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 Industry growth during the forecast period.
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 Industry. 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 focusing on introducing innovative products and expanding their facilities to cater to the exponential demand. These factors led to the Industry experiencing a growth rate of 18.2% in 2020 and is anticipated to showcase significant growth in the forthcoming years.
The global household cleaning products Industryshare is expected to gain momentum by reaching USD 320.82 billion by 2028 while exhibiting a CAGR of 4.5% between 2021 and 2028. The Research further mentions that the Industry stood at USD 221.32 billion in 2020. 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.
Based on the product type, theIndustry 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 Industry 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 Industry. The segment held aIndustry share of about 53.7% in 2020.
Finally, based on region, the Industry is classified into North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America.
What does the Research Provide?
The Industry for household cleaning products Research provides an in-depth analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the Research provides insights into the regional analysis that covers different regions, contributing to the growth of the Industry. 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 Industry. Moreover, the research analyst has adopted several research methodologies to extract information about the current trends and industry developments that will drive the Industry growth between 2021 and 2028.
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 forhousehold 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 Industry 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.
Facility Expansion by Major Companies to Amplify Their Industry Positions
The Industry comprises small, medium, and large companies that are striving to maintain a stronghold. The companies are focusing on expanding their facilities into developingadvanced 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 Industry growth.
- February 2020 – Henkel AG & Co. KGaA introduced 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.
List of the Companies Profiled in the Global Industry: Church & Dwight Co. Inc. (U.S.) Colgate-Palmolive Co. (U.S.) Godrej Consumer Products Ltd. (India) Henkel AG & Co. KGaA (Germany) Kao Group (Japan) The Procter & Gamble Co. (U.S.) Reckitt Benckiser Group Plc (U.K.) S. C. Johnson & Son Inc. (U.S.) Goodmaid Chemicals Corporation (Malaysia) Unilever NV (U.K.)