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Laundry Detergent Market Expected to Rise Progressively Owing to the Increasing Household Expenditure for Laundry Detergent
As per the report published by Research Dive, the global laundry detergent market is anticipated to generate a revenue of $103,286.00 million and grow at a healthy CAGR of 6.70% over the analysis timeframe from 2021 to 2028.
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Dynamics of the Market
Drivers: The rising demand for laundry detergent owing to the growing concerns among individuals about health and hygienic living is expected to bolster the growth of the laundry detergent market over the forecast period. Besides, the increasing per capita spending on household cleaning products and the growing urban and fast-moving lifestyles are further expected to propel the growth of the market over the estimated period.
Restraints: The high cost of laundry detergent may hamper the growth of the market over the analysis timeframe.
Opportunities: The growing trends of green laundry products among individuals that offer components that are biodegradable such as plant-based enzymes, natural washing soda, mineral-based surfactants, and many more are expected to create excellent growth opportunities for the laundry detergent market over the forecast timeframe.
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COVID-19 Impact on the Market
The outbreak of the COVID-19 pandemic has had a moderate impact on the laundry detergent market. This is mainly due to disruptions in the supply chain and limited manufacturing facilities across the globe due to the spontaneous spread of the deadly virus and stringent lockdowns during the pandemic. However, the continuous production of laundry detergent by leading companies and start-ups amid the pandemic has created growth opportunities for the market over the crisis.
Segments of the Market
The report has divided the laundry detergent market into type, application, and region.
Based on type, the powder sub-segment is predicted to generate a revenue of $44,206.90 million by 2028. The increasing use of laundry detergent powders for cleaning dirty clothes and the rising use of various components in making laundry powder such as water softeners, optical brighteners, fragrances, corrosion inhibitors, and many more are expected to foster the growth of the market sub-segment further.
Based on application, the household sub-segment is expected to have the fastest growth and generate $70,540.30 million by 2028. The increasing usage of laundry detergent powder for household purposes due to the growing busy lifestyle of individuals across the globe is expected to boost the growth of the market sub-segment forward.
Based on region, the Asia-Pacific laundry detergent market is expected to garner $43,173.50 million in revenue by 2028. The increasing use of laundry detergent among people in their daily life, the growing population, the increasing disposable income, and the rising health concerns and cleanliness among individuals of this region post the Covid-19 pandemic are the major factors expected to drive the regional growth of the market in the coming period.
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Key Players of the Market
The major players of the laundry detergent market include NIRMA LIMITED, P&G, Henkel AG & Co. KGaA, The Clorox Company, The Sun Products Corporation, Rochester Midland Corporation, Unilever, GOJO Industries, Inc., BASF SE, and many more. These players are mainly working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to obtain a leading position in the global industry.
For instance, in December 2022, Inditex, a Spanish multinational clothing company signed an agreement with BASF SE, a European multinational chemical company. According to this agreement, the companies jointly developed the new laundry detergent to reduce microfiber release by up to 80% depending on fabric type and washing conditions.
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Research Dive is a market research firm offering actionable insights and extensive analysis of various markets across different verticals. Maintaining the integrity and authenticity of the services, the firm provides services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, a team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive delivers the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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