LONDON--(BUSINESS WIRE)--The global household cleaning products market is expected to post a CAGR of over 5% during the period 2018-2022, according to the latest market research report by Technavio.
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.
This market research report on the global household cleaning products market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the growing demand for premium products as one of the key emerging trends in the global household cleaning products market:
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.
Global household cleaning products market: Segmentation analysis
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.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market sizing
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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