Analyst Insight by Tim Barrett - Research Analyst
The CSPA InnoVention Conference, hosted from May 6-7 in Chicago at the Downtown Marriott, is an annual showcase of product trends and development surrounding the home care market. It brings together international players from different backgrounds including manufacturers, retailers, ingredient producers and market experts. Euromonitor International US Research Analyst Tim Barrett was pleased to present there, bringing to light some important packaging trends within home care, with a special focus on universal design.
Universal Design and the Current Global Market
Product design based on the core value of equal accessibility for the elderly, disabled, and able-bodied alike is more eloquently known as universal design. In a nutshell, these products strive to be efficient, easy to use, and to provide the same results regardless of the user’s age or ability. Home care manufacturers have sought to incorporate the principals of universal design into their products in order to make their goods more attractive and useful to a wider proportion of the population.
Products which are manufactured with universal design in mind will become increasingly important as the global population evolves. As fertility rates across the developed world and even some emerging economies have dropped below 2.1 children per couple, the prospect of aging populations is inevitable for many countries. By 2030 it is predicted that there will be about 1 billion people over the age of 65, twice as many as there were in 2000. Japan faces the worst of this crisis, but the US, Germany, and even China will all face a future where over 20% of their respective populations are those over the age of 65, making these markets impossible to ignore.