Global Household Products Industry
The worldwide household products market recorded almost 3.5% growth in 2010 to reach close to $170 billion, according to research from MarketLine. The market is expected to reach around $203 billion by 2015, representing more than 19% growth over five years. The EU accounts for 35% of the global household products market in terms of value.
Demand for household cleaners continues to grow due to consumer awareness concerning the importance of hygiene and the spread of infectious diseases, reports Global Industry Analysts. The global household cleaners market is benefiting from increased focus on safe food storage, hygienic garbage disposal, the importance of sanitary conditions and the need to disinfect household surfaces. One of the major attractions of these products for today’s consumer is convenience, with time-strapped consumers having less and less time for household chores but eager to maintain high standards of hygiene and cleanliness.
- The worldwide air freshener market exceeded $7.5 billion in 2010, having recorded yearly growth in excess of 3% for the four preceding years, according to research from MarketLine. Market growth is expected to accelerate to a yearly rate of almost 3.5% between 2010 and 2015, when it should exceed $9 billion. Pump/aerosol air fresheners represented the leading market segment in 2010, exceeding $2.5 billion and accounting for more than 17% of the overall market in terms of value.
- The worldwide textile washing products market was worth almost $55 billion in 2010, having exceeded 3% yearly growth between 2006 and 2010, reports MarketLine. Market growth is expected to slow to 3% between 2010 and 2015 to reach $63 billion. Powder detergents represented the leading market segment in 2010 at $22 billion, accounting for more than 40% of the overall market in terms of value. This market involves the retail sale of a wide range of products like laundry bleach, carpet cleaners, powder detergents, stain removers, fabric fresheners, liquid detergents, lime scale preventers, detergent tablets and fabric conditioners.
- The worldwide bleach market is expected to generate sales of $2.7 billion in 2013, representing less than 1% growth in five years, reports MarketLine. Liquid bleach is the leading market segment, accounting for more than 85% of the overall market in terms of revenue. The Americas hold a 48% in the global bleach market, with the Clorox Company a leading player holding close to 30% share of the overall bleach market. Supermarkets and hypermarkets represent an important bleach market distribution channel, accounting for close to 55% of worldwide market value.
Procter & Gamble Company is the number one company operating in the global household products market, reports MarketLine. Procter & Gamble Company holds more than a 15% share in the global market.
The global household cleaner market is set to benefit from growing consumer concern regarding the spread of infectious diseases, which has spurred increased awareness over the importance of hygiene. Global Industry Analysts predicts technological innovation, advertising and marketing will prove important over coming years, especially in this market where brand loyalty is difficult to sustain. Companies manufacturing household cleaners are obliged to keep up a constant advertising effort to promote brand image and reinforce market presence. Companies have to be quick to meet evolving demand and keep up with changing trends through product innovation and technological savvy. Companies therefore invest in research and development to extend product lines with new, innovative offerings.
Promotional strategies will remain key over coming years to attract consumer interest. Companies are focusing on high-profile marketing and advertising efforts to reach prospective customers. Leading players in the global household product industry are following the trend of social marketing seen in other sectors, relying on social network sites such as Facebook and Twitter to actively communicate with their consumer base.
Growing demand for soaps and detergents will continue to be driven by rising income, increased consumer awareness regarding environment sustainability, product innovation and an improving economic climate. Global Industry Analysts predicts the global soap and detergent market will record steady growth over the coming years. Companies are likely to concentrate on product innovation, offering a wider range of eco-friendly products to meet consumer demand for “green” products.
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