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The phrase "competing product" is correct and usable in written English.
It is used to describe a product that is in direct competition with another product in the market. Example: "The smartphone market is highly competitive, with many companies releasing new and innovative models to outdo their competing products."
Exact(54)
The Novell Corporation sells a competing product.
I've got nothing to gain in telling you this – I've no competing product to sell.
Intel plans to release a competing product called Larrabee in 2009 or 2010.
Cottonelle Fresh Rollwipes, a competing product from Kimberly-Clark, reached stores in the Southeast last month.
There is even a competing product called I Can't Believe It's Not Licorice Root.
3Com unveiled a competing product for businesses, called AirConnect, earlier this week.
Similar(6)
Support all, some, complementary, or competing products.
Sun and Citrix are also set to reveal new versions of their competing products.
That alliance prevents it from acquiring competing products like Quaker Oats's cereal business.
Different silos, supported by separate marketing teams, frequently spawned competing products.
Hand modelling is quite nice, because it's anonymous, so you can work with competing products.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com