The global home care products market has garnered a lot of growth and interest owing to the ameliorating per capita income of individuals in developing nations. Also, the individual preferences of leading a healthier lifestyle with improved living standards also acts as another key factor driving the overall growth of the market. In recent years, the demand for home care products have been on a constant upward trend. This is particularly so because consumers are more health conscious and try to avoid expensive medical care costs. In order to keep up with the demand of the global market, the home care packaging industry has ramped up its offerings to differentiate between various packaging solutions by conveying important information and not negotiating on the safety standards. Needless to say the global home care packaging market is expected to garner considerable growth in the near future.
Market Research Future (MRFR) has gone on to predict that the global home care packaging market will garner a projected CAGR of 8.5% during the forecast period of 2017 to 2023.
Segmentation
The global home care packaging market segmentation is divided on the basis of material, product, and packaging type.
By product, the market segments into insecticides, dishwashing, polishes, laundry care, toiletries, air care, and others. Among these, the toiletries segment is expected to dominate the market category with the highest share percentage over the forecast period. The dominant positioning of the segment can be attributed to the growing concerns related to hygiene among all class of people across the world.
By material, the market comprises metal, plastic, glass, and paper. The plastic segment dominated the market back in 2016 and is expected to lead the market category in the near future. The vast pool of applications of plastics for varying packaging types is creating a market of opportunity and growth for the segment.
By packaging type, the market divides into cartons, bottles, jars, cans, pouches, and others. The bottles segment holds the dominant position and leads with the highest share percentage. The segment is further projected to be the fastest-growing packaging type due to the convenience it offers in terms of flexibility, storage, and transporting to handle different home care products.
Regional Analysis
The geographical segmentation of the global home care packaging market covers the following regions: North America, Europe, Asia Pacific, and the Rest of the World (RoW).
The global home care packaging market is expected to grow at a striking pace over the forecast period as was mentioned earlier. A major part of this growth can be owed to the dominance of Asia Pacific. The region accounted for the largest share in the home care packaging market back in 2016 and made significant contributions to the global landscape. The rising population base herein coupled with the booming economic growth have led to the booming demand for home care products. This has subsequently resulted in the proliferating growth of the home care packaging market in this region. The region is duly aided by the presence of countries like China and India, which other than being two of the major developing economies are also two of the most populated nations across the globe. The presence of these countries significantly aid in the overall growth of the regional market.
The global home care packaging market includes a vast pool of prominent companies, including names like Winpak Ltd. (Canada), Bemis Company, Inc. (U.S.), Amcor Limited (Australia), Tetra Laval (Switzerland), Mondi (South Africa), Sonoco Products Company (U.S.), AptarGroup, Inc. (U.S.), Rexam plc (U.K), RPC Group (U.K.), Silgan Holdings (U.S.), and others. The players are making various efforts in manufacturing these packaging items to enhance customer interest and gain a competitive advantage.
Read More :
Comments