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The home care packaging market was valued at USD 94.45 billion in 2020 and is expected to reach USD 160.96 billion by 2026, and grow at a CAGR of 8.5% over the forecast period (2021 - 2026)

ReportLinker
·5-min read

Packaging trends, such as low cost, ease of use, and easy storage, have remained the major consumer trends in the review period. Small pack sizes, offering affordability to the entire consumer base at large, have emerged as more favorable alternatives among the brand owners to gain a competitive edge in the market.

New York, April 15, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Home Care Packaging Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06062828/?utm_source=GNW


- Increasing health awareness, improving living standards, and rise in per capita income of people, especially in the developing countries, such as India and Thailand, are some of the factors driving the growth of the home care industry.
- According to the International Monetary Fund (IMF), GDP per capita was USD 1,481.56 in 2012. It rose to USD 1,852.09 in 2017 and is anticipated to reach USD 2,791.07 by the end of 2022. Owing to this rise in the GDP per capita, the purchasing power of the consumers has increased, which ultimately drives the demand for home care products.
- Moreover, a continued focus on health and wellbeing has been observed across the FMCG industry from packaged food and personal hygiene to home cleaning entails a wider lifestyle shift and evolving attitudes towards home care.

Key Market Trends
Flexibility, Strength, and Durability of Plastic Make it Ideal for Packaging

The wide usage of plastic through all major packaging types is creating a market for plastic as a material. Flexibility, strength, and durability of the material make it ideal for the packaging of many liquids, cream, and powder products in the industry. Compared to other materials available in the market, plastic remains highly flexible and can be mold into any shape. Growth in demand from the retail industry, increasing dual-income households, and rising demand for PET bottles are the major drivers for plastic products.

- Apart from its favorable properties, innovations, such as tamper-evidence caps and closures, are gaining popularity, which can lead to a crucial value add for the brand owners. This has driven the use of plastics across a variety of products.
- Furthermore, there is a gradual shift in customer preference toward the adoption of flexible plastic packaging over its rigid counterpart, because of convenience and sustainability issues. Flexible plastic packaging materials are 80% lighter in weight than their equivalent rigid plastic materials, in addition to being cheaper.
- However, environmental concerns associated with plastics have resulted in a slowdown of the market growth in the last decade.
- Nevertheless, with the advent of biodegradable plastics and the process of recycling plastics are expected to sustain their usage in the packaging world.

Asia-Pacific is Leading the Demand in Homecare Packaging Market

The Asia-Pacific home care product industry is forecast to lead the industry due to increasing population, new demand for home care products, and changing lifestyles. Growth in this region is expected mainly in the developing markets, such as India and China, due to high retail sales growth. Higher sales growth percentage of consumer goods and rising consumer expenditures are the key factors boosting the home care products industry.

- The FMCG industry in India has significantly contributed to the growth of home care products in the country. According to IBEF, the FMCG market in India is expected to witness a CAGR of 20.6% and is expected to reach USD 103.7 billion by 2020 from USD 49 billion in 2016.
- Toilet cleaners largely cater to the urban and semi-urban markets in the country. Government initiatives, such as ‘SwachBharath’, are major enablers for the toilet cleaners market.
- Moreover, the home care packages program in Australia provides older people with access to a range of ongoing personal services, support services and clinical care that help them with their day-to-day activities. Rising health consciousness is a key factor for the growth of the floor cleaner product category in the country.
- This program is a part of the Australian Government’s continuum of care for older people in Australia, providing services between the Commonwealth Home Support Program and residential aged care.

Competitive Landscape
The home care packaging market is competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. These major players with a prominent share in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market share and increase their profitability.

- April 2019 - RPC Promens introduced its Varibox IBC in the United Kingdom and Ireland, offering the ideal solution for the safe and cost-effective handling of hazardous chemicals. Roto-molded in polyethylene, the Varibox features an inner container enclosed within a strong outer cover and incorporates a special discharge valve for easy dispensing of the product with no need to remove a cap. To meet the specific needs of the UK and Irish markets, the standard 2-way secured entry pallet has been augmented with the availability of a 4-way secured entry version, allowing even greater flexibility in the movement of the container by a forklift or pallet jack without compromising on safety.
- December 2017 - Winpak Ltd announced that American Biaxis Inc. (ABI) started work on an expansion to add annual production capacity of 11,000 to 14,000 metric ton of biaxially oriented polyamide (BOPA) films for sale in North America. The subsidiary plans to invest over USD 40 million USD on the project including the facility and equipment. The additional BOPA film production is expected to be available to customers in the second half of 2019.

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Read the full report: https://www.reportlinker.com/p06062828/?utm_source=GNW

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