Sheridan, Sept. 30, 2023 (GLOBE NEWSWIRE) — The new report by Expert Market Research titled, ‘Global Home Care Market Report and Forecast 2023-2026’, gives an in-depth analysis of the global home care market, assessing the market based on its segments like products, distribution channels, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2016-2026)
- Historical Market Size (2020): USD 95 billion
- Forecast CAGR (2021-2026): 4.5%
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The home care market is being driven by the rising demand for bathroom care, kitchen care, and laundry care products, among others from the household segment. The significant surge in demand can be attributed to the rising standards of living, increasing disposable income, and the innovations in the home care products in emerging economies of the world. The market will further be augmented by the growing need to curb the infections and diseases caused by poor sanitation and lack of maintenance of the house, especially after the COVID-19 outbreak. The growth of the supermarkets and hypermarkets is likely to provide impetus to the market growth, along with the aggressive branding and promotion carried out the by the major market players. In terms of region, North America is anticipated to account for a significant share in the market. The growth in the region can be attributed to the rapid advancements in technology in the countries like the United States and Canada. This includes the emergence of e-commerce industry, which has been bolstering the sales of various home care products. The market in the region is expected to be aided by the growing consumer inclination towards hygiene and sanitation not only in household, but also in hotels, restaurants, schools, colleges, and other institutions.
Industry Definition and Major Segments
Home care is defined as the care provided to the home through various home care products in order to sanitise the house and make the place free from any kind of disease. Home care products are also aimed at maintaining the interior of any commercial or residential building.
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On the basis of product, the market is segmented into:
- Kitchen Care
- Dishwash Detergent
- Rinse Aid
- Degreaser
- Oven and Grill Cleaner
- Fresh Produce Wash
- Others
- Household Care
- Odour Control
- Mattress Cleaner
- Carpet Cleaner
- Others
- Bathroom Care
- Descaler
- Bathroom Cleaner
- Others
- Laundry Care
- Liquid Laundry Detergent
- Stain Remover
- Others
The various distribution channels of the product include:
- Supermarket and Hypermarket
- Convenience Stores
- Online Stores
- Others
The regional markets for home care include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Market Trends
The growing R&D activities aimed at the development of environment-friendly home care products are likely to be a key trend in the market. This can be attributed to the stringent government regulations towards reducing the use of harmful chemicals which have the potential to degrade the environment. Meanwhile, the technological advancements in the home care devices, such as the introduction of the wi-fi technology, along with Bluetooth connectivity are likely to further propel the market growth in the forecast period.
Key Market Players
The major players in the market are Unilever Plc, The Procter & Gamble Company, Henkel AG & Co. KGaA, Kao Corporation, S.C. Johnson & Sons Inc., Natures Organics Pty Ltd, George Weston Foods Limited, and Saraya Goodmaid Sdn. Bhd., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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