Press release
Demand for Household Polishes Market To be Fuelled by Rapid Shift in Consumer Perception and Increasing Awareness : Fact.MR
The household polishes market reached a valuation of US$ 393.26 Million in 2022. Furthermore, across the 2022-2032 period of assessment, growth is expected to accelerate at a whopping 6% CAGR, reaching US$ 704.27 Million. Household polish is largely used as furniture polish in the residential housing decoration market. The furniture market has been expanding significantly due to growth of the construction industry. This is estimated to propel the expansion of the household polishes market.Rising demand for household polishes for furniture in the hospitality industry, growing use of household polishes on wooden furniture, and shift toward using less toxic chemicals for cleaning and polishing have boosted market growth. Rising awareness among people regarding keeping the household clean has become one of the primary driving factors for the household polishes market growth. Additionally, the easy availability of household polishes coupled with several variations including different fragrances is also likely to boost the market advancement. Furthermore, changing lifestyles, rapid urbanization, preference towards maintaining surroundings and personal hygiene, and indulgence regarding clean and neat living spaces are anticipated to propel the growth of this market in coming years.
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There is a growing trend of providing information on the product's constituents. After the Consumer Product Ingredient Communication Initiative was formed in 2010, companies began to share information about the contents in products, including air care, floor cleaners, and household care products. Buyers want to know what chemicals are in cleaning products and how they can be trusted. They want to know about the transparency of end products and supply networks in general.
Key Takeaways from the Market Study
According to Fact.MR, a CAGR of 8% was recorded for the Household Polishes market from 2017-2021
In FY 2021, the household polishes market reached a valuation of US$ 371.0 Million
The market is likely to register a Y-o-Y growth rate of 5.0% in 2022
By Product, the woodwork polishes segment is expected to dominate the market, documenting a 4% value CAGR
As per Fact.MR's projections, the market for Household Polishes in the US will likely expand at a 7% CAGR
Chinese household polishes market is expected to expand at a 5% CAGR
Key Segments Covered in the Household Polishes Industry Survey
By Form :
Liquid Household Polishes
Gel & Paste Household Polishes
Powder & Granules Household Polishes
By Product :
Woodwork Polishes
Leather Polishes
Footwear Polishes
Scouring Powders & Paste
By Application :
Healthcare
Automobiles
Construction
By Sales Channel :
Modern Trade
Grocery Stores
Convenience Stores
e-Commerce Channels
By Region :
North America
Latin America
Europe
East Asia
South Asia
Oceania
MEA
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Competitive Landscape
Prominent players in the Household Polishes Industry are taking advantage of the rapidly increasing demand for the Household Polishes in various applications. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale players. Some prominent market developments are as follows:
In January 2022, Henkel Corporation planned to combine its beauty care business with laundry & home care segment. The company is aiming to create new consumer brands through combined new platform.
In December 2021, Unilever launched a new dishwashing liquid with 100% naturally derived ingredients. The product is more renewable, 99% biodegradable and launched in the bottles made with 100& recyclable plastics. The company is aiming to reduce the carbon footprints and reduce the dependency on fossil-based ingredients.
In April 2021, Godrej Consumer Products Ltd. (GCPL) launched a new 2-in-1 liquid detergent under its Ezee brand in India. This product is suitable for washing machine and bucket. With the launch of this product, GCPL aimed to de-seasonalize the liquid detergent offerings and enter into regular cloth detergent category.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global Household Polishes market, presenting historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of form (liquid household polishes, gel & paste household polishes, and powder & granules household polishes), product (woodwork polishes, leather polishes, footwear polishes, and scouring powders & paste), application (household polishes for healthcare, household polishes for automobiles, and household polishes for construction), sales channel (modern trade, grocery stores, convenience stores, and e-commerce channels) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa).
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