The Global Laundry Detergent Market Anticipated to Generate a Revenue of $103,286.00 Million, Growing at a CAGR of 6.70% from 2021 to 2028Download Sample Reports Overview
The global laundry detergent market is estimated to be valued at $103,286.00 million by 2028, surging from $61,711.00 million in 2020, at a noteworthy CAGR of 6.70%.
Impact Analysis of COVID-19 on the Laundry Detergent Market
The novel coronavirus pandemic severely affected several industries. The global laundry detergent market experienced moderate growth during this period. Disruption in manufacturing capacity and supply chain during the COVID-19 period is one of the factors that might have affected the market for laundry detergent.
However, rising health concerns regarding cleanliness and self-hygiene are some of the aspects that increase the importance of laundry detergent, thereby accelerating the market growth. All such factors are expected to negatively affect the laundry detergent industry.
Global Laundry Detergent Market Analysis
The enormous growth of the global laundry detergent market is mainly attributed to increasing prevalence of industries such as textiles, hospitals, restaurants, which is creating attractive opportunities for the key players. Moreover, staying in hotels is trending now a days and this will increase the number of times textiles are changed in a hotel room on daily basis. This type of business model is expected to drive the demand for laundry detergents across the globe. Furthermore, increasing research and development activities in the laundry detergent industry are some of the factors fueling the market growth.
High investment cost associated with laundry detergent along with presence of fake products is one of the aspects that may create a negative impact on the market during the forecast period.
The increasing demand for laundry detergents because of increasing urban and fast-moving lifestyles is motivating leading market players to innovate strategies to attract customers. For example, Hindustan Unilever, consumer based company that is based in Mumbai, announced in June 2021, that under their brand name Surf Excel, they have launched Surf Excel 3 in 1 Smart Shots, it is a capsule based liquid detergent that has different design of three chambers. It has smart technology that helps in stain removal, fabric care, and provide fragrance. It is specially designed for automatic washing machines. These are some of the elements that may further lead to lucrative market opportunities in the market in the upcoming years.
Global Laundry Detergent Market, Segmentation
The global laundry detergent market is segmented based on product type, application, and region.
The product type segment is further classified into powder, liquid, gel, and pods/tablets. Among these, the powder type sub-segment is anticipated to have the fastest growth as well as dominant share and surpass $44,206.90 million by 2028, with an increase from $26,027.60 million in 2020.
The market growth can be attributed to growing demand for powder detergents because of increasing usage and demand for washing machines across the globe. All such factors will create a positive impact on the sub-segment throughout the forecast period.
The application segment is further divided into household and industrial sub-segments. The household sub-segment is anticipated to be the dominating as well as fastest growing sub-segment in the global market and register a revenue of $70,540.30 million during the analysis timeframe. The growth of household sub-segment is attributed to the availability of laundry detergent in different fragrances and forms. This aspect may aid in the generation of a lucrative revenue for the market throughout the forecast period.
The laundry detergent market for the Asia-Pacific region is projected to be the dominant as well as fastest growing region. This market generated a revenue of $24,622.70 million in 2020 and is further projected to reach up to $43,173.50 million by 2028.
The demand for laundry detergent is surging in the Asia-Pacific region specifically because of factors such as increasing launches of new laundry detergents and advancements in technologies. Additionally, innovation in products, joint ventures, and private-public strategic alliances will spur the laundry detergent market size in the foreseeable future.
Key Players in the Global Laundry Detergent Market
Some of the leading global laundry detergent market players are BASF SE, Unilever, Church & Dwight Co., Inc., The Clorox Company, P&G, NIRMA LIMITED, Henkel AG & Co. KGaA, The Sun Products Corporation, Rochester Midland Corporation, and GOJO Industries, Inc.
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
Porter’s Five Forces Analysis for the Global Laundry Detergent Market
- Bargaining Power of Suppliers: The suppliers involved in the market are extensive in number. Thus, manufacturers and companies have several options and alternatives to handle expensive supplies. Hence, there will be low threat from the supplier side.
Thus, the bargaining power of the suppliers is low.
- Bargaining Power of Buyers: Buyers have high bargaining power, primarily because of high availability of different laundry detergent products. Hence,
the bargaining power of buyers is high.
- Threat of New Entrants: Laundry detergent development requires high investment and manufacturers present in the market are much more globalized.
Thus, the threat of the new entrants is low.
- Threat of Substitutes: There are no substitutes available.
Therefore, the threat of substitutes is low.
- Competitive Rivalry in the Market: The ventures operating in the global laundry detergent are opting for various businesses deployment strategies to hold their position in the market. Several companies are launching their value-added services in the international market and strengthening the footprint worldwide.
Therefore, competitive rivalry in the market is high.