Overall, the global Q4 forecast update does not indicate dramatic changes, compared to the previous quarter. Standing out somewhat are the US and China, with a slight upgrade to growth in 2020 following the upgrade to the countries’ macroeconomic parameters. India sees a downgrade in 2020 expected growth, but stronger uptake in 2021. Long-term innovation needs to focus on underlining consumer market shifts that go beyond Coronavirus-driven demand, including broader concepts of wellness and self
Overall, Euromonitor International’s industry forecast update for Q4 demonstrates no dramatic shifts to global consumer tissue and disposable hygiene 2020 growth trajectory. Developed markets continue to display higher demand for a number of product categories, mainly in tissue and wipes with disinfecting and antibacterial, properties. At the same time, emerging and developing markets see overall weaker performance in 2020 due to COVID-19’s heavy economic toll on household incomes.
Standing out somewhat are the US and China - the two key markets for consumer tissue and disposable hygiene, both recording a slight upgrade to 2020 growth due to macroeconomic upgrades. On the other hand, India - one of the key markets with significant unmet potential - is seeing a downgrade to 2020 growth due to weak economic fundamentals. The country, however, is expected to see a somewhat stronger recovery in 2021 than previously anticipated.
The second half of 2020 continues to see innovation that responds to opportunities created by COVID-19, especially in products with disinfecting properties. Additionally, combining pre-COVID-19 trends towards broader wellness and COVID-19 demand across multiple categories, a number of key brands have taken to creating product ranges that include a variety of personal care products rather than just focusing on product upgrades in one specific area.
As the effects of COVID-19 wear off mid to long term, product innovation needs to consider key underlining consumer and societal trends that go beyond COVID-19-specific demand. As the consumer shift towards brand engagement beyond just specific product/category continues, successful innovation will encompass broader understanding of health and wellness - personal, household, societal and environmental.
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE! Home Page