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The sponge and scouring pads market size is estimated to grow by USD 1.57 billion, at a CAGR of 4.83% between 2023 and 2028. The market landscape is shaped by several factors, including the growing reliance on online sales channels, the evolving middle-class demographic with rising disposable incomes, and the expanding presence of hotels and restaurants. Online sales channels are witnessing a surge in usage, providing consumers with convenient access to a wide range of products and services. Concurrently, the expanding middle-class population, coupled with increased discretionary spending, fuels demand across various sectors. Moreover, the proliferation of hotels and restaurants reflects a growing hospitality industry catering to diverse consumer preferences and lifestyles. These dynamics contribute to a dynamic marketplace, characterized by enhanced accessibility, evolving consumer behaviors, and a competitive landscape, driving innovation and growth across multiple sectors. It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historical data from 2018 - 2022, besides analyzing the current market scenario.
Increasing number of hotels and restaurants is notably driving the market growth. The steady rise in the number of hotels and restaurants has had a positive impact on the market. The growth in the food service industry has resulted in a higher demand for sponges for quicker and more efficient cleaning of the kitchen and appliances. Favorable factors such as the increase in urbanization rate, rise in disposable income, and a steady expansion in the number of food service outlets play a major role in driving the growth of the food service industry globally. Steady growth in the number of millennials, who are more eager to spend on luxury hotels and premium food, has further widened the growth prospects of the market. India has recently emerged as a major market for restaurants. The penetration of organized food retail services in the country is further expected to fuel sales in the restaurant industry. Hence, the rise in the number of restaurants and sales through them will boost the growth of the market during the forecast period.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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