Researchers at the company claim that the category will edge towards the $3bn mark by 2018, with annual growth rates expected to come in at 3.6% during the period, according to its latest report titled Wipes.
The research takes into consider both the consumer and industrial sectors of the market, but it is the consumer market which is continuing to carve out the lions’ share of the total category value, off the back of continued innovation and consumer interest.
Baby wipes growth slows
Breaking the consumer segment down does show some disparity though, with the report highlighting that overall growth in the consumer segment will be held back by the dominant baby wipes category (78% of total consumer wipes) as it shows signs of maturing.
On the other hand, growth in the segment will be boosted by developments in personal hygiene, pre-moistened facial cleansing and disinfecting wipes, which are being increasingly incorporated into consumers’ daily habits.
“The market will continue to see ongoing introductions of new or innovative wipes,” notes analyst Katherine Brink, "although the number of product introductions is expected to slow due to the large variety of wipes already available on the market.”
Watch out for task specific wipes
The researchers also notes that advances will be driven by consumers who will return to more expensive, task-specific wipes after they downgraded during the recession-plagued 2008-2013 period.
Meanwhile, the report also notes that growth in the industrial market will be spurred by Environmental Protection Agency’s passage of the Wiper Rule, which was passed in July of 2013.
© 2014 by The Freedonia Group, Inc.