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

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

The global laundry detergents market is projected to grow at a CAGR of 5.12% during the forecast period 2022-2027.

Globally, as an impact of COVID-19, the demand for household care and laundry products has witnessed a greater drift during the pandemic, this is due to consumer’s rising awareness regarding cleaning and disinfecting their homes and clothes with an aim to protect themselves and their families from the novel coronavirus. The pandemic did not had severe effects on the laundry detergent market, as people become more conscious about cleanliness and hygiene due to the rapid spread of the COVID-19 virus. Due to the breakdown of COVID-19 the consumers are increasingly concerned regarding the trapping of microscopic contaminants and pathogens in their clothes and other fabrics. Though there is no proper evidence of transmission of virus through clothes, the lock down and stay at home compliance has set clear boundaries between home and outer world but also significantly increased the concern of carrying contaminants home from outside. “Clean” is now tangled with “safe,” since consumers are correlating it with exterminating viruses and other unwanted microbes.

Over the medium term, the raising awareness about the importance of cleanliness is expected to drive the studied market. As a result, instead of shifting toward cheaper, private-label household products, consumers' inclination towards well-known, higher-priced detergents was observed, especially amongst the high-income or middle-higher income groups. Moreover, the cleaning products including laundry detergent, well-outpaced supply, which means the manufacturers of household staples sold more with fewer deals and discounts.

Additionally, increasing preferences for scented laundry care products and non-allergenic/green products, and development of new products are gaining consumer acceptance and accelerating the growth of the laundry detergent industry. Owing to this factor, vendors develop laundry care products with unique packaging, fragrance, quality, and price, which enable them to differentiate their products from the competitors.

The growing importance of healthier lifestyles with rising concerns among individuals about health and hygienic living, free of germs, bacteria, dust, and dirt has led to rise in per capita spending on household cleaning products including laundry detergents. From the past few years, the fragrance is playing a vital role in household cleaning products as consumers are increasingly looking for products that offer strong pleasant odor, which, in turn, makes vendors to differentiate their products. In addition, factors such as an increase in household expenditure, growth in the real estate sector owing to growth in residential units, has increased the demand for laundry detergent products across the globe. For instance, in 2020, the country's average expenditure on other household products increased by USD 79 to USD 536.17 per consumer unit when compared to the expenditure in 2019 which is USD 457.84. Owing to these factors, vendors are leveraging online platforms optimally by selling their products through their website as well as by listing the products in the popular e-tailing websites to improve their visibility and reachability of products.

The adoption of a healthier lifestyle coupled with the increasing concern for hygiene has been one of the key drivers for the laundry detergents market in North American region over the past few years. The well-established real estate sector and household expenditure, growth in housing units are some of the key factors increasing the sales of household cleaners in United States. The growing demand for organic and eco-friendly laundry care products has a significant impact on the market. This encourages various vendors to offer organic and eco-friendly products. This demand is expected to magnify the revenue of the market. For instance, vendors are continuously launching products with biodegradable ingredients such as natural washing soda, coconut oil & mineral-based surfactants, and plant-based enzymes.

The laundry detergent market faces high competition. Companies are moving toward strategic mergers and acquisitions to increase their international presence and gain significant share, for instance. The key brands are embarking on mergers and acquisitions and new product development are infused with the latest technology, which has less effect on both human body and clothes, where the detergents are applied. Thus, these are some of their key strategies to achieve consolidation. The majority of the share is held by the leading players, including Procter & Gamble, Unilever PLC, Reckitt Benckiser Group PLC, Colgate-Palmolive Company, The Clorox Company, and others.

• The market estimate (ME) sheet in Excel format
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