The global laundry detergents market is projected to expand at a substantial CAGR during the forecast period. This growth is attributed to the increasing awareness about cleanliness, surging disposable income and, and the rising penetration of washing machines in the developing economies.
Laundry detergent is a cleaning agent which is used for cleaning laundry. Laundry detergent is manufactured in powder, liquid, or tablets form. They are used to remove dust, dirt, or stain from a cloth. They have different unique selling points such as removing stains, making the clothes brighter or whiter, and proving fragrance. Laundry detergents are used in industries such as hotel, textile industry, restaurant, hospital. Many manufacturers are focused on developing green laundry products, which offer biodegradable components such as coconut oil, natural washing soda, mineral based surfactants, and plant-based enzymes.
Market Trends, Drivers, Restraints, and Opportunities:
- Rapid urbanization, surging disposable income, and changing lifestyle are some of the key trends fueling the growth market.
- Increasing awareness about cleanliness, hygiene and benefits provided by the product is boosting the market growth.
- Owing to low energy consumption, minimizing the need of hot water for washes is increasing the demand of green laundry detergent.
- Increasing availability of counterfeit products sold by established brands with the rising prices is hampering the growth of the market.
- Issues regarding the safety of children ingesting these products act as a key restraint to market growth.
- Globally, the retail space is widening, which is one of the positive trends that is going