Daily Products Market to Reach 3.3 trillion, Globally, by 2032 at 8.2% CAGR: Allied Market Research

Consumer demand and behavior and population growth and urbanization drive the growth of the global daily products market.

PORTLAND, Ore., Nov. 6, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Daily Products Market by Product Type (Personal Care, Household Cleaning Supplies, Home Care and Maintenance, Health and Wellness Products, Office and Stationery Supplies, Baby and Childcare Products, and Pet Supplies), and Distribution Channel (Supermarkets and Hypermarkets, Drugstores and Pharmacies, Department Stores, Online Grocery Stores, Discount Stores, Dollar Stores, Convenience Stores, Direct-To-Consumer (D2C), and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global daily products market generated $1.5 trillion  in 2023 and is anticipated to generate &3.3 trillion by 2032, witnessing a CAGR of 8.2% from 2023 to 2032.

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Prime determinants of growth

The daily products market is witnessing substantial expansion, driven by a host of industry trends and growth drivers. The advent of e-commerce and digitalization has revolutionized the way consumers access a broad spectrum of everyday essentials. These developments offer not only unmatched convenience but also personalized shopping experiences. The competitive landscape has been reshaped as transparency and price competition, encouraged by digital platforms, compel sellers to maintain attractive pricing and top-notch product quality. A growing emphasis on environmental sustainability and health and wellness is fueling demand for eco-friendly and health-conscious daily products, while globalization and shifting consumer preferences further mold the industry's contours.

Stringent regulatory and safety standards necessitate meticulous adherence, influencing manufacturing practices and product innovation. Economic fluctuations and varying consumer purchasing power are also key factors impacting market dynamics. Negotiating the intricacies of cultural and societal influences in diverse regions poses another obstacle. Success in this dynamic environment hinges on companies' ability to adapt to evolving industry landscapes while ensuring products meet exacting standards for quality, safety, and sustainability. In this dynamic sphere, opportunities abound for enterprises that can effectively leverage marketing strategies, introduce innovative products, and align themselves with the surge in eco-conscious and health-focused consumer preferences. Navigating the daily products market necessitates vigilance in monitoring ever-evolving trends and consumer expectations, as well as ensuring competitiveness in the digital arena.

Report coverage & details:

 

The personal care segment to maintain its leadership status throughout the forecast period

Based on product type, the personal care segment held the highest market share in 2023, accounting for one-third of the global daily products market revenue, and is estimated to maintain its leadership status throughout the forecast period. There is a surge in demand for personal care products in the daily products market due to evolving consumer lifestyles and preferences. There is an increase in emphasis on grooming, skincare, and hygiene routines as individuals prioritize self-care and wellness. However, health and wellness products segment is projected to attain the highest CAGR of 14.6% from 2023 to 2032.

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The supermarkets and hypermarkets segment to maintain its leadership status throughout the forecast period.

Based on the distribution channel, the supermarkets and hypermarkets segment held the highest market share in 2022, accounting for one by six of the global daily products market revenue, and is estimated to maintain its leadership status throughout the forecast period. In addition, the online grocery stores segment is projected to attain the highest CAGR of 9.1% from 2023 to 2032.

Asia-Pacific to maintain its dominance by 2032

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly half of the global daily products Market revenue. The demand for the daily products market in the Asia-Pacific region surges due to pivotal factors. Rapid urbanization, a developing middle class, and increase in disposable income have propelled consumption patterns. The significant growth of e-commerce has reshaped shopping habits, providing easy access to a wide array of products. In addition, the LAMEA region is also expected to witness the fastest CAGR of 10.4% from 2023 to 2032 and is likely to dominate the market during the forecast period.

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Leading Market Players: -

• Unilever Plc
• Estee Lauder Companies Inc.
• Shiseido
• The Procter And Gamble Company
• L'Oreal S.A
• Kao Corporation
• Avon Products, Inc
• ORIFLAME COSMETICS S.A.
• Patanjali Ayurved Ltd
• Johnson And Johnson

The report provides a detailed analysis of these key players in the global daily products market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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