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Written by amelia jems » Updated on: November 07th, 2024
The global home care packaging market size was valued at USD 32.55 billion in 2023. The market is expected to expand from USD 34.11 billion in 2024 to USD 52.22 billion by 2032, exhibiting a CAGR of 5.47% over the study period.
Home care packaging provides maximum security and efficiency during transportation and storage. The growing time spent by consumers at home owing to health concerns is boosting the demand for disinfectant and cleaning products, impelling market growth.
Fortune Business Insights™ provides this information in its research report, titled “Home Care Packaging Market”.
List of Key Players Mentioned in the Report:
Segmentation:
Exceptional Printing Properties of Plastic to Augment Segment Expansion
In terms of material, the market is classified into metal, plastic, paper & paperboard, and others. The plastic segment holds the leading position, impelled by its superior printing properties, which allow for printing graphics and information on packaging. In addition, it has higher flexibility as compared to any other packaging counterparts.
Ability of Bottles to Store Any Product Form to Spur Segment Growth
On the basis of product type, the market is categorized into bags & pouches, films & wraps, cans & jars, bottles, and others. The bottles segment is expected to occupy the largest home care packaging market share, driven by their ability to store any product form. Bottles also offer ease in refilling, which is slated to lead to their enormous demand for different home care products.
Laundry Segment Leads Owing to Surging Deployment of Eco-friendly Detergents
By application, the market is divided into dishwashing, air fresheners, toiletries, laundry, surface cleaners, and others. The laundry segment registers the largest share, which can be attributed to rising usage of eco-friendly detergents among consumers across the globe. This factor is increasing the demand for necessary packaging solutions.
Regionally, the market is categorized into Europe, Asia Pacific, North America, Latin America, and the Middle East & Africa.
Report Coverage:
The market research report provides an in-depth analysis of the competitive strategies deployed by leading companies to reinforce their industry position. In addition, it comprehensively discusses the major factors impacting the market growth. Additional aspects of the report include key segments, the latest trends, COVID-19 pandemic impact, and significant industry developments.
Drivers and Restraints:
Substantial Expansion of the E-commerce Industry to Drive Market Growth
There has been a significant transition of the homecare industry toward e-commerce with the growing popularity of online shopping. The market is witnessing the growing adoption of the convenience of buying homecare products online by consumers. This factor is encouraging homecare companies to optimize & adapt their digital strategies to cater to the surging customer expectations.
Despite such opportunities, the highly changing prices of raw materials may impede home care packaging market growth.
Regional Insights:
North America Leads Fostered by Partnership Strategies by Top Companies
North America captures the largest share of the home care packaging market, which can be credited to the partnership strategies adopted by leading companies in the U.S. to attain globalization. This, along with consumers’ wish to pay more for premium cleaning products and robust presence of key packaging companies is augmenting regional growth.
Europe home care packaging market is observing significant growth owing to the growth of packaging industry and rising urbanization. The expanding sustainability trends have resulted in an increase in usage of packaging materials, including paperboard, glass, and paper for the packaging of home care products.
Information Source: https://www.fortunebusinessinsights.com/homecare-packaging-market-108080
Competitive Landscape:
Top Companies Release Innovative Products to Achieve a Competitive Advantage
Few significant companies are leading the market by providing innovative packaging solutions in the packaging industry. A diverse array of companies are investing intense amounts into research and development for the launch of enhanced and innovative capabilities of products.
Key Industry Development:
September 2020 – Borealis, in partnership with a prominent specialist for plastic closures and packaging systems, MENSHEN, released a series of 10 packaging closures based on Borcycle, an emerging recycling technology. This technology is deployed to manufacture a range of compounds made using recycled polyolefins (rPO).
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