LONDON–(BUSINESS WIRE)–The household cleaning products is expected to grow by USD 15.7 billion during 2020-2024 according to the latest market research report by Technavio. Request a free sample report
With the rising urbanization and surging need for accommodating the migrating consumers, the number of rental and new houses has increased over the forecast period. This increase in rental houses propels the secondary housing market, whereas the increasing number of new houses built boosts the primary housing market. Growth in both these sectors is driving the demand for home care items, especially household cleaning products. This is due to the growing need for cleanliness and hygiene in residential, commercial, and public spaces along with improvement in living standards of people. In addition, the sales volume of household cleaning products will continue to increase due to rise in disposable income and consumer spending, consequently leading to the market growth in the forthcoming years.
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As per Technavio, the growing demand for premium products will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Global Household Cleaning Products: Growing Demand for Premium Products
The demand for premium household cleaning products is high in developed economies such as the US, the UK, Canada, and Japan. Premium household cleaning products come in higher quality packaging with greater aesthetic appeal. The growing preference for quality products among consumers is encouraging vendors to charge premium prices for these products, which in turn, helps them boost profit margins. Cookware Cleanser & Polish and Cooktop Cleaner by Bar Keepers Friend are some of the premium household cleaning products available in the US market. Thus, with the growing demand for premium products, the market for household cleaning products is expected to showcase a positive outlook during the forecast period.
“The emergence of eco-friendly and sustainable products and rising demand for automatic dishwashing tablets are some other factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Household Cleaning Products: Segmentation Analysis
This market research report segments the global household cleaning products market by product (surface cleaners, dishwashing products, toilet cleaners and other cleaning agents) and geographic segmentation (APAC, Europe, MEA, North America and South America).
APAC led the household cleaning products in 2019. During the forecast period, the growth will originate from the APAC region and is expected to register the highest incremental growth due to factors such as the increasing disposable income, growing middle-class population, and increase in consumption of various products, such as surface cleaners and dishwashing products.
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Some of the key topics covered in the report include:
- Surface cleaners
- Dishwashing products
- Toilet cleaners
- Other cleaning agents (bleach)
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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