockroaches which are vectors for several human and animal diseases, including, but not limited to Cholera, Tuberculosis, Salmonella and Gastroenteritis.
The global household insecticide market was recently valued at US$12.54 billion in 2018 and is projected to expand at a compound annual growth rate of 5.47% over the forecast period to reach US$17.264 billion by 2024. Currently consumer products represent 16% of Bio-Genes total addressable market.
The major drivers for the consumer product market will be based on the following factors:
- Increasing consumer awareness regarding the use of pre-existing domestic insecticide products. This has resulted in an increased demand for products from consumers which exhibit a “greener” profile and are safer and more environment friendly.
- The biopesticides market grew 24% between 2014 and 2016, to +US$1.8bn, driven by consumer awareness of safety and subsequent legislative requirements
- Resistance; There is a growing body of evidence to support an increase in both insecticide resistant fly and cockroach populations.
- A rise in government initiatives prompting the use of household insecticides; and advancements in insecticide release technology such as sprays, aerosols, and gels.
Qcide and Flavocide are both naturally occurring and nature identical products respectively. If proven to be effective they have significant potential to be able to deliver a natural/biological replacement for many consumer products, giving producers of consumer goods an ability to claim to have a ‘green product’ and fill a highly in-demand section of the market.