The "Home Care Packaging Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The home care packaging market was valued at USD 94.45 billion in 2020 and is expected to reach USD 160.96 billion by 2026, and grow at a CAGR of 8.5% over the forecast period (2021 - 2026).
Sonoco Products Company
Tetra Laval International SA
DS Smith PLC
Key Market Trends
Flexibility, Strength, and Durability of Plastic Make it Ideal for Packaging
The wide usage of plastic through all major packaging types is creating a market for plastic as a material. Flexibility, strength, and durability of the material make it ideal for the packaging of many liquids, cream, and powder products in the industry. Compared to other materials available in the market, plastic remains highly flexible and can be mold into any shape. Growth in demand from the retail industry, increasing dual-income households, and rising demand for PET bottles are the major drivers for plastic products.
Apart from its favorable properties, innovations, such as tamper-evidence caps and closures, are gaining popularity, which can lead to a crucial value add for the brand owners. This has driven the use of plastics across a variety of products.
Furthermore, there is a gradual shift in customer preference toward the adoption of flexible plastic packaging over its rigid counterpart, because of convenience and sustainability issues. Flexible plastic packaging materials are 80% lighter in weight than their equivalent rigid plastic materials, in addition to being cheaper.
However, environmental concerns associated with plastics have resulted in a slowdown of the market growth in the last decade.
Nevertheless, with the advent of biodegradable plastics and the process of recycling plastics are expected to sustain their usage in the packaging world.
Asia-Pacific is Leading the Demand in Homecare Packaging Market
The Asia-Pacific home care product industry is forecast to lead the industry due to increasing population, new demand for home care products, and changing lifestyles. Growth in this region is expected mainly in the developing markets, such as India and China, due to high retail sales growth. Higher sales growth percentage of consumer goods and rising consumer expenditures are the key factors boosting the home care products industry.
The FMCG industry in India has significantly contributed to the growth of home care products in the country. According to IBEF, the FMCG market in India is expected to witness a CAGR of 20.6% and is expected to reach USD 103.7 billion by 2020 from USD 49 billion in 2016.
Toilet cleaners largely cater to the urban and semi-urban markets in the country. Government initiatives, such as 'SwachBharath', are major enablers for the toilet cleaners market.
Moreover, the home care packages program in Australia provides older people with access to a range of ongoing personal services, support services and clinical care that help them with their day-to-day activities. Rising health consciousness is a key factor for the growth of the floor cleaner product category in the country.
This program is a part of the Australian Government's continuum of care for older people in Australia, providing services between the Commonwealth Home Support Program and residential aged care.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Product Innovation, Differentiation, and Branding
4.3.2 Rising Per Capita Income Positively Impacting the Purchase Power
4.4 Market Restraints
4.4.1 Fluctuations in Raw Material Prices
4.5 Industry Attractiveness - Porter's Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Material
5.2 By Type
5.2.2 Metal Cans
5.2.5 Other Types
5.3 By Products
5.3.3 Laundry Care
5.3.6 Air Care
5.3.7 Other Products
5.4.1 North America
5.4.4 Latin America
5.4.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/1qqv40
View source version on businesswire.com: https://www.businesswire.com/news/home/20210408005753/en/
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