Future Market Insights (FMI) in its latest market survey presents in-depth study on the key developments in the global wet wipes market. The report is intended to uncover hidden opportunity in various segments including product type, disposability, applications, and end-users. The study also highlights growth strategies adopted by key market players to gain a competitive edge.
DUBAI, U.A.E, Sept. 20, 2021 /PRNewswire/ -- 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.
Considering this, 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.
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.
"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.
Based on product type, incontinence wipes are projected to account for nearly 27% of the global wet wipes market share over the forecast period.
In terms of end users, the hospital segment is anticipated to grow at a 6% CAGR through 2031.
The U.S. is estimated to account for over 80% of the North America wet wipes market.
Germany will dominate the European wet wipes market, holding 23% of the market share in 2021.
China will emerge as a lucrative market, accounting for 40% of the East Asian wet wipes market share.
The Japanese wet wipes market is projected to grow at a 9.3% CAGR while the South Korea wet wipes market is estimated to register a robust 10% CAGR through 2031.
Collaborations among key market players to launch innovative products will provide tailwinds to wet wipes sales during the assessment period.
Availability of cheaper alternatives such as soaps, cleansing milk, and face washes might hamper sales of wet wipes.
Chances of allergic reactions and irritability on the skin might result in decreased sales of wet wipes.
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:
In January 2021, Medline collaborated with Intelligent Observation (IO) to assist healthcare providers to control healthcare-associated infection rates.
In July 2021, Essity announced the acquisition of ABIGO Medical, a wound care company, and Asaleo Care, a hygiene company based out of Australia.
Leading players operating in Wet Wipes Market profiled by FMI include:
Essity Aktiebolag (publ)
Procter & Gamble
Hindustan Unilever Ltd.
Medline Industries Inc.
The Himalaya Drug Company
Johnson & Johnson Private Limited
Godrej Consumer Products Limited.
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:
The report offers detailed insights into wet wipes market demand outlook for 2021-2031.
The market study also highlights projected sales growth for wet wipes market between 2021 and 2031.
Wet wipes market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.
Wet wipes market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.
Explore FMI's Extensive Coverage on Healthcare Domain
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.