June 14, 2024
Homecare Ingredients Market

The Homecare Ingredients Market is trending towards Sustainable Solutions by 2031

The homecare ingredients market comprises ingredients such as surfactants, builders, bleaches, brighteners, and fragrances that are used in the manufacturing of homecare products like dishwashing liquids, laundry detergents, surface cleaners, toilet cleaners, and others. Surfactants are the most commonly used ingredients which help in lowering the surface tension in water and solvents. They are crucial in removing dirt and grime from surfaces.

The global homecare ingredients market is estimated to be valued at US$ 22.94 Mn in 2024 and is expected to exhibit a CAGR of 4.5% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the homecare ingredients market are Mitsubishi Chemical, Gabriel Performance Products, LLC, DIC Corporation, Kukdo Chemical, Georgia-Pacific (GP) Chemicals, SpecialChem, Brenntag Asia Pacific Pte. Ltd., SHOWA DENKO K.K., ICL Phosphate Specialty, and Merck KGaA.

The growing demand for organic and natural homecare products from consumers due to environmental awareness is driving the growth of the market. Bio-based and plant-derived ingredients are gaining popularity in homecare formulations.

Major players are focusing on expanding their production facilities and operation in Asia Pacific and Latin America to tap the growth potential in these emerging markets. These regions are expected to outpace global market growth due to the increasing demand for homecare products led by rising income levels and changing lifestyles.

Market Key Trends

Sustainable solutions trend is gaining traction in the Homecare Ingredients Market Demand. Manufacturers are increasingly using bio-based raw materials, adopting green chemistry principles, and reducing packaging waste to provide eco-friendly product options to environmentally conscious consumers. They are investing in R&D to develop plant-based and biodegradable ingredients without compromising on the performance of homecare products. This key trend towards sustainability is expected to shape the future of the homecare ingredients market over the forecast period.

Porter’s Analysis

Threat of new entrants: There are high capital requirements for setting up a homecare ingredients manufacturing unit which creates entry barriers for new players. Bargaining power of buyers: Buyers have moderate bargaining power due to the presence of a large number of domestic and international players offering substitutable products. Bargaging power of suppliers: Suppliers have moderate bargaining power as raw materials for homecare ingredients are available from numerous global suppliers. Threat of new substitutes: Low threat of substitution exists as homecare ingredients have limited substitutes and high switching costs. Competitive rivalry: Fierce competition exists among existing players to retain market share and customers.

Geographical Regions

North America represents the largest market for homecare ingredients, with the United States being the major revenue generator. This is attributed to high consumer spending on homecare products and increased need for multi-purpose cleaning and hygiene products in households. Asia Pacific exhibits the fastest growth and is expected to grow at over 5% CAGR during the forecast period. Rising disposable incomes, growth of the organized retail sector, and increasing focus on hygienic products drive the market in Asia Pacific countries such as China, India, and Japan.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it