Global Household Cleaners Market: Snapshot
The global market for household cleaners has witnessed growth at a steady pace in the past few years. The market has continued to gain significant profits across mature markets such as North America and Europe while also seeing encouraging growth across unconventional markets such as Asia Pacific and Latin America. Factors such as adoption of healthier lifestyles and the increasing concern for infectious diseases have been some of the key drivers of the market in the past years. There has been an increasing trend in the developed and the developing economies alike regarding the increasing use of homecare and hygiene products, which is expected to fuel the global demand for household cleaners. The increase in commercial use of household cleaners such as surface deodorizers and fabric refreshers has added to the demand for household cleaners.
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According to Transparency Market Research, the global household cleaners market was valued at US$ 27,468.6 mn in 2015, and is expected to reach US$ 39,400.9 mn by 2024, in terms of revenue. This will represent a CAGR of 4.1% from 2016 to 2024.
Specialty Cleaners to Continue to Remain Dominant Product Variety
On the basis of product type, the household cleaners market is segmented into surface cleaners, specialty cleaners, and bleaches. Of these, the segment of specialty cleaners held the dominant share in the global market in terms of revenue in 2015, accounting for over 60% of the market. Specialty cleaners are gaining importance with increasing sanitation standards in Asia Pacific.
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The segment of surface cleaners accounted for a share of 33.5% in in the market in 2015 and is expected to retain its influence on the development of the market in the next few years as well. The segment is expected to register a CAGR of 5.0% over the period between 2016 and 2024, emerging as the segment with the most promising growth rate over the said period.
The segment of bleaches does not have a significant share in the household cleaners market owing to the harmful composition of most bleaches, which may lead to skin allergy, skin corrosion, and skin allergy among other effects. The market for bleaches is likely to expand at a CAGR of 2.3% during the forecast period and the segment is expected to suffer a decline in its overall share in the global market from 7.3% in 2015 to 6.2% in 2024.
Asia Pacific to Take Lead as North America and Europe Markets Witness Sluggish Growth
Geographically, North America is the dominant regional market for household cleaners in terms of revenue, accounting for over 31% of the global market in 2015, followed by Europe (28.5%). However, both being mature markets in terms of product awareness, there are a limited number of new incremental growth opportunities for the household cleaners market in these regions. Transparency Market Research estimates that these regional markets will see a significant reduction in their share in the global market by the end of the forecast period.
Asia-Pacific is expected to be the most attractive market for household cleaners in terms of future growth potential. Rising awareness about following a healthy lifestyle and rising concerns about the adverse effects of infectious diseases on health are stimulating the demand for household cleaners in the region. The rapid pace of urbanization and significant changes in the living standards of people in emerging economies such as India and China are also expected to increase the demand for household cleaners in Asia Pacific. China is the dominant market for household cleaners in Asia Pacific, followed by India. The trend is expected to continue over the forecast period as well.
Some of the key players in the global household cleaners market are Henkel AG & Company KGaA (Germany), Colgate Palmolive (U.S), Unilever (U.K), Procter & Gamble (U.S), Reckitt Benckiser Group plc (U.K), Bombril S.A (Brazil), McBride (U.K), Kao Corporation (Japan), Church & Dwight Co. Inc. (U.S), Godrej Consumer Products (India), S.C. JOHNSON & SON INC. (U.S), The Clorox Company (U.S), and Seventh Generation (U.S).
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