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Global Home Care Market to Grow at a CAGR of 3.5% During 2022-2027, Aided by the Increasing Focus on Hygiene and Rising Living Standards

According to a new report by EMR titled, ‘Global Home Care Market Report and Forecast 2022-2027’, the market attained a value of nearly USD 95 billion in 2020. The market is further expected to grow at a CAGR of around 3.5% between 2022 and 2027.

The increasing demand for household care products, owing to the rising standards of living, rapid urbanisation, and increasing consumer focus on household aesthetics, is driving the market growth. The expansive portfolio of major home care products manufacturers is further propelling the growth of the market. Moreover, the increasing demand for bathroom and laundry care products owing to the growing consumer awareness about hygiene and sanitation is boosting the market for home care products. Over the forecast period, the adoption of innovative branding and promotion strategies by major home care product manufacturing companies, coupled with the thriving e-commerce sector, is anticipated to significantly contribute to the market growth.

The growing research and development activities aimed towards producing innovative and efficient home care products are expected to support the market growth in the forecast period. For instance, in June 2021, Unilever Plc (OTCMKTS: UNLYF) announced the launch of BotaniTech, a new cleaning and disinfection range under its brand Lifebuoy to provide a nature-powered homecare solution. The range includes a multi-surface cleaner with an eco-refill, a general cleaner, antibacterial wipes, along with an aerosol. These are based on 100% naturally derived cleaning ingredients and essential oils and provide anti-bacterial protection. Furthermore, the availability of a wide variety of home care products such as dishwashing soaps and bathroom care products across online platforms like Amazon (NASDAQ: AMZN) and Alibaba (NYSE: BABA) is anticipated to propel the online sales of home care products.

Geographically, the Asia Pacific accounts for a significant share in the market, owing to the high population base in countries like India and China. Further, the growing health awareness among consumers is leading to the increased adoption of cleaning and hygiene products in an endeavour to keep any harmful bacteria and virus at bay. Additionally, the robust development of supermarket and hypermarket chains in the region is anticipated to be a major driving factor for the market growth.

Market Breakup by Product, Distribution Channel, and Region:

  • The market is segmented, based on product, into kitchen care, household care, bathroom care, and laundry care.
  • Based on distribution channel, the market can be divided into supermarket and hypermarket, convenience stores, and online stores, among others.
  • Region-wise, the global market for home care can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for home care is being driven by the rising living standards of people and rapid urbanisation.
  • The increasing focus on household aesthetics and hygiene is anticipated to be a major factor contributing to the growth of the market.
  • The innovative branding and promotion strategies adopted by major home care manufacturing companies are likely to aid the market growth.
  • The market is anticipated to be aided by the thriving e-commerce sector in the forecast period.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for home care for the periods (2017-2021) and (2022-2027).
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the products, distribution channels, and major regions of home care.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global home care 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 comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium-sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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