TBRC's market analysis for laundry services market explains growth rates and opportunities through the forecast period.
LONDON, May 25, 2022 /PRNewswire/ -- The franchise expansion of dry-cleaning and laundry services providers is estimated to positively impact the dry-cleaning and laundry services market. Big laundry service providers are offering franchise opportunities while providing the required equipment and software to efficiently manage the whole process of dry-cleaning and washing. The offering of such a franchise model is expected to increase the number of entrepreneurs establishing laundry businesses nationally and globally. The 24x7 operation of franchises equipped with coin-vending laundry machines in combination with the hectic lifestyles of the working-class population will improve the availability of laundry services to a large number of consumers, thus, encouraging an increased number of consumers to opt for commercial laundry services, and driving the global dry-cleaning and laundry services market.
The global dry-cleaning and laundry services market size is expected to grow from $104.23 billion in 2021 to $111.93 billion in 2022 at a compound annual growth rate (CAGR) of 7.4%. The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The dry-cleaning and laundry services market is expected to reach $141.50 billion in 2026 at a CAGR of 6.0%.
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Key Players and Their Strategies in the Laundry and Dry Cleaning Industry
The dry-cleaning and laundry services market is fragmented, with a large number of regional and small players. The top ten competitors in the market made up to 17.37% of the total market in 2021. Major players in the market are Aramark, Cintas Corporation, Elis SA, UniFirst Corporation, and Franz Haniel & Cie GMBH.
Player-adopted strategies in the dry-cleaning and laundry services market include strengthening services business by expanding portfolio through strategic acquisitions, and broadening the customer base by improving uniform rental and facility service capabilities.
Diversification of Services is a Key Market Trend
Laundry services providers are diversifying their service offerings by laundering home décor items such as rugs, drapes, and curtains, along with regular clothes and linen to increase their clientele. Such diversification helps laundry services providers become a one-stop solution for most washing needs of customers, which in turn helps retain the customers. For instance, Richies Laundry, is a laundry service provider in the UAE that provides household laundry, commercial laundry and linen and special services.
Dry-Cleaning And Laundry Market Regional Analysis
North America was the largest region in the global dry-cleaning and laundry services market, accounting for 33.6% of the total in 2021. It was followed by the Asia-Pacific, Western Europe and then the other regions. Going forward, the Middle East and Africa will be the fastest growing regions in the dry-cleaning and laundry services market, where growth will be at CAGRs of 6.7% and 6.4% respectively. These will be followed by South America and Asia-Pacific where the markets are expected to grow at CAGRs of 5.4% and 4.8% respectively.
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