Home Care Market

Global Home Care Market:

The global home care market size reached US$ 157.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 221.4 Billion by 2032, exhibiting a growth rate (CAGR) of 3.74% during 2024-2032. The rising consumer awareness towards personal hygiene, along with the development of cost-effective and efficient home care products that can be extensively used in a wide array of household applications, is stimulating the home care market growth.

Home Care Market Analysis:

• Major Market Drivers: Some of the key home care market demands include the rising consumer expenditure capacities on household products, the growing consciousness among individuals towards their health and hygiene, and compliance with the evolving industry standards and strict regulations implemented by government bodies.
• Key Market Trends: The home care market’s recent development involves the elevating popularity of cruelty-free and eco-friendly product variants. Moreover, the rising number of marketing campaigns across the globe is also positively impacting the market. Besides this, emerging technologies are further enabling home healthcare agencies to provide timely interventions and monitor patients remotely. The elevating integration of smart sensors and telehealth platforms will continue to drive the home care market outlook in the coming years.
• Competitive Landscape: Some of the major market players in the home care industry include Alicorp SAA, Church & Dwight Co. Inc., Henkel AG & Co. KGaA, Kao Corporation, Reckitt Benckiser Group PLC, S.C. Johnson & Son Inc., The Clorox Company, The Procter & Gamble Company, and Unilever plc, among many others.
• Challenges and Opportunities: According to the home care market statistics, the expanding geriatric population across various countries is escalating the need for rehabilitation and long-term care services. Moreover, several regions are facing challenges in offering adequate funding for home care through private and public insurance schemes. In line with this, reimbursement costs generally do not cover the entire expenditure of providing home care services, thereby hindering the global market. However, various strategies, including the widespread usage of novel technologies in home care delivery models, improving funding mechanisms, extensive investments in the workforce development, etc., will continue to drive the home care market growth.

Home Care Market Trends:

The Rising Popularity of Remote Care Services

The growing concerns among government bodies towards increasing healthcare and treatment costs are increasing the demand for home healthcare services as a cost-effective alternative to an expensive hospital stay. For example, according to the report by The Commonwealth Fund, “hospital at home,” programs usually enable patients to receive acute care at home with lesser complications and over 30% reduction in cost of care. This, in turn, aids in ensuring patient comfort. Additionally, several companies are also focusing on providing long term services in untapped countries, including China and India. For instance, Apollo Homecare is introducing long-term plans for several categories, such as neuro rehab, lung rehab, ortho rehab, heart rehab, mother & baby care, elderly care, etc. These plans also include medical supervision and personalized healthcare services.

The Introduction of Eco-Friendly Home Care Products

The growing environmental consciousness among consumers across the globe is prompting key manufacturers across various countries to develop sustainable packaging solutions and natural home care products, which is acting as another significant growth-inducing factor. For example, Unilever introduced a novel plant-based hand dishwashing product under its Lux brand. The product variant is produced by adopting plant-derived ingredients and has no fossil-derived chemicals. In addition to this, Hindustan Unilever Ltd further stated that it's popular detergent brand Surf Excel has transitioned to recyclable bottles that are made from 50% post-consumer recycled plastic and 100% biodegradable actives in its formulations. Besides this, Unilever PLC also developed the world's first paper-based laundry detergent bottle without additional plastic layers. As per the home care market analysis, these advancements are driving the demand for biodegradable product variants across the globe.

Continuous Innovations and Advancements in Home Care Products

The introduction of numerous novel and optimal innovations is primarily fueling the home care market across the globe. For example, innovations in Western Europe were marked by a 36.4% growth in sales while still showing a 13.3% increase in the number of units sold. In line with this, as customers prioritize safety, transparency, and simplicity in their home cleaning products, leading companies and brands are prompted to create novel solutions to meet the evolving needs of consumers. For instance, Syensqo provides an expansive portfolio of ingredients that usually enables formulators to form high-performing home care solutions with minimized exposure to harmful chemicals. Syensqo has developed a comprehensive range of dish care and preservative-free surface polymers that offer soil repellency and shine benefits. Mirapol Surf-S 900 is the perfect example of a safe, easy-cleaning polymer that is biocide-free and compatible with EU Ecolabel formulations. Such innovations are anticipated to provide a positive impact to the future of home care market in the coming years.

Strategic Mergers and Acquisitions

As per the home care market overview, due to the presence of private labels, key manufacturers are strategically focusing on leveraging key opportunities through mergers and acquisitions and key product developments. This, in turn, will positively influence the home care market price over the forecasted period. For example, a USA-based company, Spectrum Brands Holdings, Inc., offering home-essential cleaning products, announced the acquisition of For Life Products LLC, a USA-based household cleaning and maintenance manufacturer, for approximately US$ 300 Million. Through the investment, Spectrum aimed to leverage the efficient supply chain and strong customer relationships of Life Products and create value through substantial revenue and manufacturing synergies. Furthermore, the increasing branding and promotional activities are anticipated to fuel market growth over the forecasted period. For instance, Rohit Surfactants expanded its distribution network for launching Ghari detergent to more states in India. Moreover, the company increased its reach to 10 more states and sold Ghari detergent through more than 3,500 dealers.

Home Care Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional and country levels for 2024-2032. Our report has categorized the market based on product type and distribution channel.

Breakup by Product Type:

• Kitchen Care
• Household Care
• Bathroom Care
• Laundry Care
• Others
   

The report has provided a detailed breakup and analysis of the market based on the product type. This includes kitchen care, household care, bathroom care, laundry care, and others.

Breakup by Distribution Channel:

• Supermarkets and Hypermarkets
• Convenience Stores
• Online Stores
• Others
   

The report has provided a detailed breakup and analysis of the market based on the distribution channel. This includes supermarkets and hypermarkets, convenience stores, online stores, and others.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa.

Competitive Landscape:

• The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the major market players in Home Care industry include Alicorp SAA, Church & Dwight Co. Inc., Henkel AG & Co. KGaA, Kao Corporation, Reckitt Benckiser Group PLC, S.C. Johnson & Son Inc., The Clorox Company, The Procter & Gamble Company, and Unilever plc, among many others.

home care market recent development:

• March 2024: Tru Earth, a Canadian household cleaning product company, has launched a sustainable alternative to traditional laundry detergents with eco-friendly Eco-Strips. These detergent sheets are thin, ultraconcentrated, and premeasured. They dissolve quickly in all water temperatures, working in any washing machine.
• October 2022: Beco, a Mumbai-based D2C sustainable home and personal care brand has launched its first-ever Tetra-Pak refill solution for home care products. A sustainable alternative to plastic refill pouches, commonly used for laundry detergent, dishwashing liquid, and other cleaning solutions, Beco’s tetra-pak is 94 percent plastic-free, with the only plastic components being the lid and the leakage-proof lining.

Home Care Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the home care market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global home care market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the home care industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.