Sep 10, 2018
Advancements in Product Formulations show shifts toward Eco-friendly Products expanding Scope of Laundry Cleaning Products Market, observes Fact.MR
by Team Fact.MR
The laundry cleaning products market is driven by the rising demand for these products in the commercial cleaning processes of automotive textiles. The extensive use of various laundry cleaning products to clean various types of textiles in the hospitality industry is also accentuating the market. This is attributed to the pressing need for cleanliness and hygiene in hotels and restaurants. Recent washing trends in the global laundry cleaning products market suggest that the focus of end users toward sustainable and environmental-friendly practices has increased. The growing adoption of packaging made from recyclable materials and eco-friendly offerings is increasingly becoming an integral part of sustainable cleaning practices in the laundry cleaning market.
According to Fact.MR, the opportunities in the global laundry cleaning products market is attractive as it is forecast to reach a worth of US$81,000 Mn by the end of 2022. However, the market is likely to tread on the path of lackluster growth rate.
With advances in household cleaning processes, better formulations of laundry cleaning products help buyers take care of their high-value garments, effortlessly and cost-effectively. The growing acceptance of ingredients wherein petrochemical-based raw materials are replaced with plant-based chemicals and organics formulations occupies a key part of research and developments in the laundry cleaning products market.
In several developing and developed nations consumers are increasingly becoming conscious of the overall environmental impact of the cleaning process, paving way for innovations in the laundry cleaning products market. This is propelling the demand for biodegradable ingredients influencing the dynamics of the market.
There is an extensive worldwide demand for detergents among users in the laundry cleaning products markets. Among all the product types, the detergent segment garnered the highest share of revenue in 2017 in the global market. Formulations in laundry cleaning products in detergents have been in constant consumer scrutiny in recent years and the market has witnessed some crucial developments in this direction.
The worth of the market for detergent laundry cleaning products is expected to cross a valuation of over US$10,000 Mn by the end of 2022. Meanwhile, powder laundry cleaning products is expected to witness the leading growth in revenue in the overall laundry cleaning products market by the end of 2022.
Among the other types of laundry cleaning products, liquid and gel is expected to witness the dominant share of the global demand in the Europe market by the end of the assessment period. However, the leading CAGR for the liquid and gel laundry cleaning products segment is likely to come from Asia Pacific excluding Japan (APEJ). This may be attributed to the marked convenience of use laundry cleaning products in gel and liquid form offers to end users in the region.
E-commerce holds Tremendous Potential in Laundry Cleaning Products Market
Among the various sales channels, e-commerce allows players in laundry cleaning products market to reap the benefit of scale. The e-commerce is showing vast potential for manufacturers of laundry cleaning products to tap emerging markets, particularly in Latin America. The segment is expected to rise at the most attractive CAGR during 2017–2022 in the laundry cleaning products market. The substantial proclivity of consumers toward e-commerce channels for all their household cleaning supply needs is underpinning the vast attractiveness in the laundry cleaning products market. However, grocery stores serve the dominant demand in Europe by the end of 2022. The category of other retail formats is anticipated to expand at the most attractive CAGR in the APEJ market over the assessment period of 2017–2022. Nevertheless, the adoption of better direct online sales strategies by players in the laundry cleaning products market will also result in more sales through e-commerce.
Some of the top players vying for sizeable shares in the laundry cleaning products market are Henkel AG & Co. KGaA, Bombril SA, Jyothy Laboratories, Church & Dwight Co, Inc., Unilever plc., Reckitt Benckiser Group, The Clorox Company, and Procter & Gamble Co.