Westford, USA, Dec. 12, 2022 (GLOBE NEWSWIRE) -- SkyQuest’s analysis of the household cleaning products market finds that the market is growing at a healthy rate and is expected to continue to do so in the coming years. The main drivers of this growth are the increasing population and urbanization, as well as the rising incomes and standards of living in developing countries. The report finds that there are a number of trends affecting the industry, including the shift towards more premium and natural products, the increasing importance of e-commerce, and the rise of private label brands.
Overall, the global household cleaning products market is growing at a slower pace than in previous years. One of the main reasons for this slowdown is that many Western consumers are using less cleaning products in general. This is due partly to health concerns and partly to shifted priorities towards other areas, such as work-life balance and experiences. In contrast, developing markets continue to see strong growth in demand for household cleaning products.
Companies that want to succeed in the current environment need to focus on three key areas: product innovation, marketing campaigns that appeal to changing consumer values, and efficient supply chain management.
Looking ahead, we expect that the household cleaning products market will continue to grow at a healthy pace, driven by the same underlying trends. Premium and natural products are likely to gain further market share, e-commerce will continue to grow in importance, and private label brands are expected to perform well.
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SkyQuest’s Outlook: Mass Market Segment of the Global Household Cleaning Products Market to Continue Holding Over 70% Market Share
SkyQuest has been analyzing the global household cleaning products market for years, and we've come up with some interesting conclusions. For one, there are three main types of cleaning products: surface cleaners, laundry care products, and floor care products. Surface cleaners are the most popular type of cleaning product, accounting for nearly 60% of all sales. Laundry care products are the second most popular, with around 20% of sales. Floor care products are the least popular, with only around 10% of sales. Our analyst also says that there are four main segments in the industry: mass market, premium, discount, and private label. Each segment has its own strengths and weaknesses. The mass market segment is the largest, accounting for nearly 70% of all sales. The main strength of this segment is its low prices. However, the downside is that mass market products tend to be lower quality than other segments. The premium segment is the second largest, accounting for around 20% of all sales. Premium products are high quality and tend to be more expensive than other segments.
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Procter & Gamble, Reckitt Benckiser, and Unilever are Top 3 Players in Global Household Cleaning Products Market
The global market is highly fragmented, with no company commanding more than a 10% share of the global market. The top three players - Procter & Gamble, Reckitt Benckiser, and Unilever - account for just over 25% of the market. The rest of the market is highly fragmented, with a large number of small and regional players. This fragmentation means that there is no clear leader in the industry, and that firms are competing on price rather than on product quality or innovation.
SkyQuest’s analysis of the global household cleaning products market also shows that consumers are not particularly brand loyal when it comes to household cleaning products. In fact, nearly 60% of respondents said they would be willing to switch brands if they found a better price or product. This lack of brand loyalty presents a challenge for companies in the industry, as they need to constantly innovate and offer value-added features to differentiate their products from rival brands.
The top 10 players in the household cleaning products market are expected to account for only 40% of the market by 2028. SkyQuest’s analysis shows that the industry is ripe for consolidation. The top 10 companies in the industry are expected to increase their combined market share from 30% in 2021 to 40% by 2028. The industry is also growing at a healthy clip, expanding by an annual 4.4% between 2022 and 2028. This growth is being driven by rising demand in Asia Pacific and Latin America, as well as by innovation in product formulations and packaging.
To sustain in the highly competitive and fragmented market, a large number of market players are employing several growth strategies such as innovation, trends analysis, new product development.
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Companies are Aiming to Target Premiumization and Eco-friendly Product to Sustain in the Global Household Cleaning Products Market
In particular, natural/eco-friendly products and products with health/wellness benefits continue to gain share. Innovation is being driven by both incumbents and new entrants, as more companies recognize the opportunity in this space. We are seeing more companies launch " refillable " models as well as new types of packaging such as powder sachets. These initiatives are aimed at reducing waste and making products more sustainable.
On the other hand, premiumization in the household cleaning products market is being driven by both an increase in average prices and a shift toward higher-priced products. This is being driven by consumer demand for better quality and more effective products, as well as a desire for more natural and eco-friendly ingredients. E-commerce sales continue to grow rapidly, driven by the convenience of buying online and the increasing number of shoppers who are comfortable buying household cleaning products online.
Major Players in Global Household Cleaning Products Market
- Unilever NV (UK)
- Goodmaid Chemicals Corporation (Malaysia)
- S.C Johnson & Son Inc (US)
- Reckitt Benckiser Group plc (UK)
- The Procter & Gamble Co (US)
- Kao Group (Japan)
- Henkel AG & Co KGaA (Germany)
- Godrej Consumer Products Ltd. (India)
- Colgate-Palmolive Co. (US)
- Church and Dwight Co Inc. (US)
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