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Surface Cleaning Products Market Outlook, Size, Share, Revenue, Competition Assessement Till 2022
Fact.MR
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In underdeveloped economies, cost becomes the prime factor as individuals have less money to spend on such products. Leading manufacturers have therefore been compelled to develop cost-efficient surface cleaning products, along with maintaining the product quality, in order to gain profits from these untapped markets. Stringent regulations have been imposed by the government concerned with the utilization of cleaning agents, as they comprise of certain environment-abusive chemicals. However, introduction of technologically advanced, innovative and new products, coupled with efficient R&D activities by leading manufacturers of surface cleaning products are expected to influence growth of the market in the foreseeable future. The global market for surface cleaning products has been estimated to witness a sluggish growth, to account for nearly US$ 20,273 Mn revenues by 2022-end.
Grocery Stores to Remain the Dominant Distribution Channel in the Market
Based on distribution channel, grocery stores are expected to retain their dominance in the global market for surface cleaning products. However, surface cleaning products' sales in grocery stores will register the lowest CAGR through 2022. Surface cleaning product sales in e-commerce distribution channel will continue to register the fastest expansion through 2022.
More than half revenue share of the market is expected to be held by liquid surface cleaning products. Liquid surface cleaning products are anticipated to remain sought-after among consumers around the world. Sales of liquid, and wipes among surface cleaning products are poised to exhibit a parallel expansion over the forecast period.
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MEA and North America to Exhibit Similar CAGRs Through 2022
Europe is expected to remain dominant in the global market for surface cleaning products, followed by North America. Sales of surface cleaning products in North America, and Middle East & Africa (MEA) are expected to exhibit similar CAGRs during 2017 to 2022, North America being more attractive than MEA.
Based on packaging format, bottles are anticipated to remain sought-after among consumers, with revenues poised to account for more than half share of the global market over the forecast period. In addition, pouch segment is projected to be the second largest sold packaging format for surface cleaning products.
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