Laundry Detergent Market Expected to Reach $98,139.7 Million by 2030-Allied Market Research

According to a new report published by Allied Market Research, titled, “Laundry Detergent Market by Product Type, Application, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global laundry detergent market size is expected to reach $98,139.7 million by 2027 at a CAGR of 4.8% from 2021 to 2030.

Laundry detergent is used for effective cleaning action on dirt and grease, and is extensively used in washing machines. Commonly, components used in making a laundry detergent generally include builders or water softeners, bleach, surfactants, enzymes, soil anti-deposition agents, optical brighteners, foam regulators, fragrances, dyes, and corrosion inhibitors. Washing clothes is a part of daily routine in almost every household and commercial laundry services.

The demand for the laundry detergent is growing at a sustainable across the world due to its usage in every corner of the globe on regular basis. One of the major factors influencing the demand for the laundry detergent is its easy availability. Laundry detergent is easily available across the globe through supermarkets, hypermarkets, e-commerce, convenience stores, grocery stores, and other types of distribution channels. The growing consumer awareness regarding cleanliness and hygiene, rising disposable income, and desire to look presentable at all times is expected to drive the growth of the laundry detergent market during the forecast period.

Liquid laundry detergent market is expected to drive the Asia-Pacific and LAMEA regions in the upcoming future. This is attributed to rise in disposable income coupled with growing penetration of washing machines in the region. Moreover, growing awareness regarding the use of different innovating detergent products such as gels, liquid, and pod laundry detergents is expected to fuel the growth of the laundry detergent market during the forecast period.

The factors which strengthen the growth of this market include heavy investment of leading market players in formulation, advertising, promotion and marketing of liquid detergents resulting in rise of consumer awareness about the products, increasing penetration of washing machines and increasing expenditure on household products. The millennials prefers hassle free and convenient way for washing clothes. This propels the demand for the liquid and tablet detergents. Hence the young generation will play a crucial role in driving the growth of the laundry detergent market.

The outbreak of the COVID-19 pandemic resulted in hampered production and disrupted supply chain across the globe, which hampered the growth of the laundry detergent industry, insignificantly. People were forced to stay at their homes due to the strict lockdown measures implemented by the government to curb the spread of the virus. Moreover, government also impose a ban on travelling that caused severe loss to the hotels industry. This resulted a loss as the hotels, lodges, institutions, and other commercial spaces that offers laundry cleaning services. However, people became more concerned and aware regarding cleanliness and hygiene that fostered the demand for the detergent and boosted the growth of the laundry detergent market.

According to the laundry detergent market analysis, the laundry detergent market is segmented into product type, application, distribution channel, and region. On the basis of product type, the market is categorized into powder, liquid, gel, and pods/tablets. By application, it is segregated into industrial and household. Based on the distribution channel, it is segmented into online, supermarket/hypermarket, convenience stores, independent retailers, and others. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, South Africa, Saudi Arabia, and rest of LAMEA).

According to the laundry detergent market forecast, on the basis of product type, the powder segment was the highest contributor to the market, with $27,039.4 million in 2020, and is expected to sustain its significance during the forecast period. The gel segment is expected to grow significantly during the forecast period as gels offers ease of storage, effective cleaning, and convenience. It also offers cost-effectiveness due to its form because it has very less chances of wastages as gel form prevents overdosing.

As per the laundry detergent industry analysis, based on the application, the household segment garnered around 71.3% of the laundry detergent market share in 2020 due to the rising penetration of automatic washing machines and rising consumer expenditure on household products.

According to the laundry detergent market trends, depending on distribution channel, the offline is a popular medium for customers to buy laundry detergent. Offline channels includes supermarket/hypermarket, grocery stores, convenience stores, retail stores, and departmental stores. Easy availability of desired brands and types of laundry detergent drives the growth of the offline segment.

Online sale of laundry detergent is also gaining popularity among customers, owing to proliferation of digital platforms at a global level.

Region wise, Asia-Pacific dominated the laundry detergent market in 2020, and is expected to sustain its dominance throughout the forecast period. The key factors driving the of the laundry detergent market growth in the region are high consumption of powder detergent by the majority of the population, rising consumer awareness regarding health and hygiene, and rising disposable income.

The players operating in the global laundry detergent market have adopted various developmental strategies to expand their market share, exploit the laundry detergent market opportunity, and increase profitability in the market. The key players profiled in this report include BASF SE, Clariant AG, Croda International, E.I. du Pont de Nemours and Company, Henkel AG & Co. KGaA, Kao Corporation, Procter & Gamble, The Dow Chemical Company, Unger Fabrikker AS, and Unilever Plc.

Key findings of the study 

• The laundry detergent market was valued at $61,711.0 million in 202020, and is estimated to reach $98,139.7 million by 2030, growing at a CAGR of 4.8% during the forecast period. 
• By product type, the gel segment is estimated to witness the fastest growth, registering a CAGR of 6.1% during the forecast period.
• In 2020, depending on application, the household segment was valued at $44,030.7 million, accounting for 71.3% of the global market share. 
• In 2020, the U.S. was the most prominent market in North America, and is projected to reach $5,307.5 million by 2030, growing at a CAGR of 4.3% during the forecast period