Homecare ingredients are extensively used in personal care and household products that provide cleaning, protection, and enhancement of quality of living conditions. Household cleaning products include laundry detergents, dishwasher detergents, surface cleaners, toilet cleaners, and all-purpose cleaners. These detergents contain ingredients that help remove dirt, oils, food residues, and other unwanted substances from surfaces. Surfactants, builders, bleach, solvents, preservatives, fragrances, and dyes are some of the major ingredients used in homecare products. The growing demand for eco-friendly and sustainable homecare solutions has accelerated the adoption of plant-based, natural, and organic ingredients in homecare formulations.
The global Homecare Ingredients Market is estimated to be valued at US$ 22 billion in 2024 and is expected to exhibit a CAGR of 4.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing demand for natural and organic homecare products referred in the heading is one of the major drivers of the homecare ingredients market. Consumers are increasingly looking for natural and plant-based ingredients in homecare products due to rising health and environmental concerns related to use of chemical formulations. This rising consumer preference for eco-friendly products is prompting manufacturers to develop innovative product ranges using natural extracts and biodegradable ingredients.
Another driver for this market is increasing working population that relies more on ready-to-use homecare products to save time and effort for household chores. Rising disposable income allows more spending on premium homecare products that offer enhanced cleaning and care along with pleasant fragrances. This increases demand for premium ingredients that improve quality and efficacy of homecare formulations.
Segment Analysis
The homecare ingredients market is dominated by the cleaning agents sub-segment. This sub-segment constituted around 40% of the global market share in 2024. Cleaning agents are commonly used to clean household surfaces like floors, bathrooms, kitchens etc. There is an increasing demand for multipurpose and eco-friendly cleaning agents for daily cleaning routines among consumers.
PEST Analysis
Political: Stringent regulations regarding the usage of certain chemicals in homecare products influence the demand for eco-friendly ingredients. Many countries have banned chemicals like phosphates and harsh acids.
Economic: Rising income levels and dual income households have increased the demand for convenient homecare products that save time. Working professionals are willing to pay more for easy to use formats.
Social: Growing health and hygiene awareness encourage the adoption of disinfectants and sanitizers. Nuclear families prefer packaged homecare products over traditional methods. Changing lifestyles require products suiting fast-paced routines.
Technological: Advancements in material science and formulations help manufacturers develop innovative product variants. Encapsulation technology extends the shelf-life of products. Digital marketing increased product visibility.
Key Takeaways
The Global Homecare Ingredients Market Growth is expected to witness high over the forecast period. Asia Pacific is anticipated to be the fastest growing as well as the most lucrative region owing to increasing disposable incomes, growing working population and rapid urbanization in major countries like India and China.
Regional analysis comprises: North America is also expected to capture significant market share due to stringent hygiene and cleaning standards. Europe will maintain stable demand for sustainable homecare products.
Key players operating in the homecare ingredients market are BASF SE, Solvay S.A., DowDuPont, Evonik Industries AG, Clariant AG, Croda International plc., Stepan Company, Huntsman Corporation, Ashland Global Holdings Inc.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it