NEW YORK, Dec. 7, 2023 /PRNewswire/ — The sponge and scouring pads market is expected to grow by USD 1.57 billion from 2023 to 2028, according to Technavio. In addition, the growth momentum of the market will progressing at a CAGR of 4.83% during forecast period. The increasing number of hotels and restaurants is notably driving the sponge and scouring pads market. However, factors such as the presence of counterfeit products may impede market growth. The market is segmented by End-user (Residential and Non residential), Distribution Channel (Offline and Online), and Geography (APAC, Europe, North America, Middle East and Africa, and South America).
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Key Segment Analysis
- The market share growth by the residential segment will be significant during the forecast period. The residential segment holds the highest share of the market, primarily due to the increasing use of sponges and scouring pads for maintaining hygiene and cleanliness. Sponges and scouring pads are widely used in residential settings, particularly in the kitchen area and utensils, for mild and moderate cleaning activities. The availability of different types of sponges and scouring pads enhances the competition among the players operating in the residential segment. As people become more aware of the benefits of using sponges and scouring pads and the severe health implications of unhygienic conditions, the demand for these products in the residential segment is expected to rise.
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Geographical Market Analysis
- APAC is estimated to account for 35% of the global market during the forecast period. APAC is a rapidly growing region for consumer spending on restaurants and hotels, with a significant increase in the food service market. This growth has led to an increase in demand for cleaning tools and supplies, with sponges and scouring pads being highly sought after in the region. China, Japan, and India are the top countries leading the market. The high demand for kitchen care products, including sponges and scouring pads, can be attributed to consumer confidence, a growing middle-class population, high disposable income, urbanization, and the expansion of global brands in APAC.
Company Insights
The sponge and scouring pads market is fragmented, and the companies are deploying organic and inorganic growth strategies to compete in the market. The report analyzes the market’s competitive landscape and offers information on several market companies, including 3M Co., Americo Manufacturing Co., Amway Corp., ARIX POLSKA SP.zo.o., Armaly Brands Inc., Bio90 Manufacturing Canada Inc., Bombril SA, Corazzi Fibre Srl, Freudenberg and Co. KG, Henkel AG and Co. KGaA, Jyothy Labs Ltd., Kiwi Scourers Ltd., Newell Brands Inc., Scrub Daddy Inc., Sponge Technology Corp. LLC, The Clorox Co., The Crown Choice, The Libman Co, Weiman Products LLC, and Fuller Brush Co
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Sponge And Scouring Pads Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.83% |
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Market growth 2024-2028 |
USD 1.57 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
4.12 |
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Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 35% |
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Key countries |
US, China, India, Japan, and Germany |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
ToC:
Excustive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by End-user
Market Segmentation by Distribution Channel
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com
SOURCE Technavio
