Millennials are playing a significant role in shaping the future of the e-Commerce industry. For instance, the millennial generation accounts for more than 25% of the U.S. population, which has been growing by 3% since 2016. This group in the stage of turning into new parents, and will continue to hold great potential for the home décor market. This has compelled tiki torches market players to enhance their e-Commerce penetration. Such enhanced brand presence in the market is driving the growth of the tiki torches market. Young shoppers often prefer convenience and immediacy over saving money on shipping and product prices. This has made it important for players in the market to offer immediate delivery services.
As per PMR research, the tiki torches market is projected to progress at a healthy CAGR of 8% over the course of the forecast period (2020 to 2030).
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Key Takeaways from Global Tiki Torches Market Study
- North America, followed by Europe, will continue to dominate the global tiki torches market, as people in these regions love to enjoy outdoor summer gatherings with traditional tiki torch fires. Décor and patio fires are quite prominent in these regions.
- The penetration of gas/oil tiki torches is quite high as compared to electric tiki torches and solar-powered tiki torches.
- However, solar-powered tiki torches are likely to register a higher CAGR during the forecast period, as the adoption of solar power to address environmental concerns is increasing.
“The current COVID-19 outbreak has caused operation disruptions in the market, but these are temporary in nature. However, the tiki torches market is likely to register high growth in the future, as the product is receiving high media attention, which is indirectly increasing product awareness across regions,” says a PMR analyst.
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Rapidly Growing Popularity of Oil-based Tiki Torches as Effective Mosquito Repellent
Tiki torches are commonly used as a repellent for mosquitos, fireflies, insects, and other pests such as bugs, and for weed control in plants. Amongst all pest redemption types, tiki torches are highly preferred as a mosquito repellent. Mosquitos, amongst all, are the greatest menace that spread diseases such as dengue, malaria, yellow fever, zika, west nile, and many others, causing millions of deaths each year.
According to statistics of CDC (Centre for Disease Control and Prevention) in 2019, the incidence of dengue has risen 30 times in the past 30 years, worldwide. Statistics also reveal that, the parasite disease – Lymphatic filariasis – that is transmitted through repeated mosquito bites for a few months affects more than 120 million people in approximately 72 different countries.
More than 35% of the world population lives in areas where the risk of diseases such as dengue is high. These statistics itself prove that mosquito pest control is high in demand over other redemption types, which will facilitate opportunities for the tiki torches market over the coming years.
Product Portfolio Expansion: Key strategy to Capitalize on Growth Opportunities
Product portfolio expansion has always been a key strategy adopted by players in the industry. In 2018, Lamplight Farms Incorporated launched patio torches – a new line of products under its Tiki brand, to strengthen its product portfolio.
PMR’s report underlines groundbreaking insights into the competitive scenario of the tiki torches market, along with highlights of differential strategies used by manufacturers. Some of the prominent players in the global tiki torches market are Lamplight Farms Inc., Mayo Hardware Pty Ltd, Blomus GmbH, Bobe Water and Fire LLC, Firefly Fuels Inc., Desert Steel Company, H Potter Company, and Burnaby Manufacturing Ltd.
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