Laundry Detergent Market Top Companies Analysis and Business Strategies
The growing popularity of the liquid detergent over the powder products due to its cost-effectiveness and efficiency is predicted to fuel the growth of laundry detergent market over the forecast period. The Global Laundry Detergent Market is subject to witness substantial growth due to increasing penetration of washing machines in the developing economies across the globe and recent technological advancements. Factors responsible for robust market growth in the recent years include rising demand from North American region, and growing popularity of liquid detergent products. Globally, the market is predicted to grow at CAGR of 3.5% over the forecast period, providing numerous opportunities for market players to invest in research and development of the laundry detergent market.
The growing popularity of the liquid detergent over the powder products due to its cost-effectiveness and efficiency is predicted to fuel the growth of laundry detergent market over the forecast period. However, rising concern among general population regarding health hazards for children and safety issues are predicted to restrain market growth for laundry detergent industry in the upcoming period. Yet, recent technological advancement coupled with development of novel products and various advanced packaging techniques to ensure child safety measures are estimated to foster market expansion in the near future.
Addition of sour flavor in the packaging of liquid detergent is also critical. Increasing competition in the laundry detergent industry is leading innovation, thereby driving market growth. Additionally, increasing penetration of liquid detergent products in the urban as well as rural areas owing to the presence of retail stores, supermarkets, hypermarkets, and e-commerce industry, is predicted to fire up market growth over the forecast period.
However, excessive competition in the market and increasing presence of local manufacturers, particularly in the North American and European region are limiting overall market potential. Furthermore, recent advancement in the various manufacturing processes, development of the new formula, and addition of differential packaging for safety purposes are anticipated to boost market growth in the years to come. Development of the environmentally friendly products like Tide pur-clean due to stringent laws and regulation by regional governments are predicted to propel market growth in the upcoming years as well. Strong economic growth in the Asia Pacific region is anticipated to offer lucrative growth opportunities for industry players over the forecast period. Furthermore, easy availability of the liquid detergent due to growth of e-commerce industry and presence of number of retail-chain are driving market expansion in the last couple of years as well.
Powdered laundry detergent is one of the fastest growing segment in the laundry detergent market with substantial revenue generation in the last couple of years. Growing popularity of the powdered laundry detergent is attributed to the increasing demand from Asia Pacific region and lower cost associated with the product. Countries such as China, India, and Brazil are responsible for increasing demand for the powdered laundry detergent, in the recent years.
Additionally, increasing penetration in the rural areas for both developed and developing economies is considered as one of the prominent factor for market growth as well. Although, liquid laundry detergent market has witnessed significant growth rate over the powdered laundry detergent due to the increasing demand form the North America and European detergent market.
The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies, significant competition in the market, and existence of well-established manufacturing sector in the region. Asia-Pacific region is predicted to hold major market share in the laundry detergent market with massive growth in forecast period.
Countries such as India, China and Singapore are leading the Asia-Pacific market with growing urban population, increasing per capita income, and significant investment by leading industry players considering potential growth opportunities in the region. The key players in the laundry detergent market are Lion Co., Kao Co., Unilever Ltd., Henkel AG & Co. KGaA, Rohit Surfactants Pvt., Ltd., Nirma Ltd., Procter & Gamble Co., and Method products, plc.
Firma: Million Insights
Ansprechpartner: Tom Clark
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