by Homecare ingredients are essential components used in the formulation of various cleaning and disinfecting products such as surface cleaners, dishwashing liquids, fabric conditioners and others. These ingredients provide effective microbial control while ensuring safety and delivering desired product attributes. The increasing demand for green and sustainable cleaning products that are eco-friendly yet effective is driving the global manufacturers to develop bio-based and plant-derived homecare ingredients.
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 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand for green and sustainable cleaning products is one of the major trends being witnessed in the global homecare ingredients market. Consumers are increasingly preferring bio-based and plant-derived ingredients owing to rising health and environmental concerns. Major manufacturers are focusing on developing bio-surfactants, enzyme-powered cleaners, and plant-derived fragrances to formulate green homecare products and cater to the growing demand. For instance, in 2021, BASF launched various plant-based and bio-based homecare ingredients such as range of fatty acid products derived from palm and coconut oils and enzyme solutions for dishwashing applications.
SWOT Analysis
Strength: Homecare ingredients such as surfactants and solvents allow for effective cleaning of homes with less usage of harsh chemicals.
Weakness: Fluctuating prices of raw materials can increase input costs for homecare product manufacturers.
Opportunity: Growing focus on health and hygiene post-COVID pandemic has increased demand for disinfecting and sanitizing homecare products.
Threats: Stringent regulations around use of certain chemicals in homecare products can restrict product development.
Key Takeaways
The Global Homecare Ingredients Market Size is expected to witness high growth.
Regional analysis: North America holds the major share of the global homecare ingredients market currently owing to high demand for advanced cleaning products. The Asia Pacific region is expected to grow at the fastest CAGR during the forecast period due to rising middle class population and growth in disposable incomes in emerging countries such as India and China.
Key players operating in the homecare ingredients market are BASF SE, Solvay SA, Clariant AG, Evonik Industries, Croda International plc., AkzoNobel N.V., The Dow Chemical Company, Lonza Group, FMC Corporation. Homecare manufacturers prefer renowned ingredient suppliers with global presence to ensure consistent quality and reliability of supply. Companies focus on developing sustainable and eco-friendly homecare ingredients to cater to shifting consumer preferences. Strategic acquisitions and partnerships allow ingredient players to expand and strengthen their product portfolios.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
