Lifestyle Uplifting Demand for Household Cleaning Products Industry: Ken Research
Posted on 09 May 2017 by KenResearch Consumer Products and Retail,
Ken Research has announced latest publication on the growth estimates of Household Cleaning Products industry, in the global market named as, “Global Household Cleaning Products Industry Situation and Prospects Research report 2017". The report presents an in depth analysis concerning the key trends and growth prospects of the household cleaning products industry in the global arena complemented with the integrity of logic and the comprehensiveness of contents that is further guaranteed to enrich the report reader who is either a industry insider or investor, with the professional and extensive data analysis.
In addition, the report also provides the basic overview of the industry inclusive of its definition, applications, classifications, industry chain structure, international developmental history, competitive landscape analysis, the major regions development status and policies/plans, manufacturing process and cost structures, import/export, supply and consumption figures, cost price, revenue and gross margin by regions, global company profiles, product picture and specification, capacity, production, contact information, upstream raw materials, equipment and downstream consumer analysis. Moreover, vivid research conclusions are offered as well with the conceivable image of the new investment projects being assessed.
Escalating concerns among individuals regarding their health and hygienic living, desire to live germ free, without bacteria, dust, and dirt has given the boost to the household cleaning products industry. Household cleaning products include numerous variants for the purpose of housekeeping i.e. to clean and wash furniture, floor, glass, mirrors, bathrooms, dishes, and laundry, which are an essential consumable for customers worldwide, meaning that the market continues to grow on a year by year basis. The global sales of household cleaning products are predicted to reach tremendous heights in the near future supplemented with its resistance to downturns in the world economy in comparison to the other industry sectors of automobiles or construction.
The global market for household cleaners has witnessed growth at a steady pace in the past few years. Household cleaning products can be categorized into four different variants based on its usage, irrespective of having varied compositions and ingredients: into surface cleansers, dishwashing products, toilet cleaner, and other cleaning agents. Significant profits have been procured by this industry and continue to gain profits across mature markets such as North America and Europe while also witnessing immense growth across unconventional markets of Asia Pacific and Latin America. The market has been anticipated to grow at a CAGR of 4.97% over the period of 2015-2019.
Following a bird’s eye view, this market is pronounced to be assisted by the technological innovation, advertising and marketing in order to sustain its brand loyalty. Even now, advertising effort to promote brand image and reinforce market presence is obligatory for the multiple companies involved. Furthermore, in order to meet the evolving consumer’s demands and to keep up with the changing trends through technological savvy and product innovation, companies are comprehensively investing in the R&D to extend its product lines with new and innovative offerings.
The Global household cleaning product market can be segmented on the basis of product type: into surface cleaners, specialty cleaners, and bleaches amongst which the segment of specialty cleaners have held the dominant share in the global market. Specialty cleaners are gaining importance with increasing sanitation standards in Asia Pacific. The segment of surface cleaners is expected to retain its influence on the development of the market in the next few years. Whereas, the segment of bleaches does not share a significant portion in the household cleaners market owing to the harmful composition of most bleaches, which may lead to skin allergy and skin corrosion for which it is expected to suffer a downfall in the future global market.
Envisaged from research, the world economy enlarged by just 2.2 per cent in the year 2016, and is anticipated to further extend by only 2.7 per cent in 2017 and reach till 2.9 per cent in 2018, it can be contemplated as a state of stagnant growth. The market is growing and recovering on a very sedating pace, indicating the state of economic stabilization for the present as well as the future rather than a robust revival of global demand. Moreover, the correspondence between the demand, investment, trade and productivity coupled with the weak global growth may prove to be self perpetuating for the Household Cleaning Products industry in collaboration with the efforts to revive investment and productivity through policy initiatives.
The pronounced drivers behind the growth of the industry include consumer awareness concerning the importance of hygiene and the spread of infectious diseases, adoption of healthier lifestyles, increased focus on safe food storage, hygienic garbage disposal, realization of the importance of sanitary conditions and the need to disinfect household surfaces. Other leading factors include consumer’s convenience in accordance with time because today’s consumers have less time for household chores but are much eager to maintain high standards of hygiene and cleanliness. There has been an increasing trend in the developed and the developing economies alike regarding the increasing use of homecare and hygiene products, which is expected to fuel the global demand for household cleaners. Additionally, increase in the commercial use of household cleaners such as surface deodorizers and fabric refreshers have all the more added to its increasing demand. Further, attributed to macroeconomic factors such as the industry's premium growth since the past few years, the nation's rise in per capita annual disposable income has the ability to foster the business over the next few years
In terms of global segmentation, North America is declared to be the dominant regional market for household cleaners in terms of revenue followed by Europe. In terms of future growth potential, Asia-Pacific is expected to be the most lucrative market. The rapid pace of urbanization and significant changes in the living standards of people in emerging economies such as India and China facilitates the demand in the Asia Pacific region. China is the dominant market for household cleaners in Asia Pacific, followed by India. The trend is expected to continue over the forecast period as well. The Global household cleaning product industry has been centralized with several leading companies such as P&G, Reckitt Benckiser Group, S.C. Johnson & Son, The Clorox?, Bissell, Church & Dwight, Colgate-Palmolive, Henkel AG, Kao Corporation, Kimberly-Clark, Pigeon Corporation, Prestige Brands Holdings, Safeway, Sara Lee, Seventh Generation, Sun Products, and Glad Products. These companies are further focusing on the innovative development of the products in addition to its creative brand reinforcement.
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