Boston, MA -- (ReleaseWire) -- 06/17/2014 -- According to Euromonitor International's estimates, Peru stands as the second lowest country in Latin America in terms of per cap expenditure on surface care. This scenario can be explained by the fact that low-middle and low-income households traditionally rely on standard powder detergent or diluted bleach to clean kitchens and bathrooms as well as other surfaces. Nevertheless, consumers benefiting from higher disposable incomes progressively trade up to multi-purpose cleaners, a product that continues to increase in popularity as Peruvian consumers appreciate the convenience provided by a product that can be used in different surfaces. In addition, middle-income consumers who are already familiar with the use of multi-purpose cleaners increased their demand of more specific products in order to save time and obtain more efficient results when cleaning different surfaces. As a result, surface care posted 11% growth in current value terms in 2013, marginally below the performance observed the previous year.
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Local company Intradevco Industrial SA led surface care with 38% value share in 2013. The company has achieved the preference of both middle and low to middle-income households due to its affordability, good quality, wide array of packaging sizes and strong distribution network. Clorox Peru SA ranked second with 25% value share. The multinational company carries strong advertising for its Poett and Pine-Sol brands and has a longstanding presence in Peruvian surface care, cultivating the loyalty of upper-income consumers.
Surface care is predicted to post a 7% value CAGR in constant 2013 prices during the forecast period, which is marginally below the performance observed over the review period. The category holds great potential to develop at healthy rates of growth given its low penetration. Higher disposable incomes will determine that middle-income consumers increase their demand of more sophisticated products to take better care of different types of surfaces and save time on the task. In addition, some low-income consumers will be attracted towards multi-purpose cleaners taking advantage of the presence of economic brands and private label products of standard quality that are offered at attractive prices.
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