The Global Pepper Spray Market Anticipated to Generate a Revenue of $60,184.40 thousand, Growing at a CAGR of 13.3% from 2021 to 2028 - Research DiveDownload Sample Reports Overview
The global pepper spray market size is estimated to be valued at $60,184.40 thousand by 2028, surging from $23,000.00 thousand in 2020 at a noteworthy CAGR of 13.3%.
Covid-19 Impact on Pepper Spray Market
The novel coronavirus pandemic has had a devastating effect on several industries including pepper spray industry. Owing to worldwide lockdowns and quarantines, manufacturers are facing problems such as reduced usage of pepper sprays and disrupted supply chains. Also, COVID-19 pandemic has affected the travel and tourism industry due to which people are not planning any trips and other activities such as camping, hunting and tracking, and thereby pepper sprays are on less demand.
However, certain key vendors operating in pepper spray market are adopting certain strategies and innovations for staying upfront in the competitive environment. For instance, SABRE, Security Equipment Corp, US based public safety company, in June 2020, announced that they are fully operational during the pandemic and will supply self-defense products such as pepper sprays to the law enforcement departments and military people as they are doing their jobs in these difficult times. Therefore, Covid-19 pandemic is expected to generate lucrative opportunities in pepper spray market.
Global Pepper Spray Market Analysis
The enormous growth of the global pepper spray market is mainly attributed to increasing cases of rapes, human trafficking, protests, eve teasing, and riots. Moreover, the fame of pepper spray among women for self-defense purposes is expected to increase. These types of circumstances are creating awareness among people to adopt pepper spray and thus fueling the market growth.
There are many countries such as China, Japan, the UK and Canada which have banned the use of pepper sprays and require valid license and reason to carry pepper sprays. Such key issues may hamper the growth of the market and create a negative impact on the market during the forecast period.
The increasing trends of mountain trekking and forest safari may create huge opportunities for the market in the future. Now-a-days, people are becoming passionate about outdoor recreation activities such as camping, hunting, and trekking, therefore, pepper sprays are in high demand to stay safe from attackers and deadly animals in any kind of emergencies. All such factors are expected to raise the demand for pepper spray.
Furthermore, the companies involved in the global pepper spray market are following effective strategies and launching innovative products to grow in the market. For instance, Mace Security International, Inc., US based manufacturer of personal safety & security products, in February 2019, announced that they acquired Ferndale, Washington based personal self-defense company. The main aim of the acquisition is to offer best quality personal security and protection products to the customers. Such types of acquisitions and merges may further lead to lucrative market opportunities in the market in the upcoming years.
Global Pepper Spray Market, Segmentation
The global pepper spray market is segmented based on type, distribution channel, and region.
The product segment is further classified into fogger, stream, gel, and others. Among these, the fogger type sub-segment is anticipated to have the fastest as well as dominant growth and surpass $23,907.90 thousand by 2028, with an increase from $8,662.60 thousand in 2020.
The market growth can be attributed to its benefits such as pepper spray is one of the safest and effective ways of self-defense. Moreover, rising working professionals mostly prefer products that are easily manageable and convenient to use. All such factors may create a positive impact on the sub-segment throughout the forecast period.
The distribution channel segment is further divided into specialty shops, online stores, and others. The specialty shops sub-segment is anticipated to have a dominating share and online stores is anticipated to be the fastest growing sub-segment in the global market and register a revenue of $20,956.60 during the analysis timeframe.
This growth is projected to the increased people’s preferences towards online stores due to price differences between branded and non-branded products. Also, there are many online stores that offer low-cost and combo offers on products. Therefore, these stores are a preferred distribution channel according to customers for purchasing any products. These aspects may aid the generation of a lucrative revenue from pepper spray market trends throughout the forecast period.
The pepper spray market share for the North American region is projected to witness rapid growth. This market generated a revenue of $10,925.00 thousand in 2020 and is further projected to reach up to $27,504.20 thousand by 2028.
The demand for pepper spray is surging in the North America region specifically because of factors such as increasing prevalence of crime cases along with increasing consumer spending on self-defense products. Moreover, according to Bureau of Justice Statistics, and National Crime Victimization Survey, in 2019 an average of 463,634 rape and physical assault cases are registered in the U.S. under the age group of 12 or older. All such factors are anticipated to boost the market in the North America region.
Key Players in the Global Pepper Spray Market
Some of the leading global pepper spray market players –
- Counter Assault
- Fox Labs International Inc.
- J&L Self Defense Products Inc.
- Mace Security International, Inc.
- SABRE - Security Equipment Corp.
- Super-Sparkly Safety Stuff, LLC.
- UDAP Industries, Inc.
- Zarc International Inc.
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
Porter’s Five Forces Analysis for the Global Pepper Spray Market
- Bargaining Power of Suppliers: The suppliers involved in the market are extensive in number. Thus, manufacturers and companies have several options and alternatives to handle expensive supplies. Moreover, unpredictable demands in supplier pricing may impact company profitability. Hence, there will be low threat from the supplier side.
Thus, the bargaining power of the suppliers is low.
- Bargaining Power of Buyers: Buyers have high bargaining power, primarily because of the huge number of pepper sprays that are offered in low prices. The buyers can hence choose the pepper spray that best fits their preferences.
Hence, the bargaining power of buyers is high.
- Threat of New Entrants: Startups entering this market are providing innovative pepper sprays to the customers. However, companies that are in the pepper spray are much more globalized.
Thus, the threat of the new entrants is moderate.
- Threat of Substitutes: There are different types of self-defense products available for helping people against emergency.
Thus, the threat of substitutes is high.
- Competitive Rivalry in the Market: The ventures operating in the global pepper spray are opting for various businesses deployment strategies to hold their position in the market. Several companies are launching their value-added services in the international market and strengthening the footprint worldwide.
Therefore, competitive rivalry in the market is high.