Detergents Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023- 2028)

Detergents Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023- 2028)

The detergents market is projected to register a CAGR of over 4% during the forecast period.

COVID-19 negatively impacted the market in 2020. It paused the production of laundry detergents and disrupted the supply chain. However, the consciousness regarding personal hygiene and clean surroundings increased in the current situation, stimulating the demand for laundry and household cleaning products and enhancing the market growth of detergents in 2021.

Key Highlights

• Over the short term, increasing usage of detergents in the personal and laundry care segment is the major factor driving the market's growth.
• However, stringent environmental regulations are a key factor anticipated to restrain the growth of the target industry over the forecast period.
• Nevertheless, adopting organic laundry detergent and increasing the application of detergents as cloth softeners will likely create lucrative growth opportunities for the global market soon.
• The Asia-Pacific region is expected to dominate the market across the world, with the largest consumption from countries such as China and India.

Key Market TrendsThe Laundry Cleaning Products Application is Expected to Witness Higher Potential Growth

• Laundry liquids are powerful laundry cleaning products applied to stubborn stains before washing. These liquids are formulated using a specified surfactant system of naturally derived alkyl, hydroxyalkyl sulfate, sulphonate surfactant, and mid-chain branched amine oxide surfactants.
• In 2021, the laundry care segment accounted for more than 50% of the home and laundry care market globally in terms of revenue, and it is likely to grow during the forecast period, owing to increasing hygiene consciousness among consumers, which, in turn, is expected to boost the market demand.
• With technological advancements, laundry-liquid manufacturers now use a new ingredient known as rapeseed oil (non-GMO) that offers benefits with its low foaming properties.
• Foam is detrimental to the washing process and may result in about 50% loss of the washing strength. Laundry liquid is formulated for the pre-spraying of stubborn stains on garments. It helps in removing even the toughest stains and offers exceptional cleaning results.
• Liquid laundry detergent is primarily used in cleaning laundry and has two main end-user segments, such as residential and commercial.
• According to the Bureau of Labor Statistics, in United States, the average annual expenditure on soaps and detergents in 2020 accounted for USD 75.53, which increased to USD 80.49 per consumer unit in 2021.
• According to the Russian Federal State Statistics Service, Russia's output of detergents has been steadily rising yearly. The volume of detergent production peaked in 2021 when 2,139 thousand metric tonnes of cleaning supplies were produced.
• Owing to all these factors, the detergent market will likely grow globally during the forecast period.

The Asia-Pacific Region is Expected to Dominate the Market

• Asia-Pacific is currently the fastest-growing market both for household and industrial detergent consumption. In terms of demand and supply, India and China are the market leaders in the Asia-Pacific region.
• The increasing awareness about the liquid laundry detergent market and the growth in industrial advancements in these emerging economies are expected to drive the growth of the market in Asia-Pacific.
• China has a promising global tourism future, attracting tourists from abroad. Major hotel chains have been drawn to develop dominance in the Chinese luxury market as a result. As a result, there is an increasing need for textiles and washing products to keep hotel grounds neat.
• According to the National Bureau of Statistics of China, there has been significant growth in hotel enterprises in China. In 2021 there was a total of 27,766 enterprises an increase of nearly 2,500 enterprises compared to 25,281 in 2020.
• The increasing demand for convenient and easy-to-use/apply detergent products contributed to the evolution of detergents in India. The increase in government initiatives and awareness to lead a healthy life among the rural Indian population are contributing to the increased sales of detergents in the country.
• According to IBEF, in May 2021, Indo Count Industries Ltd. (ICIL) announced an investment of Rs. 200 crore (USD 26.9 million) to expand its production capacity of bedding solutions.
• The detergent sector, with its increasing ability to influence consumers through advertisements, is rapidly growing. For instance, to increase its customer base, Rohit Surfactants spread its distribution network for Ghari detergent to more states in India. Moreover, in the last three years, the company increased its reach to 10 more states, and it sells Ghari detergent through more than 3,500 dealers. Additionally, Ghari has always maintained affordable pricing.
• Due to all such factors, the market for detergents in the region is expected to have steady growth during the forecast period.

Competitive Landscape

The detergents market is partially consolidated in nature. The major players include Henkel AG & Co. KGaA, Procter & Gamble, Unilever, Kao Corporation, and E.U.D.GROUP, a.s., among others (not in any particular order).

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• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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