July 14, 2024

Homecare Ingredients Market Is Driven By Rising Consumer Demand For Innovative And Effective Cleaning Products

Homecare ingredients such as surfactants, builders, enzymes, acids, polymers, and bleaches are indispensable components used in the formulation of household cleaning products such as detergents, dishwashing liquids, surface cleaners, toilet cleaners, and other similar items. These ingredients impart specific functional properties that improve the cleaning capability and user experience. Increasing consumer awareness about hygiene and cleanliness along with busy lifestyles has augmented the demand for effective yet easy to use cleaning solutions. This in turn is propelling the sales of innovative homecare ingredients that can remove tough stains and disinfect surfaces in less time.

The global Homecare Ingredients Market is estimated to be valued at US$ 19.91 Bn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Major players are investing in biodegradable and plant-based ingredients derived from natural sources like coconut, corn, and palm without the use of harsh chemicals. Biopolymers are finding increasing usage as thickeners, suds boosters, and stabilizers. Moreover, innovations in encapsulation technology have enabled the development of ingredients that can deliver targeted solutions by releasing active components only in specific conditions. Continuous investments in R&D are helping players develop sensitive skin variants, multi-purpose formulations, and smart release systems.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the homecare ingredients market is moderate. Well established key players dominate the market making it difficult for new players to enter.

Bargaining power of buyers: The bargaining power of buyers is moderate. Growing availability of substitutes increases options for buyers.

Bargaining power of suppliers: Suppliers have low bargaining power due to presence of numerous ingredient suppliers in the market.

Threat of new substitutes: Threat from new substitutes is high due to innovation and availability of green substitutes.

Competitive rivalry: The competitive rivalry is high among key global players to sustain in the competitive market.

Key Takeaways

The Global Homecare Ingredients Market Size is expected to witness high growth. Regional analysis related content comprises The Asia Pacific region is expected to witness the fastest growth in the homecare ingredients market over the forecast period owing to growing population, increasing hygiene awareness and rising disposable income in emerging economies such as India and China.

Key players related content comprises Key players operating in the homecare ingredients market are Aarti Surfactants, Akzo Nobel N.V., Antozyme Biotech Pvt Ltd, ARC Surfactants, Ashland, BASF SE, Behn Meyer, Cargill, Incorporated, Clarient, Croda International Plc, and DuPont Nutrition & Biosciences. Aarti Surfactants offers various homecare ingredients like surfactants, emulsifiers, and emollients. AkzoNobel supplies homecare ingredients like cleaning chemicals and functional chemicals.

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