Homecare ingredients are widely used in the production of household care products such as surface cleaners, dishwashing liquids, laundry detergents, and air fresheners. These ingredients aid in providing effective cleaning and odor removal properties to household care products along with freshness benefits. Homecare ingredients consist of surfactants, solvents, enzymes, fragrances, botanical extracts, and other additives that are blended in specific ratios for developing cleaning formulations. With rising consumer awareness regarding health and hygiene, demand for natural and sustainable homecare products has gained traction over the years.
The global Homecare Ingredients Market is estimated to be valued at US$ 22 billion in 2024 and is expected to exhibit a CAGR of 4.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The introduction of innovative product formulations by major manufacturers is fueling the growth of the homecare ingredients market. Leading players are focusing on developing homecare products with natural ingredients that are environment-friendly as well as provide superior cleaning and odor removal. For instance, in 2022, Croda International launched Ziplose ECD 15S, a naturally-derived active ingredient with antiseptic and preservative properties for enhancing the efficacy of homecare cleaning products. Similarly, BASF introduced eco-friendly surfactant systems under the Velvion brand for manufacturing sustainable laundry detergents and household cleaners. Such innovative product launches are expected to drive the demand for advanced homecare ingredients during the forecast period.
Segment Analysis
The global homecare ingredients market is dominated by the liquid/cream sub-segment. This is primarily because liquid/cream based homecare products such as detergents, surface cleaners and disinfectants are easier to use and provide superior cleaning compared to powdered alternatives. The liquid form ensures thorough coverage of surfaces and clothes during cleaning. Moreover, the liquid sub-segment is expected to grow at a higher pace during the forecast period due to rising consumer preference for liquid homecare products.
Key Takeaways
The Global Homecare Ingredients Market Demand is expected to witness high growth. Rapid urbanization coupled with rising income levels is driving the sales of homecare products across regions. Changing lifestyles and busy schedules have increased the demand for easy-to-use homecare solutions.
Regional analysis: The Asia Pacific region currently dominates the global homecare ingredients market and is expected to continue its dominance during the forecast period. Countries like China, India and Indonesia are witnessing strong economic growth which has boosted consumer spending on homecare products. In addition, rising awareness about hygiene and changing lifestyle patterns are fueling the adoption of liquid homecare cleaners.
Key players operating in the homecare ingredients market are BASF SE, Clariant, Croda International plc, Solvay, Dow. BASF is one of the leading manufacturers of ingredients for homecare products. It offers various surfactants, enzymes and antimicrobial ingredients used in laundry detergents, dishwashing liquids and surface cleaners. Croda International plc manufactures sustainable and bio-based ingredients for homecare under its Cleenol and Crodaclean brands.
Explore more information on this topic, Please visit-
https://www.marketwebjournal.com/homecare-ingredients-market-growth-and-trnds-analysis-share-size-demand-forecast/
Explore more trending article related this topic:
https://ceocolumn.com/tech/what-are-field-programmable-gate-arrays-fpgas/
Comments
0 comment