Global Household Cleaners Market: Eco-friendly Products and Innovative Formulations to Bolster Uptake, notes TMR
The global household cleaners market is fairly consolidated with the top three players accounting for approximately 49.0% of the market in 2015. Transparency Market Research (TMR) notes that the leading companies— Procter & Gamble Co., Reckitt Benckiser Group plc, and S.C. Johnson & Son—hold a dominant position in the market by offering a broad product portfolio, making constant product innovations, and consolidating their geographic presence. Leading players are actively making acquisitions to diversify their product portfolio and strengthen their positions, notes TMR. Several vendors are resorting to geographic expansion as the key developmental strategy to gain a better foothold in the market.
The worldwide market for household cleaners market was valued at US$27.46 bn in 2015 and anticipated to rise at 4.1% CAGR during 2016–2024. Expanding at this pace, the market is anticipated to reach US$39.40 bn by 2024.
Rapid pace of Urbanization to Create Lucrative Avenues in Asia Pacific Market
Geographically, the global household cleaners market is segmented into Asia Pacific, North America, Europe, the Middle East and Africa, and Latin America. Of these, North America held a dominant share of 31.6% in the market in 2015. On account of attaining maturity, the share of this regional market is anticipated to significantly decrease by 2024. The Asia Pacific market for household cleaners is poised to exhibit lucrative avenues attributed to swift pace of urbanization and surging awareness related to hygiene and health.
The major product types of household cleaners are surface cleaners, specialty cleaners, and bleaches. Among these, the specialty cleaners segment accounted for a leading market share in 2015. The segment is expected to expand at a CAGR of 5.0% from 2016 to 2024. The demand for specialty cleaners is driven by the growing awareness of infectious diseases, constant development of innovative formulations, and the soaring popularity of eco-friendly products.
Elevated Levels of Hygiene to Account for Impressive Demand
The increasing inclination toward a healthier lifestyle and growing concern for preventing infectious diseases are key factors propelling the household cleaners market. The swift pace of urbanizations, marked shifts in lifestyle, and growing disposable incomes in various regions, especially in Asia Pacific and Latin America, have bolstered the demand for household cleaners. The commercial use of surface deodorizers and fabric refreshers to maintain elevated levels of sanitation is anticipated to fuel the market growth over the forecast period. Substantial demand from the hospitality industry, especially in North America and Asia Pacific, is poised to boost the market.
The availability of inexpensive substitutes in low-income countries and lower product costs manufactured by domestic players are crucial factors impeding the growth of the market to an extent. The plummeting sales of bleaches and disinfectants is attributed to the common notion of the toxicity of the chemicals used in the formulation, thereby hampering their overall demand. In addition, recent regulations pertaining to the chemical disclosure requirement in developed markets for household cleaners may affect the demand to some extent. Nevertheless, substantial investments by leading players in developing innovative and eco-friendly products have attracted a large number of consumers. In addition, intensive efforts by vendors to bolster their supply chains in emerging markets are expected to open up promising opportunities for several manufacturers.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Household Cleaners Market (Product - Surface Cleaners, Specialty Cleaners, and Bleaches; Application - Bathroom Cleaners, Kitchen cleaners, Floor cleaners, and Fabric care) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016-2024”.
The global household cleaners market is segmented based on:
- Surface Cleaners
- Specialty Cleaners
- Bathroom cleaners
- Kitchen cleaners
- Floor cleaners
- Fabric care
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