Household Cleaning Products Market Size in 2021 | Industrial and Institutional Cleaning Chemicals Market Forecast 2028
/EIN News/ -- Pune, India, Nov. 09, 2021 (GLOBE NEWSWIRE) -- Household Cleaning Products Market:
According to Fortune Business Insights™, the global household cleaning products market size 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 report further mentions that the market 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.
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 market. 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 market experiencing a growth rate of 18.2% in 2020 and is anticipated to showcase significant growth in the forthcoming years.
List of the Companies Profiled in this Market:
- 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.)
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Market Segmentation:
Based on the product type, the market 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 market 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 market. The segment held a market share of about 53.7% in 2020.
Finally, based on region, the market is classified into North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America.
DRIVING FACTORS
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 market growth during the forecast period.
REGIONAL INSIGHTS
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 for household 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 market 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.
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COMPETITIVE LANDSCAPE
Facility Expansion by Major Companies to Amplify Their Market Positions
The market comprises small, medium, and large companies that are striving to maintain a stronghold. The companies are focusing on expanding their facilities into developing advanced 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 market growth.
Key Industry Development:
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.
PART 2:
Industrial and Institutional Cleaning Chemicals Market:
According to study, the global industrial and institutional cleaning chemicals market size is expected to reach USD 68.16 billion by 2027, exhibiting a CAGR of 4.7% during the forecast period. The stringent food safety standards implemented by the authorities can have a tremendous impact on the global market
Rising Consumption of Cleaning Chemicals to Bolster Growth
The heavy demand for cleaning chemicals for commercial use will have a tremendous impact on the global market during the forecast period. The increasing emphasis on health and hygiene will enhance the application of cleaning chemicals in various industries, which, in turn, will augur well for the market. The growing demand from the hospitality industry, including restaurants and hotels, to offer world-class services to its consumers, will further incite the market's development in the forthcoming years.
Moreover, the increasing disposable income coupled with high consumer spending on tourism activities will subsequently spur opportunities for the market. Besides, the rising sanitation standards at the workplace, especially in developed nations, will further aid expansion of the market. In addition, the growing number of initiatives associated with cleanliness will boost the industrial and institutional cleaning chemicals market growth.
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Increasing Cognizance About Sanitation to Uplift Market Amid Coronavirus
The growing awareness among consumers regarding sanitation and cleanliness, particularly to curb the spread of viruses will fuel demand for cleaning chemicals. The need for chemicals in industrial and manufacturing sectors to maintain hygiene will positively impact the market during coronavirus. Hospitals' necessary precautions to dampen the virus transmission have resulted in a significant rise in cleaning chemicals. However, lockdown and supply chain disruption has resulted in reduced manufacturing capacities, which, in turn, has retarded the growth of the market during COVID-19 pandemic.
Heavy Demand from Hospitality Industry to Influence Growth in North America
The market size in North America is expected to experience a rapid growth rate owing to the inflated demand from the hospitality industry. The growing demand for disinfection and sanitation products due to COVID-19 outbreak has increased the consumption of the industrial and institutional cleaning chemicals in North America.
The market in Asia Pacific is likely to proliferate during the forecast period due to the heavy demand from healthcare, retail, food service, and manufacturing industries. Europe is expected to rise rapidly owing to the rising demand from the food & beverage industry. Stringent hygiene and sanitation standards at manufacturing facilities, and workplace can create opportunities for the market in the region. Latin America and the Middle East & Africa are expected to experience a considerable growth rate due to the growing knowledge about preventing hospital-acquired infections in the region.
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