Wet Wipes Market Are Expected To Cross US$ 8.0 Bn By 2031, Growing At A CAGR Of 7.6% Between 2021 2031
According to a recent study by Future Market Insights (FMI), the sales of wet wipes are expected to top US$ 3.7 Bn in 2021, growing at a CAGR of over 7.6% during the forecast period (2021-2031).
Increasing health-care related issues and the rising prevalence of infectious diseases and skin-related problems have increased concerns among general population. As a result, awareness with regards to the adoption of personal care and hygiene practices is at all time high.
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Regular usage of sanitizer, wet wipes, and tissues for cleanliness and maintaining proper hygiene has positively affected the wet wipes market. With various wet wipes options available in the market, catering to diverse purposes such as incontinence wet wipes- for urinary incontinence, sterile wound cleansing wet wipe- for cleaning wounds, and skin care wet wipe- for regular use; growth prospects for future remains optimistic.
Traditionally, products such as soap, face wash, cleansing milk, and others which are already available in the market have been in use for personal hygiene for generations. But factors such as easy handling, convenience while travelling, achieving cleanliness of hand and face without using water have buoyed consumer inclination in favor of wet wipes.
Companies specializing in wet wipes have been focusing on developing more innovative products such as fragrance- filled wet wipes, environment-friendly, and biodegradable wet wipes and using wood pulp and cotton to avoid harmful effect on sensitive skin.
Government as well as private companies are involved in specialized marketing campaigns to address the need for wet wipes. Furthermore, mergers, acquisitions and collaboration are undertaken by companies to increase the product portfolio as well as reach. All these factors are expected to create demand for wet wipes.
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Key takeaways from Wet wipes Market study
- By product, incontinence wipes constitute the most lucrative segment in terms of revenue. The demand for incontinence wipes is expected to increase at a CAGR of over 7% 2021-2031.
- By disposability, non-flushable wipes segment will hold a revenue share of around 75% in 2021 and is expected to follow the similar growth trend in the future.
- By application, skin care wipes segment holds the largest share and will continue to dominate this segment in the forecast period.
- In terms of end user, hospitals are leading the market and are expected to gain more than 25% of revenue share over the forecast period.
- North America will dominate the global wet wipes market in terms of revenue in 2021, followed by Europe region.
- India is dominating the South Asia wet wipes market, accounting for nearly 29% of global market share in 2021.
- China holds leading position in East Asia and is expected to account for nearly 40% of market share.
“Steered by changing consumer preference, market players are rethinking sources of materials used for wet wipes manufacturing. Their focus is shifting towards more sustainable and biodegradable options to reduce the burden of wet wipes disposal on the environment. This will present attractive opportunities for growth of the market in the near future,” said a lead FMI analyst.
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Who is winning?
Some of the leading manufacturers of wet wipes are focusing on innovative product launches, specialized marketing campaigns, mergers, acquisitions and partnership strategies, thereby enhancing their market presence.
- In February 2018, Procter & Gamble Co. announced the acquisition of Snowberry, a New Zealand-based skincare company which specialized in natural ingredient products.
- In August 2020, Kimberly-Clark’s brand Pull-Ups launched a product, New Leaf. Pull-Ups® New Leaf is made with plant-based ingredients like sugarcane and fluff pulp, carefully selected and crafted to provide the high level of protection.
- In February 2018, Stryker completed the acquisition of Entellus Medical, a medical technology company and strengthen Stryker’s personal care product portfolio.
The key market players covered by FMI include Essity Aktiebolag (publ), Kimberly-Clark, Procter & Gamble, Cardinal Health, Medtronic, Stryker, Coloplast, Hindustan Unilever Ltd., Medline Industries Inc., ConvaTec Inc., The Himalaya Drug Company, Domtar Corporation, Johnson & Johnson Private Limited, Hollister Incorporated and Godrej Consumer Products Limited.