Yahoo Finance The Household Cleaning Products Market slated to exceed USD 215 billion by 2027, Says Global Market Insights Inc.
The growth of the household cleaning products market is driven by rapid urbanization, shifting lifestyles, rising disposable income of consumers, and higher sanitation standards during the COVID-19 pandemic, says this report.
Selbyville, Delaware, Dec. 06, 2021 (GLOBE NEWSWIRE) -- According to the report by Global Market Insights Inc., the Household Cleaning Products Market was estimated at USD 165 billion in 2020 and is projected to be valued at more than USD 215 billion by 2027, registering with a CAGR of 3.5% from 2021 to 2027. The latest report offers a detailed assessment of wavering market trends, drivers & opportunities, top winning strategies, market size & estimations, competitive scenario, and major investment pockets.
Household cleaning products are primed to record an upsurge in sales mainly due to increased investments towards brand development, innovative packaging, and advertisement. Rising focus of key market players on product innovation is expected to bolster business outlook in the coming years. Recently, companies have been working to launch new and advanced products with new fragrances as well as multifunctional features to extend their consumer reach. Moreover, soaring health and environment concerns among consumers has propelled the adoption of eco-friendly cleaning products. Thus, enhanced consumer interest in green household cleaning products is slated to support market growth through the study timeline.
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Laundry detergents are gaining massive popularity owing to increasing consumer emphasis on hygiene and higher household spending. Growing population and surge in disposable income of buyers have boosted consumer expenditure on laundry detergent. Soaring demand for eco-friendly and organic laundry detergent products has also created massive growth potential for industry participants. Driven by growing consumer demand, the laundry detergents product segment is anticipated to attain a valuation of around USD 100 billion by 2027.
The surface cleaner’s product segment is poised to grow at a CAGR of above 3.5% through 2027 on account of high consumer demand. A rise in awareness among consumers pertaining to household cleaning products has resulted in an upsurge in adoption of high-quality products, which is also foreseen to stimulate segmental development in the forthcoming period.
Key reasons for household cleaning products market growth:
Mounting uptake of laundry detergents.
Escalating product adoption in developing nations.
Surging demand for eco-friendly cleaning products.
Prevalent application to maintain cleanliness during COVID-19.
2027 forecasts show ‘online retail stores’ segment retaining its dominance:
In terms of distribution channel, the online retail stores segment is expected to register around 6% CAGR over the analysis period. Innovative digital players continue to acquire a higher market share compared to offline stores by offering favorable pricing, assortment, and convenience through features like home delivery of both non-food items and groceries. In addition, the convenience and discounts provided by online channels has enhanced consumer preference for household items and grocery products from online stores.
Asia Pacific to maintain top status in terms of revenue:
The Asia Pacific household cleaning products market is estimated to expand at a CAGR of approximately 4% through the assessment timeframe. The proliferating domestic cleaning products industry is facilitated by elevated consumer expenditure on household items, such as cleaning products, notable economic development, and changing standards of living. Additionally, consumers in APAC are opting for eco-friendly and natural ingredients in cleaning products owing to increasing health and climate consciousness and are ready to pay higher prices for luxury products that offer added benefits, such as antimicrobial and antibacterial properties and improved aroma. These factors are set to augment regional market growth in the future.
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Impact of COVID-19 pandemic on household cleaning products market:
Following the COVID-19 outbreak, leading government and health agencies emphasized the importance of cleaning regularly with household cleaners for eliminating germs and decreasing the risk of infection through surfaces. Cleaning was considered to be an effective and viable solution for removing virus particles from surfaces, particularly high-touch surfaces. As a result, increased prominence of household cleaning products in curbing the spread of the COVID-19 infection through surfaces in indoor spaces has been favorable for market growth during the pandemic.
Leading market players:
Some key companies operating in the global household cleaning products industry include Henkel AG & Co KGaA, Colgate Palmolive Company, Unilever, Procter & Gamble, and Reckitt Benckiser, among others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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