Home & Laundry Care - Hong Kong

Hong Kong

The Home & Laundry Care market in Hong Kong is projected to generate a revenue of HKD €735.10m in 2024.
This market is expected to experience a steady annual growth rate of 3.33% (CAGR 2024-2029).
Among the various segments within this market, the largest one is Laundry Care, which is estimated to have a market volume of HKD €368.50m in 2024.
When compared globally, in the United States stands out as the leading revenue generator in the Home & Laundry Care market, with a total revenue of €29,830m in 2024.
In terms of per capita figures, the revenue generated per person in Hong Kong is approximately HKD €98.06 in 2024.
Moreover, online sales are projected to contribute 3.7% of the total revenue in the Home & Laundry Care market by 2024.
The demand for eco-friendly home and laundry care products is on the rise in Hong Kong, driven by the growing awareness of environmental sustainability among consumers.

Key regions: Worldwide, United States, Philippines, Canada, India

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

Consumers’ awareness when purchasing everyday products has increased in recent years. Price and brands are taking a back seat and sustainability is becoming an increasingly important topic for consumers. Even if conventional cleaning agents are the cheaper alternative, more and more consumers are choosing to use cleaning agents that are less harmful to nature and humans. Sustainability not only includes more environmentally friendly and degradable ingredients; packaging is also a key issue. Attitudes towards plastic usage and recycling have changed and are becoming more important to consumers. Products that focus on sustainability have recently developed from a niche product to a top seller.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on home and laundry care products. The market encompasses cleaning products designed for private households, including laundry care, household cleaners, dishwashing detergents, and polishes, room scents & insecticides.

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, international institutions, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and consumer spending. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, regression analysis and Monte Carlo simulations are particularly suited for forecasting in the Home and Laundry Care market, due to the unpredictable variability and complex dynamics in consumer behavior and product adoption. The main drivers are GDP and consumer spending.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice per year in case market dynamics change.