The growth of the homecare ingredients market is attributed to rising living standards, growing disposable income, rapid urbanization, and substantial investment by the governments. Moreover, the home care industry is governed by regulatory agencies, with increasing demand for cleaning products, all of which drive the growth of the global homecare ingredients market.
Market Dynamics
Homecare ingredients are widely used in products such as floor cleaners, toilet cleaners, surfactants, and others. These products are used for maintaining healthy lifestyle by preventing infectious diseases and controlling allergens.
Consumers prefer homecare products for everyday uses and is considered an essential product. An increase in household expenditure is the factor, which is expected to drive the market growth due to growing need for using homecare products. This factor is attributed by the increase in online sales of household cleaning products, increase in number of houses, rise in disposable income, and others. For instance, according to the Organization for Economic Co-operation and Development data published in April 2022, the household spending in Canada increased from US$ 953.71 billion in 2020 to US$ 1,026.02 billion in 2021. Similarly, according to the World Bank, the final consumption expenditure in India grew from US$ 1.94 trillion in 2020 to US$ 2.24 trillion in 2021.The significant increase in household expenditure around the world is expected to drive the global homecare ingredients market growth.
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