Market Size of US Home Care Packaging Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 9.90 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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US Home Care Packaging Market Analysis
The home care packaging market in the United States is projected to grow at a CAGR of 9.90%. In recent years, the home care products market has witnessed a lot of growth due to the increasing preference among individuals to lead a healthier lifestyle. Household products, such as dish wash liquids, toilet cleaners, and floor cleaning acids, are mostly packaged in PET bottles. The market is witnessing new packaging and labeling approaches by companies in order to maintain the recyclability of their products.
Demand for home care products has been on an upward trend, especially as the consumers, with growing health awareness, tend to avoid expensive medical care costs. To keep up with this demand, the home care packaging industry has ramped up its offerings to differentiate between multiple packaging solutions, conveying useful information without compromising on the safety standards. The packaging market for this segment is set to record high growth during the forecast period.
As per OECD, the United States reported USD 14 trillion towards overall household spending in the country. And, allied personal income was recorded to have increased at USD 1,954.7 billion (10.0%) as of January 2020, according to estimates by the Bureau of Economic Analysis. Similarly, the Disposable personal income (DPI) increased to amount to USD 1,963.2 billion (11.4%), along with personal consumption expenditures (PCE) increased by 2.4%.
Despite the economic setbacks, demand for home healthcare products has never declined, and directly proportional to that is the requirement for packaging solutions. Driven by advantages like durability, cost benefits, and versatility, plastic is one of the packaging materials majorly used by companies. Research and development for increased durability and safety found new entrants into the industry, which include polymers like PLA, biodegradable PHA (polyhydroxyalkanoate), bio PTT (polytrimethyl terephthalate), etc., slowly getting acceptance. However, high cost poses a challenge to their sustainability in the long run.
The home care products industry has been witnessing increased awareness among consumers regarding the sustainability of packaging materials. For instance, as of March 2021, Unilever has stepped up the use of post-consumer recycled plastic (PCR). With around 11% of its total plastic packaging volume consisting of recycled plastic, the company aims to use at least 25% recycled plastic by 2025.
