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Potential growth in household care market

Potential growth in household care market

As employment and income levels rise, Eastern Europe will provide brands with growth opportunities not available in the more mature Western European markets.

The Eastern European household care market is predicted to show a moderate CAGR of just over 4 per cent in value terms between 2005-2010, according to Euromonitor International.

A rising number of middle-income consumers and Western influences on home interiors and lifestyle aspirations will drive value growth in the years to come, as consumers trade up to added-value, convenience-orientated household care products.

Russia, Ukraine, Romania and, to some extent, Poland have benefited from growing economies and increasing affluence among urban populations.

Growing consumer confidence has underpinned demand for more sophisticated, improved and task-specific products once considered extravagant luxuries.

Furthermore, close proximity to a major developed trading bloc has permitted Western European manufacturers, particularly those in Germany, to develop new markets for their household care products.

The fastest growing market in the next five years is expected to be Romania, with a CAGR of almost 12 per cent in constant value terms, according to Euromonitor International.

Key areas of growth will be laundry care, surface care and air care, with laundry care benefiting from the continuing expansion of automatic washing machine purchases, surface care benefiting from specialist products designed to care for modern household surfaces and air care benefiting from novelty appeal.

Currently, Romania is a largely undeveloped market, with spending concentrated on basic items, and, as a result, has substantial growth potential.

Although laundry care is expected to contribute the largest incremental increase (US$761 million) in regional value, the most dynamic sectors in value growth terms are predicted to be air care and dishwashing products.

Automatic dishwashing detergents, concentrated aerosol fresheners and electric fresheners will continue to attract considerable consumer attention, whilst demand for convenient, effective and decorative innovations will add value to the regional market.

Furthermore, consumers across most of the region are becoming increasingly aware of household care solutions, and as they become more affluent, quality is set to become a key factor in purchasing decisions.

Therefore in order to fully exploit these growth opportunities, brands need to offer a broad selection of products, covering not only the economy and standard categories but also premium ranges.
AJR
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