Market Highlights
The global home care packaging market is expected to grow at ~ 8.5% CAGR during the forecast period.
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In the recent years, home care products market has witnessed a lot of growth due to the increasing per capita income of individuals in the developing countries, and their preference to lead a healthier lifestyle. Improving standards of living, also act as a key factor for the growth of the market. Demand for home care products has been on an upward trend, especially, as the consumers, with growing health awareness, tend to avoid expensive medical care costs. To keep up with this demand, home care packaging industry has ramped up their offerings to differentiate between multiple packaging solutions, conveying useful information, without compromising on the safety standards. The packaging market for home care products is set to record high growth during the forecast period.
The global market for home care products is growing significantly due to increasing adoption of home care packages in developed economies. However, it is expected to witness an increase in demand in developing countries in near future due to the growing awareness about home care services. Growing health awareness, improving standards of living, and increase in per capita income of people are some of the reasons driving the growth of home care industry. Currently, there are number of players engaged in the business of home care product manufacturing. Wide range of product availability and variation in prices, also fuel the market growth. Packaging innovation, and technological developments for better results, are some other factors driving the market growth.
The market is expected to have a huge number of new entrants over the forecast period, owing to continuous developments in packaging industry with growing consumer preferences for high hygiene. The market is also expected to have high expansion activities by multinationals and well-established companies. Merger and acquisition activities are expected to be seen over the forecast period.
Top Impacting Factors: Home Care Packaging Market
The packaging trends, such as ease of use, low cost, and secure storage, have remained the major consumer trends to rise in the review period. Small pack sizes, offering affordability to the entire consumer base at large, have emerged as more favorable alternatives among the brand owners to gain a competitive edge in the market. On the same path, several factors such as rising health awareness rise in per capita income of people, and improving living standards, especially in the developed countries, such as India and Thailand, are driving the growth of the home care industry and the market to a great extent.
In the cast of point, as per claims from the International Monetary Fund (IMF), GDP per capita was USD 1,481.56 in 2012 at the world level. By the time it rose to USD 1,852.09 in the year 2017 and is now anticipated to reach USD 2,791.07 by the end of the year 2022, finds MRFR in its study. Owing to such a rise in the GDP per capita, the purchasing power of the consumers is witnessed to be increased, which ultimately drives the demand for home care products and impacting the global home care packaging market simultaneously at a higher rate.
Furthermore, the innovations in home care packaging have been numerous, particularly in laundry care, in spite of the industry’s modest growth. While sales of various packaging solutions are stagnating in developed countries, developing the home care packaging market tremendously. With this rise, the market is also driving the volume sales through small pack sizes that make laundry detergent affordable to all. Furthermore, offering more functional packaging solutions, globally, as consumers are demanding for more eco-friendly home care packaging. This is making the brand owners work toward a more circular economy, thus creating a significant investment in the market to make it more valuable in the forecast period.
To add some more factors, home care services are cost-effective. The global home care packaging market is rising considerably, owing to the rising adoption rate of these packages in developed economies. As per this, it is now expected that the market would witness an increase in demand for home care packaging in developing countries in the near future, owing to the growing awareness about home care services.
Segmentation of Market: Home Care Packaging
From the viewpoint of segmental study, the global home care packaging market is also studied among the various segments of product, material, and packaging type.
Among the product segment, the market has been segmented into insecticides, dishwashing, toiletries, laundry care, air care, polishes, and others. Among these, the toiletries products have been projected to lead the home care packaging market throughout 2023. The top position of this segment can be attributed to the rising hygiene concern among all classes of people, across the globe.
Among the material segment, the market has been segregated into paper, plastic, metal, and glass. Plastic led the market in the year 2016 and is projected to be the fastest-growing material type. The wide application of plastic across all significant packaging types is generating better market prospects for plastic for the global home care packaging market.
Among the packaging segment, the market has been segmented among cans, bottles, jars, cartons, pouches, and more. Among these, the bottles segment led the market back in the year 2016 and is now projected to be the fastest-growing packaging type. The rise is attributed to the convenience in storage, transporting, and flexibility to handle all kinds of home care products.
Regional Framework
From the viewpoint of the regional aspect, the global home care packaging market has witnessed its maximum growth in the region of Asia Pacific. The reports present that Asia-Pacific is leading the demand in the homecare packaging market and is forecasted to lead the industry owing to new demand for home care products, increasing population, and changing lifestyles. Growth in this region is expected mainly in developing nations, such as India and China, owing to high retail sales growth. Higher sales growth percentage of consumer goods and rising consumer expenditures are other vital factors boosting the home care products industry.
In fact, the FMCG industry in India has considerably contributed to the growth of home care products in the country. As per the IBEF, the FMCG market in India will witness in future a CAGR of 20.6% and would reach USD 103.7 billion by the year 2020 from USD 49 billion, which was achieved in 2016.
To add some more highlights f market growth in this region, toilet cleaners have primarily catered to the urban and semi-urban markets in India. Government initiatives, such as ‘SwachBharath,’ are significant enablers for the home care packaging market.
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Top Market Contenders
The top market contenders active in the global home care packaging market are listed as Mondi (South Africa), Amcor Limited (Australia), Rexam plc (U.K), Bemis Company, Inc. (U.S.), Winpak Ltd. (Canada), RPC Group (U.K.), Sonoco Products Company (U.S.), AptarGroup, Inc. (U.S.), Tetra Laval (Switzerland) and Silgan Holdings (U.S.).
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