Rise in consumer preference toward liquid detergent, increase in penetration of washing machines & dishwashers, and high-end product innovations drive the global liquid detergent market
PORTLAND, Ore., Jan. 21, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Liquid Detergent Market by Nature (Organic and Conventional), Application (Laundry and Dishwashing), Distribution Channel (Online Sales Channels, Supermarket & Hypermarket, Departmental & Convenience Stores, and Independent Grocery Stores), and End User (Residential and Commercial): Global Opportunity Analysis and Industry Forecast, 2018 - 2025." According to the report, the global liquid detergent industry was estimated at $27.40 billion in 2017, and is anticipated to hit $40.48 billion by 2025, registering a CAGR of 5.2% from 2021 to 2030.
Drivers, restraints, and opportunities-
Rise in consumer preference toward liquid detergent, increase in penetration of washing machines & dishwashers, and high-end product innovationsdrive the global liquid detergent market. On the other hand, high price of liquid detergent and availability of counterfeit products impede the growth to some extent. However, improvements in packaging solutions and growing consumer inclination toward healthy lifestyle are projected to pave the way for lucrative opportunities in the industry.
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COVID-19 scenario-
- The outbreak of the pandemic led to disrupted production activities and distorted supply chain across the world, especially during the initial phase of the pandemic, which impacted the global liquid detergent market negatively.
- However, growing awareness about hygiene, cleanliness, and sterility gave way to increasing demand for liquid detergent, thereby providing the market a mixed impact altogether.
The conventional segment held the major share in 2017-
By nature, the conventional segment accounted for the highest share in 2017, holding more than 90% of the global liquid detergent market. The organic segment, on the other hand, is projected to grow at the fastest CAGR of 6.6% throughout the forecast period, due to high inclination toward products made with natural ingredients among health-conscious consumers.
The laundry segment to retain the lion's share-
By application, the laundry segment garnered the highest share, generating nearly three-fourths of the global liquid detergent market. This is attributed to high penetration of washing machines in the developed countries. On the other hand, the dish-washing segment would cite the fastest CAGR of 6.1% throughout the forecast period, due to increase in penetration of dishwashers and introduction of liquid detergents with exotic fragrances.
North America to dominate by 2025-
By geography, North America generated the highest share in 2017, contributing to around two-fifths of the global liquid detergentmarket. This is owing to growing demand for washing machines and dishwashers in the region. Simultaneously, the Asia-Pacific region would cite the fastest CAGR of 8.5% during the forecast period. The other regions studied through the report include LAMEA and Europe.
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Key market players-
- Henkel Company KGaA
- S. C. Johnson & Son, Inc.
- Procter & Gamble
- Godrej Consumer Products
- Reckitt Benckiser Group plc.
- The Clorox Company
- Unilever Plc.
- Amway Corporation
- Church & Dwight
- Colgate-Palmolive
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