Global Homecare Product Market

Global homecare product market was valued at USD 173.32 billion in 2019 and it is expected to grow with a CAGR of 4.58% over the forecast period of 2020-2026.

Infinium Global Research Analysts

Global Homecare Product Market: Consumer Behavior Analysis by Countries, Buying Pattern Analysis, Demographics, Trends Analysis, Survey Findings and Results, Leading Companies and their Market Strategies

  • Published : May, 2020

  • Rep Id : HPM2552020

  • No. of Pages : 185


According to Infinium Global Research and Consulting Solutions, the global homecare product market was valued at USD 173.32 billion in 2019 and it is expected to grow with a CAGR of 4.58% over the forecast period of 2020-2026. The growth of the market is driven by the increasing rate of globalization and industrialization. Globalization has opened up a number of new markets for many of the global companies and their products. Such companies are trying to increase their sales by promoting their brands with the help of several marketing strategies. This increases the competitiveness in the market as well as benefits consumers by providing a broad range of high-quality products. Moreover, as industrialization grows, the number of working population, particularly working women also increase. This also leads to higher disposable income and improved standards of living in the majority of the households, which in turn will increase the spending on FMCG products such as homecare products. Thus, promoting the expansion of the homecare products market.

 

The survey conducted by Infinium Global Research and Consulting Solutions found variations in the usage and buying patterns of homecare products across different countries. The usage of homecare products such as surface cleaners in western countries including the US, the UK, and Germany were more as compared to countries in the Asia Pacific such as India, Thailand, and Indonesia. The availability of products and the awareness regarding products and their benefits are the major factor influencing the usage of homecare products. Along with the usage frequency, the buying frequency of homecare products in the western world is also observed to be more than that of the developing countries in Asia. The difference in disposable incomes and lifestyles of the population plays an important role in the divergence in the buying frequencies of different countries. For instance, in the US, where the buying frequency is highest, the total disposable personal income was USD 14.5 trillion dollars in 2018. However, in India, where the buying frequency was comparatively low, the total disposable personal income was USD 2.5 trillion in 2018. 


Figure 1. Buying Frequency of Homecare Product in the US


Buying Frequency of Homecare Product in the US

Source: Infinium Global Research Analysis

                                                                                                                                                                                            

The United States, China and Germany among top markets for homecare product 

According to the findings in the report, the U.S. and countries in the Asia Pacific such as China, India, and Japan along with Germany are the most lucrative markets for homecare products. Asia Pacific and North America together make nearly 65% of the total sales of homecare products in the world. The US is the leading country in terms of sales in the global homecare product market followed by China and Germany. Greater awareness regarding homecare products and their health benefits coupled with a higher willingness to spend on cleaning and hygiene products is the major driver for the sale of homecare products in these countries. On the other side, the sale of homecare products in developing countries such as China, India, and Brazil is anticipated to grow rapidly. Factors including a growing population, improving economic conditions, and the growing availability of products are the major influencing factors for the sale of homecare products in these developing countries. 


Figure 2. Top Countries in the Global Homecare Product Market in 2019 (Revenue % Share)


Top Countries in the Global Homecare Product Market in 2019

Source: Infinium Global Research Analysis 


Asia Pacific generated the highest revenue from homecare products 

In terms of geography, Asia Pacific generated the highest revenue in the global homecare product market. An outsized population and growing awareness regarding cleaning and hygiene are the major drivers for the growth of the market in the Asia Pacific region. Furthermore, improving product availability and a rise in the number of distribution channels are augmenting the growth of the market. Additionally, the presence of a large consumer base in the region is propelling the Asia Pacific market. Moreover, the Asia Pacific region is projected to grow with the fastest rate owing to the growing disposable income and the improving lifestyle of people. 


Research Methodology 

Primary Research 

Our primary research involves extensive interviews and analysis of the opinions provided by the primary respondents. The primary research starts with identifying and approaching the primary respondents, the primary respondents are approached through

·         Key Opinion Leaders associated with Infinium Global Research

·         Internal and External subject matter experts

·         Professionals and participants from LinkedIn, Hoovers, Factiva and Bloggers

·         Our primary research respondents typically include

·         Executives working with leading companies in the market under review

·         Product/brand/marketing managers

·         CXO level executives

·         Regional/zonal/ country managers

·         Vice President level executives.

               

Methods of Primary Research

·         Computer-assisted telephone interview (CATI)

·         Computer-assisted personal interview (CAPI)

·         Computer-assisted web interview (CAWI)

·         Questionnaires/Surveys


Secondary Research

Secondary research involves extensive exploring through the secondary sources of information available in both public domain and paid sources. At Infinium Global Research, each research study is based on over 500 hours of secondary research accompanied by primary research. The information obtained through the secondary sources is validated through the crosscheck on various data sources. The secondary sources of the data typically include

·         Company reports and publications

·         Government/institutional publications

·         Trade and associations’ journals

·         Databases such as WTO (World Trade Organization), OECD (The Organization for Economic Co-operation and Development), Hoovers, Factiva, and the World Bank, among others.

·         Websites and publications by research agencies


24 hour delivery through email
9923950043 Monday to Frieday 9am-7pm
looking for discount