Companies belonging to the Household Product sector will be affected directly and indirectly by a number of disruptive opportunities and challenges that will jeopardize their corporate longevity over the coming decades. While described in detail within Quantumrun’s special reports, these disruptive trends can be summarized along the following broad points:
- First off, advances in nanotech and material sciences will result in a range of materials that are stronger, lighter, heat and impact resistant, shapeshifting, among other exotic properties. These new materials will enable significantly novel design and engineering possibilities that will impact the manufacture of future household products.
- Artificial intelligence systems will discover new thousands of new compounds faster than humans that can, compounds that can be applied to everything from creating new makeup to more effective kitchen cleaning soaps.
- The booming population and wealth of developing nations in Africa and Asia will represent the largest growth opportunities for household product sector companies.
- The shrinking cost and increasing functionality of advanced manufacturing robotics will lead to further automation of factory assembly lines, thereby improving manufacturing quality and costs.
- 3D printing (additive manufacturing) will increasingly work in tandem with future automated manufacturing plants to drive down the costs of production even further by the early 2030s.
- As the manufacturing process of household goods becomes entirely automated, it will no longer be cost-effective to outsource the production of products overseas. All manufacturing will be done domestically, thereby cutting labor costs, shipping costs, and time to market.
These broad trends will have far-reaching effects on the Household Product sector that will influence the sector’s long-term development.
To stay informed about these and other trends, as well as the emerging opportunities and threats facing the Household Product sector, consider investing in Quantumrun Foresight sector forecast reports. Contact us today to learn more.