Fly Traps Market to rise up to the USD 433,211.4 thousand by 2032 and to grow at a CAGR of 5.9%
Fly Traps
By type, the electric segment held the largest market share of 38.9% and is estimated to reach a value of $174,929.4 thousand by 2032.
WILMINGTON, DELAWARE, UNITED STATES, May 24, 2024 /EINPresswire.com/ -- The global fly traps market size was valued at $245,450.3 thousand in 2022, and is projected to reach $433,211.4 thousand by 2032, registering a CAGR of 5.9% from 2023 to 2032.
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Fly traps are popularly used to control population of flies, restrict flies and insects from spreading parasitic & infectious diseases, and catch and kill various flies such as houseflies, mosquitoes, blackflies, and horseflies. Rise in prevalence of infectious diseases across the globe is expected to boost fly traps market demand during the forecast period.
According to the World Health Organization, around 17% of infectious diseases are caused by flies and it results in over 700,000 deaths each year across the globe. Furthermore, prevalence of cholera, dysentery, typhoid, and leprosy has increased in underdeveloped and developing economies owing to lack of awareness regarding hygiene & cleanliness, poor standards of living, and low disposable income of consumers. Low product penetration in developing and underdeveloped economies has presented a challenge as well as a huge growth opportunity to manufacturers of fly traps.
With rapid urbanization and industrialization of developing economies, demand for fly traps has increased significantly across various residential and commercial spaces such as restaurants, bars, hotels, and factories. Growth in penetration of various fast-food chains and quick service restaurant chains such as KFC, Subway, Dominos, and Pizza-Hut in developing nations, which are known for their food offerings in a hygienic atmosphere drives the growth of global market. Hygiene plays a crucial role in the growth of fast-food businesses. Therefore, demand for fly traps in restaurants, cafes, and hospitality sector is significantly high. Furthermore, industrial units and factories have exponentially witnessed rise in adoption of fly traps to ensure hygiene and wellness of staff and workers. This is a major factor and one of the fly traps market trends expected to drive fly traps market growth in the coming years.
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Market Segmentation:
The market is segmented on the basis of type, application, price range, distribution channel, and region. Depending on type, the market is categorized into container, sticky, and electric. The container segment is further fragmented into fly light traps, fly baits, delta traps, and others. On the basis of application, it is bifurcated into residential and commercial. By application, the market is further divided into HoReCa, factories, building management, and others. By price range, the market is segregated into low, medium, and high. By distribution channel, it is divided into supermarkets & hypermarkets, independent retail stores, e-commerce, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By type, electric is expected to be the fastest-growing segment during the fly traps market forecast period. This is attributed to advances in technology and rise in investments in innovative product development by major companies such as Brandenburg and Rentokil Initial Plc. Rise in demand for electric fly traps, owing to its enhanced performance, eco-friendly nature, and energy efficiency is anticipated to boost growth of the electric segment in the future.
By application, the commercial segment is expected to sustain its dominance during the forecast period. The commercial segment accounted for 75.1% of the fly traps market share in 2022. The huge adoption rate of fly traps in commercial spaces such as shopping malls, hospitals, hotels, restaurants, building management, agricultural fields, and factories is the most prominent factor behind the exponential growth of the segment.
By price range, the high segment is anticipated to witness the fastest growth during the forecast period. Rise in popularity of automatic, energy efficient, and advanced features installed electric fly traps among high income households and commercial spaces is expected to drive growth of the high price range segment in the global market.
Depending on distribution channel, e-commerce is the largest and the fastest-growing segment in the market. Rise in adoption of digital channels for buying fly traps & other products, increase in adoption of e-commerce platforms, rise in use of smartphones, and increase in penetration of internet across the globe propel growth of the e-commerce segment. According to the International Telecommunication Union (ITU), around 4.9 billion people were using the internet across the globe in 2021.
Region-wise, North America dominated the market, garnering a market share of 50.8% in 2022 Rise in awareness regarding diseases spread by flies, increase in product penetration in the U.S., surge in healthcare costs, growth in prevalence of infectious diseases, and increase in residential & commercial applications are the major factors that have led to rise in dominance of the U.S. and eventually North America in the global market.
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Major Key Players:
Some of the major players analyzed in this fly traps industry report are Agri Phero Solutionz, Cleanrth, Eco Trap Guard, Ecoman Biotech, Flies Be Gone, Godwill Energy Products Private Limited, Arbico Organics, Katchy Bug, McQwin, Pestronics, Rescue, Reza Hygiene, RSVP International, Sterling International, Inc., Woodstream Corporation, Brandenburg, and Rentokil.
Key findings of the study
U.S. accounted for the largest market share in 2022 and is expected to reach a market value of $144,155.4 thousand by 2032, registering a CAGR of 4.9%, from 2023 to 2032.
By type, the electric segment held the largest market share of 38.9% in 2032 and is estimated to reach a value of $174,929.4 thousand by 2032.
By application, the residential segment is anticipated to witness the highest CAGR of 6.2%, during the forecast period.
By price range, the medium segment held the largest market share in 2022 and is expected to grow at a CAGR of 5.6%, during the forecast period.
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Allied Market Research
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