The increasing demand for organic cleaning products, coupled with the rising investment in R&D activities to develop advanced products, is likely to boost the adoption of the product worldwide.
The global household cleaning products market size is expected to gain momentum by reaching USD 320.82 billion by 2028 while exhibiting a CAGR of 4.5% between 2021 and 2028. This information is published by Fortune Business Insights in its report, titled “Household Cleaning Products Market, 2021-2028.” The report further mentions that the market stood at USD 221.32 billion in 2020.
Stellar Growth Rate of 18.2% in 2020 Witnessed amid COVID-19; High Demand for Personal Home Cleaning Products Globally
The COVID-19 pandemic brought upon a positive growth rate across the market. The increasing rate of hygiene-conscious populations across the globe led to the high adoption of cleaning products for households. This further led to the manufacturers Journal Fact focusing on introducing innovative products and expanding their facilities to cater to the exponential demand. These factors led to the market experiencing a growth rate of 18.2% in 2020 and is anticipated to showcase significant growth in the forthcoming years.
Market Segmentation:
Based on the product type, the market is classified into laundry detergents, surface cleaners, dishwashing products, toilet cleaners, and others.
- On the basis of product type, the laundry detergents segment is expected to hold the largest global household cleaning products market share during the forecast period. This is owing to the growing adoption of detergents to prevent staining of clothes across the globe. The high demand for these products propels the manufacturers to introduce innovative products that will boost the growth of the market. The segment held a market share of about 53.7% in 2020.
Finally, based on region, the market is classified into North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America.
What does the Report Provide?
The market for household cleaning products report provides an in-depth analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to announce partnerships, introduce new products, and collaborate to further contribute to the growth of the market. Moreover, the research analyst has adopted several research methodologies to extract information about the current trends and industry developments that will drive the market growth between 2021 and 2028.
DRIVING FACTORS
Increasing Adoption of Organic Cleaning Products to Augment Growth
According to the American Lung Association, VOCs released through cleaning products often lead to allergic reactions, chronic respiratory ailments, and headaches. Besides, chemicals present in these products can also lead to severe conditions such as Cancer. Therefore, the growing awareness regarding the adverse effects of adopting these products for a prolonged period propels the demand for organic cleaning products. The significant surge in eco-friendly products has further led to the companies introducing innovative homecare products across the globe. These factors are expected to contribute to the global household cleaning products market growth during the forecast period.
Reasons to Purchase this Report:
- Comprehensive analysis of the market growth drivers, obstacles, opportunities, and other related challenges.
- Tracks the developments, such as new product launches, agreements, mergers and acquisitions, geographical expansions, and joint ventures.
- Identifies market restraints and boosters.
- Identifies all the possible segments present in the market to aid organizations in strategic business planning.
REGIONAL INSIGHTS
Asia-Pacific – The region stood at USD 76.80 billion in 2020 and is expected to gain momentum during the forecast period. This is owing to the presence of a large population that is likely to lead to high demand for household cleaning type of products. Moreover, companies in countries such as India, China, and Japan focus on leveraging the opportunities involving the high demand for cleaning products amid COVID-19 by introducing innovative products.
North America – The market in the region is expected to experience considerable growth backed by the rising environmental concerns that are propelling the demand for safe and organic homecare products between 2021 and 2028.
COMPETITIVE LANDSCAPE
Facility Expansion by Major Companies to Amplify Their Market Positions
The market comprises small, medium, and large companies that are striving to maintain a stronghold. The companies are focusing on expanding their facilities into developing advanced household cleaning products to cater to the growing demand from consumers globally. Moreover, other key players are adopting organic and inorganic growth strategies that are likely to bode well for the market growth.
Industry Development:
- February 2020 – Henkel AG & Co. KGaAintroduced a new extended facility for developing beauty care products in Moscow. With an overall investment of around USD 21.94 million, the new facility will have an annual capacity of producing 300 million units of finished goods.
Anika Sharma