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The global household cleaning products market size is expected to USD 312.49 billion by 2027. The rising demand for Laundry bars owing to its efficient, affordable, and speedy results will spur opportunities for the market during the forecast period, mentioned in a report, titled “Household Cleaning Products Market Size, Share & Covid-19 Impact Analysis, By Product (Laundry Detergents, Surface Cleaners, Dishwashing Products, Toilet Cleaners, and Others), and Regional Forecast, 2020-2027” the market size stood at USD 163.98 billion in 2019 and is expected to exhibit a CAGR of 4.97 % between 2020 to 2027.
Extension of Henkel’s Venture Capital Activities to Aid Growth
Henkel, a leader in consumer goods known for its Innovation and quality announced that it has expanded its venture capital activities with initial investments of more than 25 million euros in several start-ups and venture capital funds. Henkel Ventures, a dedicated unit for venture capital activities will be separately managed by Henkel. Moreover, the company’s plan to invest 150 million euros in start-ups with specific digital or technological expertise will improve Henkel's corporate venture funds. Furthermore, the increasing collaborations and agreement between the companies will subsequently encourage the growth of the market during the forecast period.
For instance, Henkel’s Adhesive Technologies business signed an agreement Emerald Technology Ventures and Pangaea Ventures Ltd for an investment of 10 million euros in two material science-focused venture capital funds. The increasing investment in consumer businesses such as beauty care and laundry & home care by the company will have a positive effect on the market due to the focus on E-commerce and social media. Besides, direct investments in Vitriflex and DropWise, two material science start-ups will enlarge the company’s agenda. Similarly, the Laundry & Home Care business unit invested in the online dry cleaners and laundry service ZipJet.
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Evolving Consumer Lifestyle to Influence Growth
The changing lifestyle of people has led to high demand for household cleaning products. The growing necessity to keep home clean and odor-free can be an essential factor contributing to the growth of the market. The growing demand for effective and affordable products to maintain a healthy and pleasant environment at home will bode well for the market. The hectic routine of people has steered requirements for efficient products with faster results. Thus, the surge in disposable income and sedentary lifestyles will spur demand for premium brand products, which in turn, will create lucrative opportunities for the market in the forthcoming years.
Strategic Mergers and Acquisitions of Key Players to Reinforce Industry Proceedings
The market is controlled by the presence of numerous major companies operating independently in the industry. The increasing investment in research and development of several household cleaning products will simultaneously offer impetus to the market players. The enhanced product portfolio of key players along with the development of novel technologies will significantly impact the market. The adoption of various strategies such as mergers and partnerships with larger enterprises to improve production capabilities and portfolios will further aid the expansion of the market.
The Report Lists the Main Companies in the Household Cleaning Products Market:
Further Report Findings:
This Market is Segmented into:
Value (USD Billion) and Volume (Kilo Tons)