As per Future Market Insights (FMI), the global laundry care market is estimated to reach a valuation of US$ 25 Bn – US$ 35 Bn in 2021. The market is poised to register growth at 5% CAGR through 2021-2031.
Growing preference for liquid detergents because they clean delicate fabrics better without damaging them and offer enhanced compatibility with washing machines is expected to increase the sales.
Some of the top laundry care market players are introducing liquid detergents with plant-based ingredients in response to the surging demand for organic homecare products. On account of this, sales of laundry care products are expected to increase at 4% CAGR in terms of volume between 2021 and 2031.
Increasing adoption of advanced and automatic laundry machines which are compatible with detergent pods and liquid detergent also will improve the sales of liquid laundry detergents. Demand for sustainable and plant-based liquid detergents is rising, especially across India, China, and South Korea, which is expected to positively impact the growth in the market.
Historically, demand for laundry care products increased at 4% CAGR between 2016 and 2020. However, with unprecedented outbreak of COVID-19 and increasing awareness for personal hygiene, demand for organic liquid detergents and fabric softeners has burgeoned.
According to the report, emergence of e-commerce platforms and promotion of plant-based liquid detergents and laundry care products will continue accelerating the demand in the laundry care market.
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Key Takeaways from FMI’s Laundry Care Market Study
- Based on product type, the fabric softeners segment is poised to expand at over 5.6% CAGR 2021
- In terms of source type, synthetic segment is expected to register growth at 5.1% CAGR during the forecast period
- Sales of powder laundry care products are expected to reach US$ 38.5 Bn between 2021 and 2031
- South Korea and Japan are expected to account for over 22% and 34% of global sales in 2021, respectively
- India and China are expected to spearhead the growth of South and East Asia laundry care market, respectively during the forecast period
Competitive Landscape
As per FMI, top players are expected to account for over 25%-35% of global market share in 2021. Key players are focusing on collaboration with e-commerce and local vendors to increase their revenue.
Some of the key players are also introducing sustainable and plant-based laundry care products, targeting vegan consumers, to create lucrative revenues.
For instance, In September 2020, Woolite, a subsidiary of Reckitt Benckiser Group PLC, announced the launch of stain remover wipes which is made up of non-toxic ingredients and with eco-friendly packaging effective on all kinds of stain.
Some of the players operating in laundry care market profiled by FMI are Procter & Gamble Co., Unilever PLC, Colgate-Palmolive Company, Henkel AG & Co. KGaA, Reckitt Benckiser Group PLC, Amway Corporation, Kao Corporation, S.C. Johnson & Son Inc., LG Household & Health Care Ltd., Golrang Industrial Group, Lion Corporation, Church & Dwight Co., Inc. and Alicorp S.A.A. among others
Get Valuable Insights on Laundry Care Market
Future Market Insights, in its updated report, presents an exhaustive analysis on the global laundry care market, covering historical demand data and forecast figures for the period between 2021 and 2031. The study divulges compelling insights on growth drivers and market potential in detailed segmentation basis of product type (fabric softeners, laundry detergents, and others), source type (synthetic, organic, and others), form type (powder, cake/block, liquid, others), distribution channel (wholesaler/distributors, supermarket/hypermarket, convenience stores, ecommerce, grocery stores, and others) across seven major regions including North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Middle East & Africa, and Japan.
Information Source: https://www.futuremarketinsights.com/reports/laundry-care-market
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