NEW YORK, Feb. 4, 2021 /PRNewswire/ -- The global laundry detergent market is expected to reach USD 223.8 billion by 2028 according to a new study conducted by Polaris Market Research. the market is anticipated to register a CAGR of 5.0% From 2021 to 2028. The rising demand for detergent products across different industries such as residential, hospitals, hotels, and textiles is expected to be the major factor to fuel the growth of the global laundry detergent market. Increasing penetration of washing machines in major economies is another key factor creating new growth avenues for the market. Additionally, the growing demand for convenience and comfort in household chores, changing consumer lifestyles, and increasing income levels further boosts product sales across the globe. Moreover, manufacturers are focusing on developing skin-friendly products with innovative packaging solutions to attract consumers, which in turn, is projected to create a positive outlook for the market during the forecast period.
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Key Points from the Report:
- The liquid product segment is anticipated to grow at the fastest rate compared to other product types due to its large-scale adoption in Europe and North American regions. Increasing preference for liquid detergent owing to its comfort and convenience during application is attributed to the segment's growth.
- The household segment is contributed the major revenue share and is expected to dominate the industry during the forecast period. The rising use of washing machines in leading developing and developed economies resulted in exponential growth of the household segment.
- The sudden outbreak of the COVID-19 has influenced the buying pattern of consumers worldwide. Consumers shifted to online platforms to adhere to social distancing measures, which resulted in increased online sales of laundry care products.
The Asia Pacific dominated the laundry detergent market in terms of both industrial and household detergent consumption. Developing economies such as China and India led the regional market growth on account of a higher rate of demand and supply. Growing awareness regarding the benefits of using laundry detergent and rapid industrial advancements these progressive economies are expected to drive substantial growth in the regional market. The rapidly increasing population in the region is another key factor boosting demand for personal care and detergent products, which in turn, fueling the market. In North America, the market is predicted to grow gradually owing to the increasing urban population and improved living standards of consumers.
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Competitive Landscape of Laundry Detergent Market
The laundry detergent market is estimated to be moderately consolidated, with the leading companies accounting for a notable share in the market. Key players operating in the detergents market include Procter & Gamble, Henkel AG & Co. KGaA, Chruch & Dwight Co. Inc., and Method Products, PBC, Unilever, Lion Corporation, Kao Corporation, Reckitt Benckiser Group plc.
- Supply-side: Detergent Manufacturers & Suppliers
- Demand Side: Household, Hospitals, Nursing Homes, Educational Institutes
- Regulatory Side: Health and Safety Executive (HSE)
- Associations and Industry Bodies: Environmental Protection Agency (EPA)
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Polaris Market Research has segmented the laundry detergent market report based on product, application, and region
Laundry Detergent, Product Outlook (Revenue – USD Billion, 2016 – 2028)
- Fabric Softeners
- Detergent Tablets
- Washing Pods
- Natural/Eco-friendly Detergents
Laundry Detergent, By Application Outlook (Revenue – USD Billion, 2016 – 2028)
Laundry Detergents, Regional Outlook (Revenue – USD Billion, 2016 – 2028)
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Spain, Belgium, Netherlands)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- MEA (Saudi Arabia, UAE, Israel, South Africa)
List of Key Players of Laundry Detergents Market
- Procter & Gamble
- Method Products, PBC
- Lion Corporation
- Kao Corporation
- Henkel AG & Co. KGaA
- Chruch & Dwight Co. Inc.
- Reckitt Benckiser Group plc
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About Polaris Market Research
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises. We at Polaris are obliged to serve our diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide our customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to our customers.
SOURCE Polaris Market Research