Homecare Ingredients Market to Grow at Substantial Pace Fueled By Rising Demand

 

Homecare Ingredients Market

Homecare ingredients are chemical formulations utilized in cleaning formulations including surface cleaners, toilet cleaners, drain cleaners, laundry detergents, and disinfection products among others. Rising consumer awareness towards health and hygiene along with surge in spending on homecare products has led to increased demand for homecare ingredients.

The global homecare ingredients market is projected to reach around US$ 32.26 Billion by 2030, exhibiting a CAGR of 7.1% during the forecast period (2023-2030).


These players are focusing on developing innovative and sustainable ingredients to meet the evolving needs of homecare product manufacturers. The global homecare ingredients market is projected to grow owing to growing demand for green chemicals and bio-based ingredients from manufacturers.

Key Takeaways

Key players operating in the homecare ingredients market are Mitsubishi Chemical, Gabriel Performance Products, LLC, DIC Corporation, Kukdo Chemical, Georgia-Pacific (GP) Chemicals, SpecialChem, Brenntag Asia Pacific Pte. Ltd., SHOWA DENKO K.K., ICL Phosphate Specialty, and Merck KGaA.

The key opportunities in the market include rising demand for green chemicals and bio-based ingredients from prominent homecare brands and manufacturers.

Globally, the market is expected to witness highest growth in Asia Pacific region owing to increasing household incomes, rapid urbanization, and changing lifestyles in countries like India and China.

Market drivers

The major driver for Homecare Ingredients Market Trends is increasing hygiene consciousness among consumers due to COVID-19 pandemic. The demand for disinfecting and sanitizing products is rising significantly during the crisis which is positively impacting the sales of homecare ingredients. Moreover, aggressive marketing campaigns by prominent brands promoting virtues of cleanliness are further propelling the market growth.


PEST Analysis

Political: The homecare ingredients market growth is positively impacted by favorable policies and regulatory framework for homecare products. Regulations support manufacturing and distribution of cleaning, sanitizing, and disinfecting products catering to domestic needs.

Economic: Rising disposable income levels and changing consumer lifestyles drive demand for superior quality yet convenient homecare products. Evolving economic landscape motivates manufacturers to offer cost-effective, high-performance ingredients.

Social: Increasing awareness about hygiene and cleanliness coupled with growing importance given to health and wellness prompts adoption of specialized homecare ingredients. Rising number of working women expands market size.

Technological: Advanced Homecare Ingredients Companies formulations that effectively remove tough stains and eliminate germs encourage consumers. New technologies yield ingredients that sanitize, disinfect and impart long-lasting freshness while being skin-friendly.

Asia Pacific represents the fastest growing regional market for homecare ingredients in terms of value. Rapid urbanization and expanding middle-class population contribute to market growth. High awareness about hygiene and changing consumer lifestyles in countries like China and India drive demand.

North America accounts for the largest share of global homecare ingredients market value currently. Stringent regulations for antibacterial ingredients and disinfecting products boost manufacturing activity in the region. High consumer expenditure on premium homecare products further stimulates market revenues.

Get more insights on Homecare Ingredients Market

Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.

 

(LinkedIn- https://www.linkedin.com/in/priya-pandey-8417a8173/)


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