Household Cleaners Market Growth Opportunities Report 2024
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Geographic expansion is one of the key strategies adopted by key companies. An instance is the May 2015 agreement between Henkel Company AG & KGaA and Colgate-Palmolive Group Company. Under this contract, Henkel has acquired Colgate-Palmolive’s total range of laundry detergents and pre-wash brands in Australia and New Zealand.
Transparency Market Research states that the global household cleaners market was valued at US$27,468.6 mn in 2015, and will rise to US$39,400.9 mn by 2024, exhibiting a CAGR of 4.1% from 2016 to 2024. In terms of product types, the segment of specialty cleaners held the dominant share in the global market in terms of revenue in 2015, accounting for over 60% of the market. Geographically, North America held the dominant 31% share in the global market in 2015 but is likely to lose prominence to Asia Pacific over the forecast period.global household cleaners market
Enhanced Sanitation Standards Key to Increased Global Demand
The adoption of healthier lifestyle coupled with the increasing concern for infectious diseases has been one of the chief drivers of the global household cleaners market in the past few years. The impact of this driver has been the most significant across regions such as Asia Pacific and Latin America, which feature some of the world’s most promising emerging economies. The high pace of urbanization and an evident shift in lifestyle, chiefly owing to rising disposable incomes, and an increased preference to improved sanitation standards will be highly conducive to the overall consumption of homecare and hygiene products. This will add to the demand for a variety of household cleaners in these regions in the next few years.
In addition to this, the increased commercial use of household cleaners such as fabric refreshers and surface deodorizers is also expected to fuel the future growth prospects of the global household cleaners market. The hotel industry is one of the major users of fabric refreshers and surface deodorizers. Flourishing growth of the industry in North America and Asia Pacific is likely to add to the overall demand for a variety of household cleaners in these regions.
Prominence of Domestic Players in Emerging Economies Poses Challenge for Global Brands
In cost-sensitive markets such as some emerging economies across Asia Pacific and Latin America, the easy availability of cheaper substitutes as compared to products manufactured by global brands is one of the key challenges to the growth of the household cleaners market. Domestic players command prominent positions in these regional markets and have a good hold on supply chains. The competitive costs of household cleaners produced by domestic players, thus, are a big threat to the overall competitiveness of many global brands and are likely to restrain growth of the global players in such regional pockets.
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Moreover, the market for household cleaners also bears the brunt of the common conception that several cleaning agents have toxic compositions and could lead to several skin disorders. The impact of this aspect can be gauged from the continuously declining sales of cleaning agents such as bleaches and disinfectants, which do need special care while handling owing to their high content of toxic chemicals. As such, the usage of some types of bleaches and specialty cleaners in the composition of products has been restricted across the globe.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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