Homecare Product Market | Size Worth $233.58 Billion by 2026 | CAGR of 4.58%: Infinium Global Research

PUNE, India, May 25, 2020 /PRNewswire/ -- A recent report by Infinium Global Research "Homecare Product Market (By Type – Surface Cleaner, Toilet Cleaner, Fabric Cleaner, Air Purifier and Others; By Distribution Channel – Offline Retail Stores and Online Retail Stores): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026" estimates that the market was worth USD 173.32 billion in 2019 and is projected to reach up to USD 233.58 billion in 2026, growing with a CAGR of 4.58% during the period of 2020 to 2026.

The report provides a comprehensive research study based on survey conducted to analyze the buying patterns, consumer behavior and factors affecting buying decisions. The report also provides insights into the marketing strategies and steps taken by the companies to retain their market position in the local and/or global market. The study also provides insights into the factors affecting the buyer decisions, consumer preferences, and the demographic factors promoting the growth of the products of Homecare Product market.

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Modern Trade Channels are the Most Preferred Distribution Channels for Homecare Product

The report includes a detailed study on the consumer preference towards distribution channels in the market. According to the survey results, majority of the people in the world prefer supermarkets and hypermarkets as compared to other distribution channels for homecare product. The major factor driving the preference of supermarkets and hypermarkets is the growing number of such stores around the world. According to National Grocers Association, there were more than 41,800 supermarkets and more than 40,000 hypermarkets in the U.S. in 2019. Moreover, the better customer experience offered by such stores as well as discounted rates attracts more customers to them. Unlike convenience stores, customers can browse through organized shelves to find the exact product they want. Furthermore, the broad range of products offered by these stores influence the distribution channel preference of the consumers.

Key Players in the Global Homecare Product Market are Focusing on New Product Launch and Mergers & Acquisitions

The global homecare product market is highly competitive and consolidated in nature. The market is attributed to the presence of large multinational players as well as a few smaller and local players. Companies including Unilever, Procter & Gamble, and Clorox hold a large share in the global homecare product market. These companies own some of the famous brands in the global homecare product market including Cif, Microban, and Clorox Clean-Up. These brands have higher brand value and loyal consumers, which contribute in the consolidation of the market. The key players in the market are focusing on various strategies such as launching new products and undertaking mergers and acquisitions. For instance, in February 2020, Procter & Gamble launched a new line of home sanitizing products under the brand name Microban 24, prepared to kill bacteria as well as cold and flu viruses. This product portfolio is marketed as coronavirus killer amid the pandemic. The launch of the product range is expected to boost the sale of Procter & Gamble.

Homecare Product Market to Grow on the Backdrop of Growing Awareness Regarding Home Sanitizing Amidst of COVID-19 Outbreak

The growing awareness among consumers about home sanitization is the major driving force for the growth of the global homecare product market. Concerns regarding spread of coronavirus disease has increased the awareness among the consumers to keep their surrounding clean and sanitized. People are more concerned about sanitization in general than ever before. Although coronavirus is not airborne, that is, it doesn't travel through air but it settles on surfaces and infects people when they touch such contaminated surfaces. Thus, it has been recommended by WHO as well as CDC to sanitize surfaces frequently. This has encouraged people to use surface cleaners more frequently than usual. Therefore, as more people are getting aware of the home sanitization the sale of the homecare products are expected to grow considerably. Additionally, the outbreak is also predicted to cause a drastic change in social and cleanliness practices and the market will thus witness a major boost in the long term.

Moreover, other factors such as rapid industrialization, urbanization and subsequent improvement of lifestyle are expected to augment the demand for homecare products across the world. Furthermore, advent of e-commerce website is expected to boost the sale of homecare product in future as these online sales channel have broader reach than any other sales channel. In addition, the convenience, accessibility and wide product range offered by the e-commerce website attract more customers. This, in turn, offers favorable business opportunities to the companies in the global Homecare Product market.

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Fabric Cleaners to Augment the Sales of Homecare Product

The fabric cleaners segment among the type of homecare products generated highest revenue in the global homecare products market in 2019. The dominance of the segment is attributed to the growing population around the world, thereby increasing the usage of laundry detergent and other fabric cleaners for the ever-expanding population. As of December 2019, the world population was about 7.8 billion and it is expected to reach about 8.5 billion by 2030. In addition, as these cleaners are consumed on a regular basis, the laundry and textile hygiene products will rather grow as a larger business segment. Moreover, fabric cleaners are also becoming increasingly popular as they are metered automatically into the washing machine and also impart softness, antistaticness, resiliency to fabrics, mild to eyes and skins and shows good dispersibility in water nowadays. Additionally, the growing availability and number of products offered by market players is expected to augment the growth of the segment.

Asia Pacific Generated Highest Revenue in the Global Homecare Product Market

In terms of geography, the Asia Pacific region generated the highest revenue in the global homecare product market in 2019. The dominance of the Asia Pacific region in the global market is attributed to large population, growing product availability coupled with increasing awareness regarding home sanitization and their health benefits. Moreover, the network of distribution channels such as grocery stores, supermarkets and hypermarkets is on the rise in Asia Pacific. China had nearly 100,000 total retail stores across the country in 2019 and this number is expected to grow further. This, in turn, drives the homecare product market in Asia Pacific. Furthermore, the presence of large consumer base in the region is expected to boost the demand for Homecare Product in North America.

This Report Offers Detailed Insights of the Market Including-

1.  Comprehensive analysis of the factors promoting the growth in the homecare product market

2.  Survey results for

     a.  Consumer preferences

     b.  Buying patterns

     c.  Spending habits

     d.  Purchase decision making

     e.  Preferred distribution channels

     f.  Choice of alternatives in case of unavailability of the product

     g.  Consumer feedback

     h.  Social listening

3.  Competitive landscape in the leading country markets in the world

4.  Worldwide competitive landscape and market trends in the homecare product market

5.  Analysis of the worldwide market using analytical tools such as porter five forces, market drivers and opportunity analysis, product position matrix

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Research Methodology and Data Collection Methods for the Report

Infinium Global Research published reports are based on extensive primary and secondary research methods. The research begins with extensive exploration through secondary sources followed by primary research. With these research methods we are able to estimate the market size of the homecare product market, to identify the factors that promote the growth in this market as well as the factors that hamper the growth in the market.

The secondary research primarily 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. While the 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 generally include key opinion leaders associated with Infinium Global Research, internal and external subject matter experts, and professionals and participants from LinkedIn, Hoovers, Factiva and bloggers.

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SOURCE Infinium Global Research