Pune, India, May 29, 2019 (GLOBE NEWSWIRE) -- Laundry Detergent Pods Market is poised to touch USD 3,567.7 Mn by 2023 at an impressive 5.04% CAGR during the forecast period (2018-2023), reveals the latest report by Market Research Future (MRFR)
Market Analysis
The Laundry Detergent Pod Market gained traction on its launch as they were largely aimed at an urbane consumer segment that used the latest models of washing machine and required an expedient option regarding laundry products. The imperative need for efficiency related to the washing of clothes daily is identified as a key market driver. The report published on laundry detergent pods released by Market Research Future, finds that the market is set to touch revenue figures worth USD 3,567.7 million by 2027, while growing at a 9 % CAGR in the upcoming forecast period by 2023. The rapid growth of the household care industry is anticipated to support the expansion of the laundry detergent pods market in the forecast period.
The awareness of its benefits and the combined use of brightener, stain remover, and detergents in a single delivery module is expected to create favorable growth prospects. The retail sector is expected to positively add to the growth of the market in the approaching period. The expansion of the distribution channels both physical and e-commerce based are expected to aid in achieving growth in the volume. The market has also garnered positive traction due to the execution of strong promotional campaigns that are aiding in growing the end user base in the market. The relative inelasticity in terms of the demand for detergent products is projected to further enhance the potential of the market in the forthcoming years.
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Key Players and Industry Buzz
The chief contenders shaping the Laundry Detergent Pods Market are Procter & Gamble Co. (U.S.), Church & Dwight Co., Inc. (U.S.), Henkel AG & Co. KGaA (Germany), MaddieBrit Products LLC (U.S.), and Dapple (U.S.).
Nov 2018 Tide PODS Free and Gentle Laundry Detergent and Tide Free and Gentle Liquid Laundry Detergent are the among the first laundry detergent products to be given both the National Eczema Association (NEA) Seal of Acceptance and National Psoriasis Foundation (NPF) Seal of Recognition lately.
Market Segmentation
The study of the segments in the Laundry Detergent Pods Market is carried out on the basis of application, distribution channel, and region. On the basis of the applications, the laundry detergent pod market is segmented into residential and commercial. The residential segment was responsible for the majority share of the laundry detergent pods market in 2017. The residential segment is forecasted to achieve roughly USD 2,945.9 million by 2023 in the laundry detergent pods market. Whereas, the commercial segment is estimated to earn USD 621.8 million in returns by the conclusion of the forecast period. The segmentation of the laundry detergent pod market on the basis of distribution channels comprises of non-store based and store based. The store-based segment further includes hypermarkets, convenience stores, supermarkets, and specialty stores which supply the product to customers at economical rates. The store-based segment is expected to have a stronger influence on the growth of the market with a contribution of USD 2,527.1 million in income for the laundry detergent pods market by the year 2023. Based on region, the laundry detergent pod market is segmented into North America, Europe, Asia Pacific and the Rest of the World.
Browse the market data and Information spread across 99 pages with 108 data tables and 24 figures of the report “Laundry Detergent Pods Market Report - Forecast 2018-2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/laundry-detergent-pods-market-7332
Regional Analysis
The regional examination of the Laundry Detergent Pods Market includes regions such as North America, Europe, Asia Pacific and the Rest of the World. The analysis reveals that the European region is projected to be the leading region in terms of the swift growth due to the initial adoption of pioneering laundry products. Furthermore, the addition of fragrances and novel ingredients that make cleaning convenient for the consumers are key factors likely to impel the sales of the laundry detergent pods market in the region. The emphasis on the packaging of laundry detergent pods is expected to provide a competitive advantage for the market’s development. Additionally, the North American region is expected to show signs of a modest expansion rate over the forecast period due to the incidence of key detergent producers. In addition, the progress achieved with the creation of inventive products together with the consumer readiness to purchase fresh products can improve the laundry detergent pods market’s development in the region. Also, the hectic way of life of the target consumers in Mexico and Canada and their spending behavior is expected to encourage the growth of the laundry detergent pod market in the coming years.
Browse Related Reports:
Laundry Detergents Market Research Report by Product Type (Bars, Powder, Liquid, Pods and Others), Distribution Channel (Store-Based and Non-Store-Based), Region (North America and RoW) - Forecast till 2023
https://www.marketresearchfuture.com/reports/laundry-detergents-market-6949
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