Global Laundry Detergent Market Size to grow at a CAGR of 3.3% over the forecast period
Laundry Detergent Market value is set to forecast with revenue of $74.4 Billion during 2018 and is set to growth through 2025 with 3.3% CAGR. The market growth is driven by increased production of washing machine, augmented consumption of global apparel and demand for innovative end-user Laundry detergent products- finds Deepthi, an analyst at OG Analysis.
Key vendors are focussing on eco-friendly, sustainable products and added value products with more flexibility and comfort of use for both residential and rural units.
Increasing consumer awareness of natural and organic products is driving companies to invest significantly in manufacturing innovative products. Further, key vendors are investing intensely to develop detergents through alternative raw materials.
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Further, surge in demand for concentrated detergents is resulting in decreased product packaging and key companies are promoting their packaging innovations to seek attention of residential buyers. New stain removal technologies are being researched intensively along with aggressive promotion of product fragrance in laundry.
However, key companies in the laundry detergent market are facing stiff growth barriers from small-scale vendors emerging across developing economies. In addition, detergents consisting of hazardous chemicals face regulations challenges, hence, manufacturers are forced to develop plant based liquids, phosphate/chlorine free and eco-friendly detergents.
Residential Laundry is set to precede laundry detergent market growth during forecast period
Driven by increasing urbanization and working-class segment, growth in penetration of washing machines, residential laundry remains the major market share segment, by application across laundry detergent market.
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Shift towards machine-based washing from manual washing is an important driver for automatic powders, liquids and tablets form of detergents across Residential Laundry.
The growing demand for organic and eco-friendly laundry care products has a significant impact on the laundry detergent market which encourages market vendors to offer organic and eco-friendly products across residential applications.
Further, population growth and urbanization are driving growth in most of the end user segments of residential laundry detergent market.
Powder detergent is forecast to generate a market volume of $27.7 billion by 2025
The powder form is the largest consumed detergent type worldwide in terms of market value, despite intense competition from advanced forms like liquid detergents and cheaper cakes, the powder detergent remains the largest segment.
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Growth in living standards of most Asian and African countries along with adoption of machines to manage laundry is amid the factors triggering market growth. A significant portion of rural population currently relying on cakes and bars will also shift to powder in the medium-term future.
Changing consumption trends in developing regions are observed to be positively impacting Laundry Detergents market growth
Asia Pacific is directing regions towards the Laundry Detergents market growth driven by strong growth in consumer segment and textile sector, the region is witnessing steady growth for laundry applications. In addition, ongoing rural empowerment opportunities and strengthening of the income class across the developing countries will shift the market trend to branded laundry detergents powders.
Further, liquid manufacturing companies are focusing on expanding their business in Latin American and parts of Asian countries with innovative products to meet the consumer trends. For instance, In May 2019, Reckitt Benckiser enters premium liquid laundry detergent category in India with Woolite, to repair damaged fibres and make clothes look like new.
Innovative product portfolio and R&D investments by key players are imprinting positive market growth
Product innovation across liquid detergent market segment is set to pope huge market opportunity. Key players are investing in launch of innovative liquid laundry detergent products, For instance, In April 2019 Kao Corporation launched concentrated liquid laundry detergent “Attack ZERO,” a revolutionary product that will completely transform the concept of laundry.
In 2018, Henkel plans to transform its laundry & home care business through digital innovation. Moreover, In FY2017, the company invested EUR476 million for its R&D activities.
Prominent laundry detergent market players are Unilever Plc, Henkel AG & Co, Church & Dwight Co., Inc., Procter & Gamble Corporation, Lion Corporation, Kao Corporation, Method products pbc, Reckitt Benckiser Group Plc, and The Clorox Company.
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