According to a report added by Radiant Insights Inc., the global laundry detergents market is poised to expand at a phenomenal CAGR between 2017 and 2022. Growing population and rising disposable income of people around the world is anticipated to stoke the growth of the market. Increasing spending power is resulting in the greater purchase of clothes, which in turn is stirring up the demand for laundry detergents.
Growing popularity of e-commerce is expected to provide a fillip to the market. Through online distribution channels, manufacturers are able to reach out to a wider customer base. Rising penetration of local manufacturers is also anticipated to work in favor of the market. Aggressive marketing and advertisement strategies by manufacturers are likely to positively influence the growth of the market.
Rapid growth of the tourism industry is supplementing the demand for cleaning products in the hospitality sector, thereby contributing to the growth of the market. Increase in the number of working-class people has translated into the greater demand for laundry services, which in turn can augment the market.
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On the other hand, laundry detergents can have adverse effects on the environment. Degradability of these detergents, coupled with stringent regulations imposed by the European Union to ban phosphates in domestic products, can inhibit market growth. Apart from this, volatile prices of petrochemicals, which are used as primary raw materials in detergent manufacturing, can limit the market from realizing its full potential.
Nevertheless, extensive research and development activities to produce eco-friendly laundry detergents can create new growth opportunities for the market. For instance, last year, Tide® launched an eco-friendly detergent, Tide Purclean™ in U.S. The product comes with a 65 percent bio-based formula.
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Manufacturers are always trying to come up with new formulas, packages, and marketing strategies that will help them stand out, if not make them superior. Rising focus on product differentiation will open new avenues for players in the market.
The global laundry detergents market has been segmented based on application, product, and region. On the basis of product, the market has been bifurcated into neutral liquid detergent and weak alkaline liquid detergent. In terms of application, the market has been divided into bedding, knitted fabrics, and textiles.
From a geographical standpoint, the laundry detergents market has been classified into North America, Southeast Asia, Europe, India, China, and Japan. North America is expected to account for a large share in the market, owing to high consumerism in the textile industry. Surging consumer demand for products that offer performance and convenience is prompting manufacturers to launch user- and machine-friendly products, which in turn is benefitting the market in the region.
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China and India are likely to progress at a remarkable pace in coming years. Growth in the countries can be attributed to improving economic conditions, rising disposable income, and high population growth rates. Large manufacturing capacities along with growing industrial investments can also drive these markets. Southeast Asia will also hold immense potential, thanks to changing consumer lifestyles and increasing spending power of the populace.
Some of the key players in the laundry detergents market are Procter & Gamble, ReckittBenckiser, Unilever, Henkel, and Church &Dwight.
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