Pune, India, Feb. 02, 2021 (GLOBE NEWSWIRE) -- According to Fortune Business Insights™, The global household cleaning products market size is expected to reach USD 312.49 billion by 2027, exhibiting a CAGR of 4.97 % during the forecast period. The growing emphasis to uphold a clean and hygienic household environment can be an essential factor augmenting the growth of the market during the forecast period. The market size stood at USD 163.98 billion in 2019.
Key Market Driver:
Rising Awareness about Clean-labelled Products to Boost Market
The shift from artificial and harsh chemical products to green and natural products by consumers owing to the rising environmental knowledge will bolster the healthy growth of the market. The increasing demand for natural and clean-labeled products has led to high production and supply of green household cleaning products. The increasing environmental concerns have generated the necessity for all-natural products, which, in turn, will enable speedy expansion of the market. The increasing environmental initiatives by authorities is expected to push the development of organic products, which, in turn, can strengthen the market in the forthcoming years.
COVID-19 IMPACT
Cleaning and Disinfection of Households to Eliminate Coronavirus
The COVID-19 pandemic is predicted to have an excellent impact on the global market. The rising consciousness regarding hygiene and cleanliness at homes will spur opportunities for the market. The inflated demand for household cleaning products has led to the scarcity of such products. The rising pressure on manufacturers to elevate their production capacities in this crisis will further benefit the market. The growing implications and concerns regarding the spread of the virus will fuel demand for cleaning products. Moreover, the long-term effect of the virus will simultaneously incite cautiousness among people, which, in turn, will augur well for the market.
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Regional Analysis:
Increasing Disposable Income to Promote Growth in Asia Pacific
The market in North America stood at USD 40,974.1 million in 2019 and is expected to rise tremendously during the forecast period. The growth in the region is attributed to the presence of major manufacturers in the region. The rising inclination towards all-natural products will favor the growth of the market in North America.
The growing demand for cleaning products along with R&D by companies to enhance the product's ingredients, content, packaging, and others will further improve the prospects of the market during the forecast period. Asia Pacific is expected to witness a substantial growth rate during the forecast period owing to the rising population in the region. The surge in disposable incomes will further propel the growth of the market. The rising demand for natural cleaning products in China, Japan, and India. The Middle East & Africa is predicted to witness a rapid growth rate during the forecast period due to increasing urbanization and population.
Key Development:
February 2020: chosen Kao Corporation, a major provider of personal care, beauty goods, and household products, announced that it was selected by the U.S. think-tank Ethisphere Institute for the world's largest platform as the Most Ethical Companies 2020 list. Kao has produced securing involvement for its executives in the World's Most Ethical Companies list.
List of Top Companies Profiled in the Household Cleaning Products Market are:
- Church & Dwight Co. Inc. (U.S.)
- Colgate-Palmolive Co. (U.S.)
- Godrej Consumer Products Ltd. (India)
- Henkel AG & Co. KGaA (Germany)
- Kao Group (Japan)
- The Procter & Gamble Co. (U.S.)
- Reckitt Benckiser Group Plc (U.K.)
- S. C. Johnson & Son Inc. (U.S.)
- Goodmaid Chemicals Corporation (Malaysia)
- Unilever NV (U.K.)
- and Others
Browse Detailed Research Insights with Impact of COVID-19 Analysis:
https://www.fortunebusinessinsights.com/household-cleaning-products-market-103286
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