Laundry Detergent Market Is Expected To Reach 230.2 Billion By 2027And Grow At A CAGR of 9 Percent Over The Forecast Period.
According to the report by Stellar Market Research, Laundry Detergent Market is estimated to grow at a CAGR of 9 percent over the forecast period 2022 to 2027. Laundry Detergent Market was valued at USD 137.34 billion in 2021.
Laundry Detergent Market Overview:
Powder segment dominated the laundry detergent market in 2021 with 33% market share. Since, a significant portion of the population in countries like China, India, Brazil, and others live in rural regions, they choose powder-based items over all other things. When opposed to powder, using detergent offers the customer convenience and luxury. In emerging markets, powder detergent is slowly gaining ground as people look for affordable options. The Liquid Segment is estimated to grow at a CAGR of 4.8 percent over the forecast period. Customers can use liquid and powder detergents with comfort and convenience. Compared to powder detergents, liquid detergents have higher profit margins and cheaper manufacturing expenses. These elements are expected to fuel sector demand during the forecast period.
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Laundry Detergent Market Insights:
Asia Pacific region dominated the market with a 41 percent market share in 2021. Due to increased competition and the growing popularity of local brands, the market is witnessing highest growth. China and India are the two nations with the largest populations. In comparison to India, which has a population of about 34 percent and 1.29 billion people, China has a population of about 1.45 billion, with 56 percent of them residing in cities. These elements are fueling the segment’s growth. Increasing urban populations, disposable incomes, and washing machines have turned from luxury items to commodities as a result of variables such higher disposable income, ease of financing, and growing effect on modern life. These factors are boosting demand of the laundry detergent market.
The North American region is expected to grow at a CAGR of 6% over the forecast period. The industry is being driven by the adoption of a healthy lifestyle and a rise in hygiene awareness. The region’s established real estate industry, household spending, and unit expansion are a few of the factors influencing the market for household cleaners. The growing demand for organic and environmentally friendly laundry care products has an impact on the sector. As a consequence, many different suppliers will be able to offer natural and environmentally beneficial goods. These factors are expected to increase demand for laundry detergent in this region over the forecast period.
Laundry Detergent Market Scope and Dynamics:
Rising per capita expenditure on laundry detergents is being driven by people’s worries about living in a clean and sanitary environment free of dust, dirt, germs, and other contaminants as well as the significance of leading a healthier lifestyle. The market’s demand for laundry detergent is being driven by these factors. Fragrances play a crucial part in household cleaning solutions since consumers are increasingly seeking for products with powerful and appealing aromas. Globally, demand for detergent products is also increasing due to factors including increased household expenditure and the expansion of the real estate industry as a consequence of an increase in housing supply. These factors are fueling the growth of the market.
Consumers are preferring water-saving, high-efficiency appliances, due to which popularity of premium detergents are growing. As customers keep purchasing items that fit this trend, detergent manufacturers are creating fresh deep and cold water cleaning solutions. These reasons are expanding the demand for laundry detergent. Variations in the pricing of raw materials and strict restrictions are limiting market expansion. The volatile oil industry is heavily dependent on it because the majority of detergents are derived from petroleum. As a result, manufacturers are searching for inexpensive alternatives to natural raw materials. These factors are restraining the laundry detergent market from growing.
Laundry Detergent Market Segmentation:
Product
- Powder Detergents
- Liquid Detergents
- Fabric Softeners
- Others
Application
- Residential
- Commercial
Distribution Channel
- Offline
- Online
Key Players in Laundry Detergent Market:
- Method Products (California, United States)
- Kao Corporation (Tokyo, Japan)
- Lion Corporation (Tokyo, Japan)
- PBC (Brazil)
- The Procter & Gamble Company (Ohio, United States)
- Unilever (London, United Kingdom)
- The Clorox Company (California, United States)
- Reckitt Benckiser Group plc. (Slough, United Kingdom)
- Church & Dwight Co., Inc. (Ewing Township, New Jersey)
- Alticor (Amway Corporation) (Michigan, United States)
- Colgate-Palmolive Company (New York, United States)
- Henkel AG & Co. KGaA (Düsseldorf, Germany)
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About Stellar Market Research:
Stellar Market Research, founded in 2018, is an India-based consultancy and advising firm focused on aiding customers in reaching their company transformation goals through advisory services and strategic business. The company’s goal as a strategic knowledge partner is to become an important component of the client’s business. Stellar Market Research provides comprehensive solutions that go beyond core research technology to help leaders in any organization achieve mission-critical goals. The company produces recommendations that will allow the organization to develop in the future. So far, the firm has worked with over 335 companies across 25 industries, providing dependable data with a 94 percent accuracy rate. The organization has domain-specific research specialists and 119 research analysts in several sectors who evaluate the industry on a regular basis, assisting the company in gaining a competitive advantage through high-quality market intelligence.
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