Laundry Care Market Growth On The Basis Of Type, Application, Region & Forecast To 2028: Grand View Research Inc.

 

The global laundry care market size is expected to reach USD 131.1 Billion by 2028, registering a CAGR of 4.5% over the forecast period from 2022 to 2028, according to a new report by Grand View Research, Inc. The rising population in developing economies like Brazil, India, and China coupled with a rising inclination toward personal hygiene are some of the prominent factors propelling the demand for laundry care products across the globe.

The market has remarkable potential growth in the coming years due to an increase in awareness regarding the benefits of laundry care products among consumers. Additionally, major market players are introducing innovative laundry care products infused with various fragrances and natural ingredients to improvise the effectiveness of the product and intensify their customer base. For instance, in April 2018, Henkel AG & Co. KGaA launched a new laundry care product manufacturing line in Poland to manufacture liquid detergent for Henkel's Persil and other brands. Such initiatives by key market players are expected to attract new consumers and open up new revenue streams for them. All these factors are expected to drive the growth of this market during the forecast period.

Rise The rise in disposable income of middle-class consumers and improving economies in several countries ensures ensure an improved lifestyle. Owing to an upsurge in disposable income, the customers are inclining toward advanced laundry care products to uphold their life and the quality of their branded products. Also rising awareness regarding harmful side effects of chemical-based laundry care products has fortified consumers to opt for sustainable and eco-friendly laundry care products. Major key players have also introduced eco-friendly laundry care products by maintaining the cleaning aspect which in turn will drive industry demand.

The laundry detergents product type segment contributed a share of around 65% in the global laundry care market revenue in 2021 due to its increasing demand. Laundry detergents are mostly used to remove stains and dirt from clothes. The effective and quick results of cleanings by detergent have made it popular among consumers. Additionally, key players are emphasizing using chemical-free components while manufacturing laundry detergents. Thus, all these factors are likely to propel the growth of this segment over the forecast period.

The rise in the adoption of chemical-free and plant-based laundry detergent products is expected to be a prominent trend in the global market. Key competitors are responding to this trend by releasing high-performance, plant-based laundry care solutions that prioritize consumer wellness while maintaining excellent cleaning quality. For instance, in August 2020, Reckitt Benckiser Group Plc. launched Botanical Origin, a plant-based cleaning brand with effective and inexpensive products. The brand will be offered only on Amazon and will feature laundry necessities such as laundry detergent and fabric softener.

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Asia Pacific holds the majority by capturing over 40% of the industry share owing to the majority of laundry care products utilization being done in this region. Additionally increasing population and rising disposable income are driving the growth of this market. China is projected to be a significant contributing country in Asia Pacific due to the presence of a large population seeking rapid dry-cleaning and laundry care goods to preserve personal hygiene.

During the spread of the COVID-19 pandemic, the global market witnessed a positive impact in terms of consumer demand and acceptance of a variety of laundry care products. The demand for laundry products has increased globally as a result of COVID-19, owing to consumers' growing knowledge of the importance of cleaning and disinfecting their homes and clothing to protect themselves and their families from the novel coronavirus. Moreover, increasing disposable income and rapid urbanization led to substantial infrastructural developments resulting in the rise in demand for laundry care products in coming years.

Laundry Care Market Report Highlights

• North America is expected to register the fastest growth of 5.1% CAGR from 2022 to 2028 owing to the increasing demand for sustainable and eco-friendly products.
• The laundry detergent product type segment contributed to the highest share of the global revenue in 2021 due to the rising demand for laundry detergents in emerging economies.
• Asia Pacific dominated by contributing over 40% of the global revenue in 2021 due to increasing demand for laundry care products, especially among the middle-class population in developing countries including China, and India.
• Offline distribution channel held the largest share in 2021, contributed contributing around 80% of the total revenue due to the expanding retail sector in developing regions.

The rising demand for sustainable and eco-friendly laundry care products is expected to generate more opportunities for this industry, thus considerably fueling the growth of the laundry care market in the coming years. In near future, the global market will be propelled by the expanding significance of healthier lives, along with increased consumer concerns about health and sanitary living, including garments free of germs, dust, and filth.

Rising concerns among individuals about health and sanitary living, free of germs, and bacteria, have resulted in a constant rise in per capita spending on household cleaning supplies, particularly laundry detergents. Over a couple of years, the fragrance has played an increasingly important role in home cleaning goods, as consumers opt for products with a strong pleasant odor, forcing vendors to differentiate their products. Rising investment by market players to launch new organic and eco-friendly products is further expected to have a profound impact on the global market over the forecast period.

List of Key Players in Laundry Care Market

• Procter & Gamble (Cascade)
• Unilever
• Henkel AG & Co. KGaA (Pril)
• Reckitt Benckiser Group PLC (Finish)
• Colgate-Palmolive Company
• Kao Corporation
• SC Johnson and Son Inc.
• The Clorox Company