HOMECARE INGREDIENTS MARKET ANALYSIS

The global homecare ingredients market is projected to reach around US$ 32.26 Billion by 2030, exhibiting a CAGR of 7.1% during the forecast period (2023-2030).

Global Homecare Ingredients Market: Drivers

• Rising focus on household cleaning and hygiene: Homecare ingredients, such as surfactants, polymers, and others, are multifunctional ingredients used for manufacturing safe and effective homecare products. They are used in various applications for cleaning and sanitizing homes. There has been an increase in awareness among consumers regarding hygiene and cleanliness at home to prevent the spread of diseases and viruses. A strong focus on household cleaning and hygiene is propelling the demand for homecare products, which in turn, is driving the global homecare ingredients market growth.

• Increasing initiatives by government and healthcare organization: Governments and healthcare organizations have been focusing on guidline related to disinfecting the surface, maintaining hygiene, and cleanliness at homes. For instance, in October 2021, the Centers for Disease Control and Prevention (CDC) released guidelines to clean and disinfect homes, which included laundry and surface cleaning, among others. Moreover, an increase in the spread of diseases is augmenting the demand for homecare ingredients for preventive care. According to the World Health Organization (WHO), poor sanitation causes the transmission of various diseases such as cholera, dysentery, intestinal worm infections, typhoid, and others.                                                                                      

Global Homecare Ingredients Market: Restraints

• Toxicity associated with certain chemicals: The global market for homecare ingredients is projected to experience a decline in growth due to the toxicity of certain chemicals. These chemicals are commonly used in toilet cleaners and have corrosive effects on human tissues as well as the potential to damage internal organs upon contact. Furthermore, these chemicals can be highly toxic for both human and animal health if ingested. Moreover, household bleach contains the chemical sodium hypochlorite, which can cause dermatitis in addition to irritation to the skin. All of these factors are expected to impede the growth of the homecare ingredients market in the near future.
• Counterbalance: The toxicity of the chemicals can be lessened by the use of agents, called antidotes, in order to negate the effect of a toxin or poison. Antidotes mediate its effect either by preventing the absorption of the toxin by binding or by neutralizing the poison.

Figure 1. Global Homecare Ingredients Market Share (%), By Region, 2022

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Global Homecare Ingredients Market: Opportunity

• Growing opportunities in the surfactants segment: Surfactants are currently the largest sub-segment by type and are expected to remain so as they are incorporated into products. The potential for growth in this segment is primarily attributed to dishwashing and laundry products. Additionally, the market for organic home care ingredients is expanding as customers are increasingly attracted to natural ingredients due to the traditional values and quality associated with them, as well as the lack of hazardous chemical products.

Global Homecare Ingredients Market: Trends

• Consumers adopting natural and herbal homecare products: An increase in the adoption of natural and herbal homecare products is emerging as a lucrative market trend. Consumers are preferring these products for their households due to the harmful health effects caused by chemical-based products. For instance, in August 2021, Trident Ltd., an India-based home textiles, paper, and chemicals manufacturing company, launched a new product in the laundry business, 'Tri-Safe' washing powder. It contains natural ingredients such as neem. In January 2021, the U.S.-based multinational company Amway launched ’Amway Home Fruit & Veggie Wash,’ a cleaning solution made of natural cleaning agents. It has no added chlorine, alcohol, artificial color, or animal-based ingredients.                      

Global Homecare Ingredients Market: Key Developments

• In March 2021, BASF entered into a global agreement with Allied Carbon Solutions Co. Ltd. and Hollier Ltd. in order to expand its presence in the global market for biological surfactants
• In January 2023, Evonik announced the launch of its new homecare ingredient, Purapeutics, which is designed to provide skin protection and care. Purapeutics is based on a natural ingredient called squalene, which is found in the human skin.
• In February 2023, Dow announced the acquisition of Corbion, a leading supplier of bio-based ingredients for the food, beverage, and homecare industries. The acquisition will help Dow expand its portfolio of homecare ingredients and to meet the growing demand for sustainable products.
• In March 2023, Clariant launched its new line of natural and sustainable homecare ingredients called Clariant Naturals. The line includes a variety of emulsifiers, and preservatives, that are derived from natural sources.

Global Homecare Ingredients Market: Regional Analysis

• Among regions, Asia Pacific held a dominant position in the global homecare ingredients market with a revenue share of 42% in 2022 and is expected to maintain its dominance during the forecast period. Key countries and sub-regions in the Asia Pacific region, including China, India, Japan, and ASEAN, have shown significant growth in the consumption of homecare ingredients, owing to the growing disposable income of consumers. Low manufacturing and labor costs in the above-mentioned countries are also boosting the economic growth, which is likely to boost the homecare ingredients market growth over the forecast period.
• Regionally, Asia Pacific dominated the global homecare ingredients market in terms of revenue, in 2022, followed by North America and Europe, respectively.

Global Homecare Ingredients Market: Segmentation

The global homecare ingredients market is segmented on the basis of type, application, and region. Based on type, the market is divided into surfactants (anionic (acid slurry and others), non-ionic, cationic, and amphoteric) and polymers fragrances, enzymes and others. On the basis of application, the market is segmented into laundry detergents, dish wash, toilet care, surface cleaners, and others (air care, home insecticides, and others). On the basis of region, the market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Figure 2. Global Homecare Ingredients Market Share (%), By Type, 2022

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On the basis of type, in 2022, the surfactants segment accounted for the largest market share of 41% in terms of value, followed by the fragrances segment.                                                                                        

Global Homecare Ingredients Market: Impact of Coronavirus (COVID-19) Pandemic

The COVID-19 pandemic has drastically affected the overall operations of industries across different regions, owing to lockdowns imposed for prolonged periods, restrictions enforced on international trade, shutdowns of manufacturing units, and travel bans that led to supply chain disintegration, shortages of raw materials, and others. Homecare ingredients are used in different industries as well. As the lockdown restrictions were relaxed, raw materials were supplied to the manufacturing units, and consequently, market players expanded their production capacity. The demand for homecare ingredients was continuously rising as home cleaning was considered a part of the everyday routine. The COVID-19 pandemic has brought a positive change about sanitation and the prevention of infection. The pandemic has raised awareness among consumers about the importance of cleaning to kill viruses and bacteria.

Global Homecare Ingredients Market: Key Companies

The key companies operating in the global homecare ingredients market are Aarti Surfactants, Akzo Nobel N.V., Antozyme Biotech Pvt Ltd, ARC Surfactants, Ashland, BASF SE, Behn Meyer, Cargill, Incorporated, Clarient, Croda International Plc, and DuPont Nutrition & Biosciences.

*Definition: Home care products are the basic products for daily care and cleaning purposes in households. These products are widely used for household care as well as to maintain the health and well-being of people. The growth of microorganisms, germs, dirt, and others on surfaces has become a major cause of several diseases in recent times.