New York, USA, March 30, 2022 (GLOBE NEWSWIRE) -- According to Research Dive’s newly published report, the global laundry detergent market is predicted to grow at a stable CAGR of 6.70%, thereby garnering a revenue of $1,03,286.00 million in the 2021-2028 timeframe. This holistic report provides an overarching overview of the nature of the laundry detergent market including its main characteristics like growth drivers, growth opportunities, restraints, and hindrances in the 2021-2028 timeframe. The report also contains all the necessary and essential market figures to help new entrants gain an insight into the working of the market.
Dynamics of the Market
Drivers: Recently, there has been a surge in the demand for various types of laundry detergents across the world. This surge is predicted to be the major driver for growth of the market. Apart from this, the key market players in this industry are engaging in strategic alliances and partnerships which will further boost the laundry detergent market during the 2021-2028 timeframe.
Opportunities: In the recent years, there has been a general rise in the household consumption expenditure, meaning there has been an increase in the general spending behavior of households. This increase has presented numerous growth opportunities for various markets including the laundry detergent market. Moreover, there is an increase in the number of green laundry products which are manufactured using biodegradable ingredients. This has further boosted the number of opportunities available to the market.
Restraints: High cost of laundry detergents, however, might prove to be a hindrance in the growth trajectory of the laundry detergent market.
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Impact of Covid-19 on the Market
The Covid-19 pandemic has affected millions of lives, directly or indirectly. The lockdowns ordered by various government to curb the spread of the disease has affected numerous manufacturing and service industries by hampering both the supply-side and demand-side supply chains. The laundry detergent industry, on similar lines, has faced problems on both fronts- irregular supply of raw materials and fall in demand for the manufactured products.
However, new market entrants and startups in the laundry detergents industry have been coming up with advanced technologies and innovations to counter these challenges and some of them have been able to even overcome them. Hence, market analysts predict an upsurge in the laundry detergent market once again.
Segments of the Market
The report has divided the market into certain segments based on product type, application, and region.
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Product type: Powder Type Sub-Segment to be the Most Profitable
Based on product type, the powder type sub-segment is predicted to have the most dominant market share and have the fastest growth rate. The main demand for powder type detergents is for cleaning dirty clothes. Also, powder detergents are manufactured by various companies which offer various choices to the customers. This has made the powder type sub-segment the most profitable one which is expected to garner a revenue of $44,206.90 million in the 2021-2028 timeframe.
Application: Household Sub-segment to be the Most Dominant
By application, household sub-segment is predicted to garner a substantial revenue of $70,540.30 million by 2028, thereby having the most dominant market share. Additionally, this sub-segment is on its way to become the fastest growing sub-type of the laundry detergent market. The increase in sales of washing machines in regular households have, in turn, increased the sale of laundry detergents in these households. The household sector, thus, is the biggest consumer of laundry detergents.
Region: Market in Asia-Pacific Region to be the Most Lucrative
By regional analysis, the laundry detergent market in the Asia-Pacific region is poised to become the most dominant and the fastest growing sub-segment. It is predicted to register a revenue of $43,173.50 million by 2028. The Asia-Pacific region is the most populated region in the world and in the past decade, there has been an increase in the overall household consumption expenditure of this region. This has helped the market of this region to grow at such a stunning rate.
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Prominent Market Players:
Some prominent market players of the laundry detergent market are
- Unilever
- NIRMA LIMITED
- The Clorox Company
- BASF SE
- P&G
- Church & Dwight Co. Inc.
- The Sun Products Corporation
- GOJO Industries Inc.
- Henkel AG & Co. KgaA
- Rochester Midland Corporation
These companies are coming up with various innovations using different scientific approaches to gain a prominent position in the market.
For instance, in April 2021, Unilever, a British consumer goods manufacturing giant, announced that they are collaborating with India Glycols, an Indian chemical manufacturing company, and LanzaTech, an industrial biotechnology firm. The main intention behind this collaboration is to manufacture a surfactant made from industrial carbon emissions instead of fossil-fuels. This sustainable innovation is being touted as a game changer in the laundry detergent industry.
Finally, this report published by Research Dive, also summarizes many crucial aspects of the laundry detergent market including latest strategic developments, SWOT analysis, financial performance of the key players, and product portfolio.
Research Report Overview of Laundry Detergent Market@ https://www.researchdive.com/8548/laundry-detergent-market
Related Top Article for Laundry Detergent Market:
Blog: https://www.researchdive.com/blog/5-amazing-uses-of-laundry-detergent-you-might-be-unaware-of
Analyst Review: https://www.researchdive.com/8548/Anlyst-Review/laundry-detergent-market
