Australia Home Insecticides Market Forecast 2022-2028
The Australia home insecticides market is anticipated to rise with a CAGR of 2.09% over the forecasted period. The market growth of the country is primarily accredited to property damage caused by termite infestations and climatic factors conducive to the growth of the insect population. The base year considered for the market studied is 2021, and the forecast years are from 2022 to 2028.
Termites entail insects that thrive on wood and paper-related items as well as organic materials. They are regarded as one of the most destructive pests, causing significant damage across sectors such as agriculture, forestry, and housing. Moreover, termites are also known to cause considerable harm to public infrastructure and property. Aligning with this, an estimated one out of every five homes or 130,000 to 180,00 Australian houses, are infested and damaged by termites annually.
On the other hand, termites can also result in irreparable structural damage to an establishment or residence within a year of an attack. However, regardless of the damage’s extent, insurance firms in Australia do not cover the costs. As a result, in order to mitigate the occurrence of termites, anti-termite chemicals, as well as insecticides, are utilized on a wide scale. Hence, this factor creates a substantial demand for home insecticides in Australia, thereby facilitating the country’s market growth during the forecasted period.
Some of the top companies operating in the market are Reckitt Benckiser Group Plc, Woolworths Group, SC Johnson & Son Inc, etc.
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