LONDON--(BUSINESS WIRE)--According to Technavio Research Report "Household Cleaning Products Market by product (surface cleaners, dishwashing products, toilet cleaners, and other cleaning agents) and geographical regions (APAC, EMEA, and the Americas) is witnessed to grow USD 14.26 billion, at a CAGR of 5% from 2018 to 2022”.
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Global Household Cleaning Products Market: growing demand for premium products
Developed economies such as the US, the UK, Canada, and Japan, have been experiencing a growing demand for premium household cleaning products. Convenience, better packaging, and aesthetic appeal are the key attributes of household cleaning product brands. Most consumers are well-informed about the various cleaning products in the market and look for better performance and quality of products. Moreover, vendors incentivize this demand to increase their profit margins by charging premium prices for these products, which can positively influence growth in this market during the forecast period.
“Even though the scope for innovation is limited in this industry, it is seen that several manufacturers are continuously investing in R&D to innovate and launch new products, which is anticipated to drive the growth of the market in the near future,” says a senior analyst at Technavio for research on cosmetics and toiletry.
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Few Major Players for the Household Cleaning Products Market are:
- Procter & Gamble
- Reckitt Benckiser Group
- S. C. JOHNSON & SON
- The Clorox Company
Segmentation analysis - Household Cleaning Products Market
This market research report segments the global household cleaning products market by product (surface cleaners, dishwashing products, toilet cleaners, and other cleaning agents) and geographical regions (APAC, EMEA, and the Americas).
The EMEA region led the market in 2017 with a market share close to 40%, followed by APAC and the Americas respectively. However, during the forecast period, the APAC region is expected to show the highest incremental growth followed by the Americas. EMEA is expected to witness a commensurate decline in its market share by 2022.
Increasing product innovation and portfolio extension
A key factor driving the growth of the market is product innovation and portfolio extension. To sustain in the intensely competitive household cleaning products market, vendors are coming up with new product formulations and subsequent launches. Moreover, manufacturers are implementing technological advancements, such as using automated rapid prototyping machine, implementing refill technology and introducing a spray form of products. Such recent innovations in the global household cleaning products market have been successful in increasing the sale of household cleaners which is driving the growth of the overall global market.
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