Cleaning Product Market Growth of 5% Forecast Over Next 4 Years
Rise in population, better education regarding sanitation and pricing awareness has led to a forecast of 5% growth in the industrial cleaning product industry.
The cleaning product market is expanding rapidly on a global scale. A market research report conducted by analysts at Technavio forecasts that there will be a growth of 5% in the industrial cleaning product market between now and 2021.
This increase can be partly attributed to the rise in worldwide population figures, particularly in regions such as Asia Pacific. This area is the largest market in terms of both domestic washing and industry cleaning products, which is helped by the expanding populations of China and India. These emerging countries are closely followed in the industry by accumulative sales in North America and Europe.
Health And Hygiene
Particularly in developing countries, there has been a rapid rise in education about the importance of proper hygiene in the prevention of infectious diseases. Therefore, the increasing usage of cleaning products to concentrate on personal hygiene, communal hygiene and food sanitation has contributed towards the growth of the cleaning products market overall.
Consumers are applying this knowledge and are paying additional attention to the safe storage of food, the sterilisation of meal preparation areas, and the thorough cleaning of bathrooms as well as other household surfaces. Buyers from all regions are also controlling the disposal of their rubbish and recycling materials with extra care. Even a small increase in the usage of cleaning products per family, can cause an explosion of growth in the cleaning product industry when looked at on a global scale.
Many people have busy, fast-paced lives. Consumers don’t have time to use sub-standard cleaning agents to scrub away at surfaces, when there are products available that can get the job done in half the time. Individuals and companies alike are choosing higher quality brands that are more efficient. Continued steady economic growth in some areas means that more is being spent in the industrial cleaning market, and this is predicted to rise over the next four years.
However, in developing countries, price is a determining factor over the efficacy of the product, as consumers have less money to spend. This doesn’t mean that there is no money to be made from this industry in these regions. However, cleaning product manufacturers will need to price their brand lines accordingly to gain a market share in these poorer nations.
There are strict government regulations in many countries that can prevent the growth of the market from reaching its full potential. However, significant increases in research and development before bringing a product to market, are certain to see some incredibly innovative and advanced merchandise being introduced into the industry. This, coupled with the mounting interest in cleaning and hygiene tips, particularly within the healthcare sectors, mean that this industry is one to watch over the next few years.