The global laundry detergent market is expected to grow immensely 2028 due to strategic alliances among key market players. Powder type sub-segment expected to be highly lucrative. Market in the Asia-Pacific region to be highly beneficial by 2028
NEW YORK, July 25, 2022 /PRNewswire/ — Research Dive has added a new report to its offering titled, “Laundry Detergent Market by Product Type (Powder, Liquid, Gel, and Pods/Tablets), Application (Household and Industrial), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028“.
According to the report, the global laundry detergent market is anticipated to garner a revenue of $1,03,286.00 million by 2028, growing at a CAGR of 6.70% during the forecast period 2021-2028.
Dynamics of the Laundry Detergent Market
Drivers: The growing demand for laundry detergents among people across the globe and increasing strategic alliances among the market players are the prime factors estimated to drive the growth of the global laundry detergent market by 2028. In addition, growing concerns over maintaining hygiene to curb the spread of the corona virus is also expected to boost the market growth during the forecast period.
Opportunities: Rising living standards of people and their preference for high-quality products is projected to offer ample growth opportunities for the global laundry detergent market in the 2021-2028 timeframe. Moreover, inclination towards laundry detergents that use biodegradable components is predicted to further bolster market growth during the analysis years.
Restraints: High cost of laundry detergents is the major factor expected to impede the market growth during the analysis timeframe.
Covid-19 Impact on the Laundry Detergent Market
The onset of the Covid-19 pandemic has had a moderate impact on the global laundry detergent market. Governments across the world imposed strict lockdowns and mobility restrictions that led to severe disruptions in supply chains and delayed manufacturing operations. However, many market players are initiating strategic alliances, partnerships, and acquisitions to provide laundry detergents amid lockdowns and accelerate the market development further. In addition, rising product innovations and upgradations also helped the market to revive its growth rate during the pandemic stress.
Segments of the Laundry Detergent Market:
The report has divided the laundry detergent market into a few segments based on product type, application, and regional analysis.
- By product type, the powder type sub-segment of the global laundry detergent is anticipated to have a dominating market share as well as a significant growth rate. As per the report, the sub-segment is predicted to surpass $44,206.90 million by 2028 due to the growing demand for detergents with components like anti-deposition agents, foam regulators, water softeners, surfactants, fragrances, etc. Moreover, strategic alliances by market players is also estimated to bolster the sub-segment’s growth by 2028.
- By application, the household sub-segment of the global laundry detergent market is anticipated to have a prominent market share and grow tremendously by surpassing $70,540.30 million by 2028 due to the growing busy lifestyle that consequently leads to increasing sale of laundry detergents across the globe.
- By region, the laundry detergent market in the Asia-Pacific region is predicted to register a revenue of $43,173.50 million by 2028 due to growing usage of laundry detergent in households in countries like Japan, China, and Australia. Moreover, rising population, its growing disposable income, and rising health concerns are also projected to further uplift the market growth in the Asia-Pacific region during the forecast timeframe.
Prominent Laundry Detergent Market Players:
Some prominent laundry detergent market players are
- Rochester Midland Corporation
- Unilever
- Church & Dwight Co., Inc.
- BASF SE
- P&G
- Henkel AG & Co. KGaA
- The Clorox Company
- The Sun Products Corporation
- NIRMA LIMITED
- GOJO Industries, Inc., among others.
These players are building several strategies like product development and enhancement, merger and acquisition, partnerships and collaborations to assist the market growth. – Buy the full report here start at $2999 (Read-Only)
For example, in April 2021, Unilever, a leading consumer-based organization, announced its partnership with LanzaTech, a leading industrial chemicals firm, to produce a surfactant made of industrial carbon emissions instead of fossil fuels. This partnership was also aimed to promote the utilization of biotechnologies to uplift the market development.
The report also sums up various crucial facets including financial performance of the market players, SWOT analysis, product portfolio, and the latest strategic developments.
More about Laundry Detergent Market:
- Strategic Partnerships and Product Launches by Market Players such as P&G, Unilever, and Others to Foster the Growth of the Global Laundry Detergent Market
- 5 Amazing Uses of Laundry Detergent You Might Be Unaware Of
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