Global home care market is projected to register a CAGR of 3.98%, during the forecast period of 2019-2024.
- Increasing rate of urbanization and change in lifestyle, owing to rising disposable incomes boosted by improved sanitation standards are likely to positively impact the growth of the market in the years to come. The home care market is led by offline channels as the reach of household cleaning products through supermarkets/hypermarkets and convenience stores are high in developing countries.
- However, in the recent past, online spending by consumers has risen significantly, which, in turn, has boosted the online sales of household cleaners. Procter & Gamble, Henkel AG, Unilever, Church & Dwight, and Reckitt Benckiser Group are some of the leading players offering home care products globally.
Scope of the Report
Global home care market offers a range of products, including surface cleaners, toilet cleaners, fabric cleaners, air purifiers, and others through offline and online retail stores. The study also covers the global level analysis of the major regions, North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
Key Market Trends
Adoption of Healthier Lifestyle Owing to Increased Household Expenditure
The growing importance of healthier lifestyles with rising concerns among individuals about health and hygienic living, free of germs, bacteria, dust, and dirt has led to rise in per capita spending on home care products. In addition, a heightened awareness of the importance of indoor air quality and growing concerns on the impact of impure air quality on the general well-being of people have raised demand for air purifiers in the last few years. Air purifiers reduce the allergies among sensitive people by removing dust, pet dander, pollen, mold spores, and dust mite feces. From the past few years, the fragrance is playing a vital role in household cleaning products as consumers are increasingly looking for products that offer a strong pleasant odor, which, in turn, makes vendors to differentiate their offerings in terms of packaging, quality, pricing, and fragrance.
Increased Demand For Home Care Product From the United States
The adoption of a healthier lifestyle coupled with the increasing concern for hygiene has been one of the key drivers for the home care market in the United States over the past few years. Well-established real estate sector and household expenditure, growth in housing units are some of the factors which are directly related to the sales of home care in the United States. For instance, as per the ‘US Census Bureau’, the number of housing units reached 136.57 million in 2017, while it was just 132.78 million in 2012. This, in turn, will contribute to the sales of home care products in the United States. Vendors are introducing innovative products in terms of functionality, new ingredients, packaging, and fragrances. Consumer awareness and product knowledge about various home care products have led to the introduction of high performance and quality products. For instance, the rise in health consciousness among consumers regarding the prevalence of harmful diseases such as diarrhea has led to the rise in the sales of toilet care products.
The global home care market faces high competition; the Majority of the share is held by the leading players, including Procter & Gamble, Unilever, Church & Dwight, and Reckitt Benckiser Group Plc. Key players are focusing on online distribution channels for their online marketing and branding of their products in order to expand their geographic reach and increase their customer base. Leading manufacturers in the home care market are focusing to leverage opportunities posed by emerging markets of Asia-Pacific, like China and India, to expand their revenue base. Companies are differentiating their products in terms of functionalities, ingredients, price, odor, packaging, format in order to gain competitive advantage.
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