Laundry Detergents Market Size and Growth 2021, Value CAGR, Key Players with Share and Revenue, Industry Trends, Business Strategies and Challenges Till 2026
(MENAFN – America News Hour) According to a new study published by Polaris Market Research, the global laundry detergent market is expected to reach USD 215.3 billion by 2026. Among household cleaning activities, laundry has the record for the Most importantly, several studies showing that over 65% of the world’s population reported doing laundry at least twice a week and the rest did so almost daily. In addition, with the increasing availability of washing machines as well as various laundry services for residential and commercial purposes, the demand for detergents has grown at a faster rate during this decade compared to historical figures. The increase in disposable income in the Asia-Pacific region and other developing markets, the shift from traditional handwashing to methods using household appliances have resulted in the consumption of automatic detergent and hence the powder product category.
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Fabric conditioners are the most potential product category in the current industry scenario. Sales of conditioners or straighteners have increased on average by over 9% over the past three to four years. Efficiency and effectiveness are the two most important attributes that customers look for in these products. The price, however, also plays a crucial role. Performance attributes such as best at removing stains, color protection / preservation, full color washout, and sanitizer are the most vital that customers are currently looking for in these products. Perfume / fragrance, fragrance free, no harsh chemicals, environmentally friendly, etc. are among the other attributes.
The commercialization of the products has been a critical part of the rapid development of the industry and the increase in worldwide sales in the laundry detergent market. Efficient product packaging has also been a key promotion strategy. Bulk, big packs for long term savings, or small packs for consumers with tight budgets, refills and concentrates, etc. all of these packaging offered by industry participants have been very effective in attracting customers from all corporate groups.
In addition, improved energy and water efficiency of high performance products requiring less water and products suitable for cold water formulations that give solid results at low temperatures, thus reducing the need for water. energy, have contributed to a higher penetration of these products in all geographies. Simplicity and incontinence laundry detergents that deliver faster results while being easy to use are the most demanded products, creating value for customers.
The Asia-Pacific region was the largest regional market in 2017 in 2017. However, it is still a developing market overall. Sales are expected to be driven in part by volume and premiumization, as the region’s economic prosperity has enabled consumers to purchase a greater range of these products. Competition has been intense, strong volume growth is unlikely and the innovation of high quality and more efficient products is the main strategy of companies operating in this geography.
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Some of the major industry players in the laundry detergent market include Alpha Chemical, General Organics, Inc., Clean Bubbles, Inc., Procter & Gamble, Nirma, Hindustan Unilever Limited, Henkel AG & Company, KGaA, Church & Dwight Co, Inc., Henkel, etc.
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