ALBANY, New York, October 18, 2018 /PRNewswire/ --
On account of the leading three companies holding almost half the market share, the global household cleaners market is a consolidated one. Reckitt Benckiser Group plc, Procter & Gamble Co., and S.C. Johnson & Son Inc. are to name three of the top three companies. They have managed to attain prominent positions by extending their geographical footprints, diversifying product portfolios, and launching new products every now and then. To that end they have been banking upon strategic partnerships and agreements.
A report on the global household cleaners market finds that it would expand at a 4.1% CAGR over the course of the forecast duration beginning in 2016 and ending in 2024. Rising at this pace, the market which was valued at US$27,468.6 mn in 2015 will likely attain a value of US$39,400.9 mn by 2024.
The different types of products available in the global household cleaners market can be broadly classified into specialty cleaners, surface cleaners, and bleaches. Among the three, the specialty cleaners contribute the most to the market revenue. In 2015, it led with almost 60.0% share in the overall revenue. With respect to geography, North America at present accounts for a dominant share in the global household cleaners market because of the high degree of product awareness and spending capacity of people in the region. But its market has become somewhat saturated and hence is predicted to pare its share in the near term.
Concerns About Hygiene Drives Sales in Global Household Cleaners Market
At the forefront of driving demand in the global household cleaners market is the rising awareness among people about maintaining a hygienic surrounding at home. This, in turn, is because of the rising urbanization and spending capacity of people worldwide. The Asia Pacific and Latin America household cleaners market have emerged as high growth and most players are seen turning their gaze towards them. This is because of the industrialization and consequent urbanization and economic growth in the regions. North America and Europe, on the other hand, have become saturated market that are expected to rise at a slower pace in the forthcoming years.
Further, growing commercial use of household cleaners, namely surface deodorizers and fabric refreshers are also acting as a catalyst for growth. Adds the lead analyst of TMR report, "The hotel industry is a key end user of surface deodorizers and fabric refreshers."
Cheaper Substitutes Spells Trouble for Market Revenue Growth
One challenge facing the global household cleaners market is the easy availability of cheaper substitutes, particularly across developing regions of Latin America and Asia Pacific. This is because regional and local players have a solid foothold in these markets and their competitive pricing strategy is dealing a blow to the overall market revenue.
Another factor serving to dampen sales to a degree is the fact that household cleaners have toxic compositions. This has dampened sales of cleaning agents such as disinfectants and bleaches to a considerable extent. In fact, our in-house lead analyst predicts that the share of bleaches in the overall household cleaners market will likely decline in the forthcoming years since it leads to skin allergy and corrosion.
The review is based on the findings of a TMR report, titled, "Household Cleaners Market (Product - Surface Cleaners, Specialty Cleaners, and Bleaches; Application - Bathroom Cleaners, Kitchen cleaners, Floor cleaners, and Fabric care) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016-2024."
Vacuum Cleaner Market (Product Type - Handheld, Canister, Upright, Stick, Autonomous/Robot; End Use - Commercial, Household; Filter - With Bag, Bagless; Sales Channel- Independent Retail Store, Chained Retail Store, Modern Trade Channel, Company Online Channel, Third Party Online Channel):https://www.transparencymarketresearch.com/vacuum-cleaner-market.html
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