Laundry Care Market Projected To Garner Significant Revenues By 2031 - TMR Study

The global laundry care market is anticipated to expand at a significant rate from 2021 to 2031 (forecast period). The market's expansion can be attributed to rising consumer awareness of personal hygiene and a surge in demand for organic home care products. The emergence of COVID-19 had a moderate influence on the laundry care market. As consumers became more aware of the dangers of unsanitary clothing in the wake of the pandemic, sales in the laundry care market increased.

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Additionally, with growing awareness, organic and biodegradable detergents and fabric softeners are experiencing a boom in sales. Organic laundry detergents have gained popularity as synthetic laundry detergents contain harmful chemicals that are hazardous to the environment and the skin.

Laundry Care Market - Competition Landscape

The global laundry care market is highly profitable, with numerous local and foreign firms present. To achieve a competitive advantage, several participants in the laundry care market are introducing organic and natural goods in eco-friendly packaging.

Meanwhile, some players are focusing on growing economies such as India, China, and South Korea due to the unexplored prospects in these countries. They are also cooperating with local vendors, e-commerce platforms, and grocery stores to acquire dominance in these regions and maintain their market position.

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Key players in the global laundry care market are Procter & Gamble Co., Amway Corporation, Unilever PLC, Colgate-Palmolive Company, LG Household & Health Care Ltd, Henkel AG & Co. KGaA, Kao Corporation, S.C. Johnson & Son Inc., Golrang Industrial Group, Lion Corporation, Reckitt Benckiser Group PLC, and Alicorp S.A.A.

Laundry Care Market - Trends and Opportunities

Fast-moving consumer goods (FMCG) is one of the world's largest sectors, supporting the expansion of numerous industries and brands. With rising disposable income and a growing need for essential and basic commodities, sales of home care items such as laundry detergent, sanitizers, and soaps are on the rise.

Following the onset of COVID-19, people have been extremely concerned about their hygiene. During the mass hysteria caused by the onset of this pandemic, sales of sanitizers, disinfectants, and laundry detergent skyrocketed.

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To capitalize on this opportunity, major players in the laundry care market partnered with e-commerce behemoths and retail outlets to broaden their customer base and boost their global visibility. While some of the world's largest production facilities were interrupted and prominent brands struggled to stay afloat in the midst of the global lockdown, countless home-grown and local firms continued to produce organic laundry detergents. They cooperated with online grocery and retail outlets to boost sales.

Sales of bio-based, organic, and eco-friendly packaged laundry care products have increased due to increased social media penetration and increasing preference for sustainability, particularly among millennials.

As a result, prominent players are focused on novel approaches to improving the safety of laundry care products. Thus, the use of sustainable packaging is likely to boost sales of laundry care products.

Laundry Care Market - Regional Landscape

Asia Pacific is likely to offer attractive opportunities in the laundry care market. The region's growth is linked to the rising shift of manufacturing industries to China.

China has one of the world's largest manufacturing industries. Growing manufacturing of washing machines and the incorporation of modern technologies home care products are projected to positively impact the growth of the laundry care market.

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The unprecedented outbreak of COVID-19 hampered sales prospects, while production plants saw minor disruption. However, as consumer awareness of safety and personal hygiene grows, sales of laundry care products are likely to gain traction during the forecast period.

According to the India Brand Equity Foundation (IBEF), home care and personal care products account for half of all sales in India. Fast-moving consumer goods (FMCG) is India's fourth-largest industry, accounting for 10% of the country's GDP.

The key factor expected to drive market growth is rising awareness of personal hygiene and the strong presence of top laundry care brands in the country. With the onset of the novel COVID-19 in 2020, the country's laundry care market had moderate growth. Due to the lockdown imposed in India, low-income consumers were forced to purchase home-care supplies on an as-needed basis. However, the rise of e-commerce platforms and the fear of essential product scarcity resulted in a rebound in sales of smaller laundry detergent packs.

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