Published on : Oct 28, 2016
The global household cleaners market has experienced steady growth over the past few years primarily owing to rising concerns regarding infectious diseases. Factors such as increased use of hygiene and homecare products and growing emphasis on healthier lifestyles are expected to encourage the growth of the market across developed and developing regions. Moreover, the rising commercial use of household cleaners such as fabric refreshers and surface deodorizers and the rapid pace of urbanization in developing countries is stimulating the sales of household cleaners.
However, the harmful composition of household cleaning products may lead to skin allergy and skin corrosion, which in turn is limiting their adoption. With all these factors, the opportunity in the global household cleaners market was pegged at US$27.46 bn in 2015 and is poised to reach US$39.40 bn by 2024, expanding at a CAGR of 4.1% between 2016 and 2024.
Increasing Sanitation Standards to Fuel Growth of Specialty Cleaners Segment
In terms of product type, the global household cleaners market is segmented into specialty cleaners, surface cleaners, and bleaches. The specialty cleaners segment dominated the market in 2015, representing about 60% of the overall market revenue. The increasing sanitation standards in emerging economies of Asia Pacific is contributing to the growth of the segment. The surface cleaners segment is expected to rise at a CAGR of 5% over the forecast period.
Improving Living Standards to Boost Demand for Household Cleaners in Asia Pacific
From a geographical, North America was the leading revenue contributor in 2015, accounting for nearly 31% of the global household cleaners market. However, being a mature market in terms of product awareness, the region is expected to experience a substantial reduction in their share in the overall market by the end of the forecast period. On the other hand, Asia Pacific is expected to witness a significant growth during the same time. The growth of the region can be attributed to the rapid urbanization and improvement in living standards of people in developing countries such as China and India. Moreover, the growing concerns regarding the adverse effects of infectious diseases on health are triggering the sales of household cleaners in the region.