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ESOMAR-certified consulting firm Future Market Insights (FMI) has projected the global wet wipes market to reach a valuation of US$ 3.7 Bn in 2021. Expanding at a robust 7.6% CAGR, the market is poised to surpass a valuation of US$ 8.0 Bn by the end of 2031.
Growing awareness regarding healthy hygiene practices and the implementation of healthcare programs across various countries to encourage healthy living are translating into high demand for wet wipes.
Wet wipes, or wet towels are convenient to use and are easily available, making them one of the best-selling personal hygiene products. Steered by the high demand for wet wipes, manufacturers are launching a wide array of products ranging from baby wipes, makeup wipes to disinfectant wipes, and wound care wipes. These factors will create lucrative growth prospects in the forthcoming years.
Market players are launching eco-friendly and biodegradable variants of wet wipes made from wood pulp and cotton as a replacement of synthetic fibers, which in turn is driving sales of wet wipes.
Rising prevalence of health-related disorders in the geriatric population, such as incontinence-associated dermatitis (IAD) and catheter-associated urinary tract infection (CAUTI) is spurring demand for wet wipes, particularly in hospitals.
Since wet wipes effectively serve the purpose of maintaining hygiene standards and removal of germs, dirt, and dust build-up on the skin and other physical surfaces, their applications are projected to continue gaining traction over the forecast period.
Besides this, the emergence of local and small players, innovative product development, smart marketing strategies adopted by leading manufacturers, and commercialization of wet wipes are improving growth prospects for the global wet wipes market.
The FMI study projects the U.S. to lead the North America wet wipes market. Rapid expansion of distribution channels, coupled with increasing per capita healthcare expenditure are anticipated to bode well for the wet wipes market in the U.S.
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“Expansion of the ecommerce sector is resulting in easy availability and increasing sales of wet wipes across the globe. In addition to this, government-backed healthcare reimbursement plans will continue driving sales of wet wipes over the forecast period,” says the FMI analyst.
Leading players operating in the global wet wipes market are aiming to expand their global footprint through strategic collaborations, mergers, and acquisitions. In addition to this, launching innovative products, research, and development and strengthening distribution channels will remain key growth strategies among players. For instance:
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More Insights on FMI’s Wet Wipes Market
The latest market study on the wet wipes market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global wet wipes market potential, its growth, trends, and opportunities, the market is segmented on the basis of:
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Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10-years.
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The post Wet Wipes Market Is Set to Expand at A CAGR Of 7.6% To Reach US$ 8.0 Billion During the Forecast Period 2021-2031 appeared first on Future Market Insights.
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