The global home care packaging market is prompted to record ~ 8.5% CAGR during the forecast period, 2017-2023. The progress in the market can be observed with the rising factors from all corners of the globe.
In the cast of point, as per claims from the International Monetary Fund (IMF), GDP per capita was USD 1,481.56 in 2012 at the world level. By the time it rose to USD 1,852.09 in the year 2017 and is now anticipated to reach USD 2,791.07 by the end of the year 2022, finds MRFR in its study. Owing to such a rise in the GDP per capita, the purchasing power of the consumers is witnessed to be increased, which ultimately drives the demand for home care products and impacting the global home care packaging market simultaneously at a higher rate.
Top Impacting Factors: Home Care Packaging Market
The packaging trends, such as ease of use, low cost, and secure storage, have remained the major consumer trends to rise in the review period. Small pack sizes, offering affordability to the entire consumer base at large, have emerged as more favorable alternatives among the brand owners to gain a competitive edge in the market. On the same path, several factors such as rising health awareness rise in per capita income of people, and improving living standards, especially in the developed countries, such as India and Thailand, are driving the growth of the home care industry and the market to a great extent.
Furthermore, the innovations in Home Care Packaging Market Growth have been numerous, particularly in laundry care, in spite of the industry’s modest growth. While sales of various packaging solutions are stagnating in developed countries, developing the home care packaging market tremendously. With this rise, the market is also driving the volume sales through small pack sizes that make laundry detergent affordable to all. Furthermore, offering more functional packaging solutions, globally, as consumers are demanding for more eco-friendly home care packaging. This is making the brand owners work toward a more circular economy, thus creating a significant investment in the market to make it more valuable in the forecast period.
To add some more factors, home care services are cost-effective. The global home care packaging market is rising considerably, owing to the rising adoption rate of these packages in developed economies. As per this, it is now expected that the market would witness an increase in demand for home care packaging in developing countries in the near future, owing to the growing awareness about home care services.
Segmentation of Market: Home Care Packaging
From the viewpoint of segmental study, the global home care packaging market is also studied among the various segments of product, material, and packaging type.
Among the product segment, the market has been segmented into insecticides, dishwashing, toiletries, laundry care, air care, polishes, and others. Among these, the toiletries products have been projected to lead the home care packaging market throughout 2023. The top position of this segment can be attributed to the rising hygiene concern among all classes of people, across the globe.
Among the material segment, the market has been segregated into paper, plastic, metal, and glass. Plastic led the market in the year 2016 and is projected to be the fastest-growing material type. The wide application of plastic across all significant packaging types is generating better market prospects for plastic for the global home care packaging market.
Among the packaging segment, the market has been segmented among cans, bottles, jars, cartons, pouches, and more. Among these, the bottles segment led the market back in the year 2016 and is now projected to be the fastest-growing packaging type. The rise is attributed to the convenience in storage, transporting, and flexibility to handle all kinds of home care products.
From the viewpoint of the regional aspect, the global Home Care Packaging Market Growth has witnessed its maximum growth in the region of Asia Pacific. The reports present that Asia-Pacific is leading the demand in the homecare packaging market and is forecasted to lead the industry owing to new demand for home care products, increasing population, and changing lifestyles. Growth in this region is expected mainly in developing nations, such as India and China, owing to high retail sales growth. Higher sales growth percentage of consumer goods and rising consumer expenditures are other vital factors boosting the home care products industry.
In fact, the FMCG industry in India has considerably contributed to the growth of home care products in the country. As per the IBEF, the FMCG market in India will witness in future a CAGR of 20.6% and would reach USD 103.7 billion by the year 2020 from USD 49 billion, which was achieved in 2016.
To add some more highlights f market growth in this region, toilet cleaners have primarily catered to the urban and semi-urban markets in India. Government initiatives, such as ‘SwachBharath,’ are significant enablers for the home care packaging market.
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