According to Euromonitor estimates, sales of the home care industry in Peru, to which we belong, totaled US$864.8 million in 2020. This translates into an increase of 13.2% in five years.
What is the reason for this growth?
"The main factors behind the growth of the home care industry in Peru are the confinement and the increase in the consumer's cleaning habits. With the transfer of daily routines to the home, activities such as washing dishes or cleaning every room in the residence became more frequent. People had more time to focus on deeper grooming, nooks and crannies, and spaces that previously received less attention. The sanitation aspect of the pandemic also made consumers clean surfaces more frequently for sanitation purposes," says Felipe Carreirao, an analyst at Euromonitor International.
What is expected in the coming years?
For the next few years, the analyst estimates that there is room for the home care industry to continue to grow. "Beyond possible resurgence and dynamic constraints, which may extend through 2022 could follow this extraordinary increase in market sales. There is expected to be a residual effect on consumer habit," Carreirao notes.
"For a market where many of its segments had already reached maturity, the increase in competitive dynamics with the launch of new products and the rise of supermarkets' own brand's leaves room for growth, where the cost-benefit ratio of products will be key to the brands' success," he adds.
What products will continue growing?
"In pre-pandemic times, the Latin American consumer of household cleaning products was opening up to more targeted and less traditional solutions. The increase in average household income in certain key markets in the region allowed the basic cleaning basket to diversify, increasing the number of higher-priced, value-added products for specific areas of cleaning. For example, specific surface cleaners for the bathroom, kitchen, or oven," says Araya.
Source: LaTercera
