Voice of the Industry: Home Products

May 2024

This report analyses the results of Euromonitor International’s Voice of the Industry: Home Products survey capturing data and insights on company performance, main industry trends and innovations in the home care, pet care and home and garden industries. This provides valuable benchmarking information to help companies identify best practices and refine their own business strategies to stay competitive in their respective markets.

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Key findings

Wellness and naturals are a visibly rising part of home products success stories

We are seeing in both consumer motivations survey data and industry data that wellness drivers are on the rise. Companies increasingly need to be on the right side of the (moving) line when it comes to “good” versus “toxic” ingredients, surface/contact materials and packaging.

Store strategy universally turns to being where new footfall patterns dictate

Non-grocery specialist retailers have improving channel prospects in part due to experiments in meeting shoppers at their new footfall locations. Smaller urban stores are critical, deploying virtual product trial technologies in shops that were originally intended to be e-commerce only.

D2C shows maturity in home care, reaching profitability, funding and rapid growth

Multiple D2C brands gained scale opportunities during the pandemic, the e-commerce boom and the disruption of traditional supply. Examples such as Blueland now break into retail and enter a new stage of profitable growth as they displace conventional rivals on the shelves.

A changing consumer demographic is diluting previously assumed industry silos

We are experiencing a time of substantial demographic changes and shifts in consumer priorities. One observable outcome of this is an erosion of industry silos with a significant uptake in out-of-silo activity. Seeking incremental value, home products companies and retailers are testing their right-to-play by crossing over into new categories and markets.

AI is disrupting traditional processes by improving effectiveness, efficiency and speed to market

The utilisation of AI is gaining prominence across all home products industries. Generative AI improves agility, personalisation and significantly reduces the cost and time spent on concept testing and piloting new product solutions. Most leading home product players have begun investing in the infrastructure needed to unlock the full potential of artificial intelligence.

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Scope
Key findings
Key trends shaping category sales in 2023
Key trends shaping category sales in the next five years
The rise of natural alternatives to traditional products; our growing rejection of chemistry
Novozymes leans into a food and cleaning story that “biology is more natural than chemistry”
Paint trends to lower-chemistry, with premium offers promising a net chemistry reduction
Zee.Dog launched a natural ingredient health-orientated pet food for sensitive skin puppies
Category/Industry sales performance expectations in 2023, 2024 and longer term to 2028
In channel sales, e-commerce still has growth expectations, but more slowly (with a plateau)
Channel sales and growth in 2023 - direct-to-consumer (D2C) channel gains are widespread
Trends that influenced digital commerce development in the past year
Go-to-market evolves the role of stores, fulfilment challenges and the importance of D2C
IKEA has one of many experiments for delivering virtual product trial on smaller shopfloors
Rise of D2C brands is partly about post-COVID scale enabling successful entry in retail shops
A telling statement from the CEO of a strong D2C brand on D2C’s role in its growth journey
Main company priorities
Company priorities for the next five years
Cost saving associated with sustainability is serving as incentive for companies
Company growth strategy across the next five years
Factors impacting company
Industry responses to inflation challenges
Unilever increases investment in innovation to grow its profit
Emphasise key industry priorities
Sustainability: Leroy Merlin’s Home Index rates products based on environmental footprint
New consumer segments: Emotional investment in pets triggers innovation in pet care
New solutions: P&G invents new laundry additive category to encourage consumer spending
Anticipated digital trends
Technology investments
Emphasise key digital trends
Wayfair’s Decorify Gen AI application is democratising room design and driving customisation
Mixed reality is regarded as a powerful tool for enhancing the online shopping experience
Unilever deploys artificial intelligence to inform product formulation and launches AI lab
Leading players are making significant investments in the future of AI
US start-up uses AI in R&D to improve product quality and speed up time to market
About Euromonitor International’s Voice of the Industry survey series
About Euromonitor International’s Voice of the Industry survey series
Respondents

Home Care

This is the aggregation of laundry care, dishwashing products, surface care, chlorine bleach, toilet care, polishes, air fresheners and insecticides.

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