This briefing explores global market developments in home care in light of recent developments. The current economic climate results in consumers re-evaluating and rationalising their spending. Over the forecast period, the industry is expected to recover from the decline in value sales witnessed in 2022. A section of the report is dedicated to the top six trends impacting the industry with the potential to disrupt. Sustainability is set to remain the main driver of change.
This report comes in PPT.
Taking action on climate change is closely connected to reducing financial risks that arise from the expenses associated with damaged goods and lost sales. These consequences can have a detrimental effect on a company's profitability. In addition to managing financial risks, investing in sustainability offers an excellent opportunity for growth by enhancing the value of products and reducing costs through the more efficient use of resources during production and transportation.
In home care, most of the energy consumption happens in consumer homes at use stage. As household budgets are squeezed by general inflation and particularly with energy price increases, we sit on the threshold of what is likely to be another reduction in overall wash temperatures. 2022 has seen a strong uptake in product claims and brand positioning around the cost savings associated with low-temperature washing. With further improvements in detergent formulation, assuring strong performance despite lower temperatures, cold wash is set to remain one of the most influential industry trends over the forecast period.
Consumers are in their homes a lot more. And they are rebuilding many aspects of home life around a greater sensitivity to wellness and self-care, from preferences in materials, colours, home fragrance, to growing demand for products free from potentially harmful chemicals with consumers expected to focus far more on irritants that need to be removed such as allergens and pollutants than is already the case. This provides opportunities but also poses challenges for the industry.
Linked to a growing demand for product solutions supporting personal and environmental health, more than ever before, the industry is faced with the challenge of catering to hygiene, personal health and sustainability as long-term consumer priorities. In the context of home care formulation, microbial cleaning carries the potential of harmonizing divergent consumer priorities.
Plastic policies form a large part of sustainability strategies for leading home care players. Companies such as Procter & Gamble, Henkel, Unilever and Reckitt Benckiser are investing in tackling the plastic problem, and the approach can be varied. While for some players reuse and refill can be a focus, others are looking at ways to recycle plastic. From making better use of post-consumer recycled plastics to building circular economy structures to reduce virgin plastic demand, brands are looking at ways to reduce their plastic footprint.
Consumer demand for convenience and the sustainability and profitability goals of major industry players are driving a shift in product formats within the home care sector. The emphasis is on unit dosing and higher detergent concentration, accompanied by reduced product quantity, resulting in improved profit margins. Developing markets are expected to see an increase in product concentration levels as a result of an industry push for format changes and reformulations.
This is the aggregation of laundry care, dishwashing products, surface care, chlorine bleach, toilet care, polishes, air fresheners and insecticides.See All of Our Definitions
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