by Homecare ingredients are commonly used in the formulation of cleaning products like detergents, disinfectants and surface care products used for cleaning and maintaining households. These ingredients not only clean effectively but are also eco-friendly and biodegradable.
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:
Consumers are increasingly preferring homecare products containing natural and plant-based ingredients over chemical-based alternatives due to rising health and environmental concerns. To cater to this growing demand, manufacturers are developing bio-based and plant-derived ingredients like enzymes, surfactants and solvents for formulating natural and eco-friendly homecare products. For instance, manufacturers are utilizing ingredients from crops like sugar beet and sugarcane for greener product formulations. This growing shift towards sustainable ingredients is expected to drive the demand for homecare ingredients market during the forecast period.
SWOT Analysis
Strength: Homecare ingredients such as surfactants, enzymes and emulsifiers help maintain hygiene, cleanliness and freshness for longer durations. They improve the efficacy of homecare products.
Weakness: Overuse and misuse of certain homecare ingredients like phosphates and petrochemicals can harm the environment if they enter water bodies. Strict regulations limit the amount that can be used.
Opportunity: Growing consumer awareness about health, wellness and environment friendly products is driving demand for bio-based, natural and sustainable homecare ingredients.
Threats: Volatility in raw material prices can increase input costs for manufacturers. Intense competition among players may lead to pricing pressures.
Key Takeaways
The Global Homecare Ingredients Market Size is expected to witness high growth over the forecast period of 2023 to 2030. Regional analysis
Asia Pacific dominates the global market and is expected to maintain its lead during the forecast period supported by rising incomes, growth of the middle class population and expanding urbanization in key countries like India and China. Rapid surge in sales of homecare products in the region is a major factor driving demand.
Key players
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. Companies are focusing on developing sustainable and eco-friendly product ranges to cater to consumer demand.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
