June 16, 2024
Homecare Ingredients Market

Homecare Ingredients Market to Witness Significant Growth due to Rising Demand for Sustainable and Eco-Friendly Cleaning Products

The homecare ingredients market comprises a wide range of products such as surfactants, builders, bleaches, solvents, chelating agents, enzymes, and fragrances that are used in the manufacturing of homecare and institutional cleaning products. Homecare ingredients impart important functionalities like cleaning, degreasing, rinsing, disinfecting, odor removal, and softening to end-use homecare products. Surfactants are the most widely used homecare ingredients, which helpreduce surface tension and allows efficient mixing of the product with water. Builders aid surfactants in hard water conditions by sequestering ions like calcium and magnesium that can negatively impact the cleaning efficacy.

The Global homecare ingredients market is estimated to be valued at US$ 22.94 Mn in 2024 and is expected to exhibit a CAGR of 4.5% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the homecare ingredients market are Mitsubishi Chemical, Gabriel Performance Products, LLC, DIC Corporation, Kukdo Chemical, Georgia-Pacific (GP) Chemicals, SpecialChem, Brenntag Asia Pacific Pte. Ltd., SHOWA DENKO K.K., ICL Phosphate Specialty, and Merck KGaA.

The key opportunities in the market include rising demand for sustainable and eco-friendly homecare cleaning products. Manufacturers are focusing on developing bio-based and plant-derived homecare ingredients without compromising on the product efficacy.

The Homecare Ingredients Market Growth is expanding globally due to rapid urbanization, increased disposable incomes, and changing lifestyles in emerging economies of Asia Pacific and Latin America. This has augmented the demand for various homecare products in these regions.

Market Drivers

The rising demand for sustainable and eco-friendly cleaning products is one of the major drivers propelling the growth of the homecare ingredients market. Consumers are increasingly preferring cleaning products containing plant-based, biodegradable, and easily disposable ingredients. This is encouraging manufacturers to develop innovative and sustainable ingredients for homecare products.

PEST Analysis

Political: Homecare ingredients market are subject to various government regulations related to product safety, ingredients approval, and production standards. This may impact the functioning of market players.

Economic: Rising disposable incomes have increased consumer spending on homecare products. Growth in the retail industry is also propelling demand for cleaning and hygiene solutions used in households.

Social: Changing lifestyles, health awareness, rise in women workforce, and smaller household sizes have increased the demand for effective and convenient homecare products. Users prefer eco-friendly formulations.

Technological: Companies utilize advanced formulation technologies to develop enhanced and value-added products. Biodegradable and plant-based ingredients are gaining popularity. Automation in production lines helps improve efficiency.

The North American region accounts for the largest share of the global market value due to robust demand from end-use industries and extensive product usage in households. High affordability and established distribution networks support market growth.

The Asia Pacific region is poised to emerge as the fastest growing market over the next decade backed by rapid economic development, rising living standards, and urbanization trend in major countries like China and India. A growing middle class population and their increased spending propel the sales of homecare products

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it