This report utilises Euromonitor International’s new Passport Innovation portal to explore new launches and sub-brands in global home care. Three key innovation platforms are identified for global home care in 2023/2024, with product examples from large global e-commerce retailers over the last 12 months.
This report comes in PPT.
The global home care industry is unlikely to experience an increase in the number of new products introduced over the next 12 months. Instead, producers are expected to streamline portfolios and operations to control costs while simultaneously increasing marketing spending on new product activations for a smaller number of innovations within key brands. Recent brand activity speaks to a more conscious and consumer-centric approach to innovation focused on common themes and preferences in mind.
Successful innovation within the home care industry will have to be aimed at adding value to existing home care occasions and need states rather than investment that cannibalises existing products. Whitespace will include premium functional fragrances without failing to honour existing consumer preferences for product performance and convenience. The use of mood-enhancing and natural ingredients within the wider wellness trend, constitutes a promising area of development for future innovation with an evident link to sustainability.
Not all innovations within home care need to re-invent the category. Brands can have an outsized impact through the effective use of price segmentation with targeted fragrance innovations and promotions that are amplified through social media channels. Evolving and refreshing brands through cost-effective seasonal fragrance or creative and convenient packaging can still produce strong results, as evidenced by a variety of new launches in the premium price segment.
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