The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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Learn moreDec 2018
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This report examines the updated forecasts for the global home care industry, looking at the projected development of regions and reasons for the slight downgrade of value sales projections during the Q4 update. Once again, the US is partially offsetting an otherwise downward trajectory for the industry forecast, while the outlook for China has been revised downwards, with trade tensions between the US and China intensifying.
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Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.
The global Passport baseline value CAGR for 2016-2022 has been revised downwards by 0.04 percentage points, which equates to USD260 million. While the US witnessed another upswing, the majority of regions are seeing a downgrade in home care value sales. Without the USD291 million contribution by the US, the global home care industry would have seen a stronger decline in the Q4 2018 revision.
The home care industry, while profiting from low product elasticity, with many product types being essential to consumers’ lives and cleaning routines, suffers from an increased war on price in developed markets, primarily in North America. Manufacturers will have to continue to find ways of expanding the list of products considered essential by consumers if they are to keep value sales up. Average unit prices are on the decline globally, and home care sales in mature markets are mostly supported by an increase in the total population.
The Chinese home care market is set to witness a slowdown in value sales growth, mostly deriving from disadvantageous demographic developments. This also results from the soft landing of its economy. While this can be considered a natural development, sales can also be expected to be negatively impacted by increasing trade tensions and a worsening relationship with the US. At the beginning of December 2018, Huawei’s CFO was arrested by Canadian officials with the US seeking extradition, which will inevitably lead to an aggravation of the conflict.
While the likelihood of an all-out trade war between the US and China is increasing, this would only lead to a marginal downgrade of sales in the respective markets. However, tariffs – once implemented – would require US companies operating in the Chinese market to question their pricing strategy, as export costs would increase considerably.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.