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 moreAug 2015
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Surface care is projected to generate the second most value growth over 2014-2019 within the global home care industry, thanks to its essential status in consumers’ home care regimes. Almost half of value sales growth is set to be generated by Asia Pacific, a region that contains developed, emerging and frontier countries. This report analyses the features and assesses the growth potential in these three types of market, which may have implications for other countries around the world.
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Asia Pacific is set to lead the world in terms of value growth in surface care over 2014-2019, with forecast absolute value growth in excess US$1.1 billion, accounting for half of the global total. Growth potential could be further boosted due to its unique regional characteristics, combining developed, emerging and frontier markets.
Surface care consumption is set to become mainstream in China, driven by rising disposable incomes and the Westernisation of home care culture. Demand by format is closely related to lifestyle and living environment, which exposes underdeveloped categories that appear ripe for further development, such as floor cleaners, and wipes and floor cleaning systems.
Japan is arguably the most advanced economy in the region, and demand for surface care has become highly saturated. While the market still has opportunities for growth, especially for products orientated towards its ageing population, its position as a generator of future trends may outweigh its overall growth potential.
While India is home to a huge population (second only to China), it offers only limited growth potential, as a result of low average incomes and the prevalence of alternatives. Indonesia, however, appears to offer a much more appealing opportunity, given its strategic importance in terms of geographic location in Southeast Asia. It combines large households and consumers’ attitude of “spend rather than save”, which has hastened the development of more modern modes of living.
Overall, potential for growth in Asia Pacific exists in all three economic clusters, meaning companies looking to dominate the region require a multidiscipline approach to span three very different market realities.
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.