Detergent Market Size to Grow by USD 24.57 Billion| Rising Consumer
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NEW YORK, Feb. 3, 2022 /PRNewswire/ — The “Detergent Market by End-user (Household and Commercial and industrial), Type (Powder and Liquid), and Geography (APAC, North America, Europe, South America, and MEA) – Forecast and Analysis 2021-2025” report has been added to Technavio’s offering. With ISO 9001:2015 certification, Technavio is proudly partnering with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the detergent market between 2020 and 2025 is USD 24.57 billion. The report also identifies the market to witness an accelerating growth momentum at a CAGR of 5.03% during the forecast period.
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Key Market Dynamics:
The rising consumer awareness regarding hygiene has been an instrumental factor in the detergent market growth during the forecast period. There has been a considerable rise in the spending on home care products, particularly, from the middle-class population. The growth is expected owing to the increasing demand from the laundry care industry, the consciousness regarding personal hygiene, and clean surroundings which will stimulate the demand for laundry and household cleaning products. Furthermore, rising adoption of washing machines for laundry services will also boost the market growth during the forecast period.
The high price wars between the key vendors due to imperative competitive pricing. The unorganized players offer low-quality products at lower prices than the organized players, which attract the lower, middle, and middle-upper income segments of consumers. The high cost of raw materials such as chemical/organic ingredients and natural fragrances, and packaging costs are major factors for the high price of liquid detergents than other substitute products such as powder and bar detergents.
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Key Market Segment Analysis
The detergent market report is segmented by End-user (Household and Commercial and industrial), Type (Powder and Liquid), and Geography (APAC, North America, Europe, South America, and MEA). The household end-user segment held the largest detergent market share in 2020 and will continue to account for the largest share by 2025. The growth of this segment can be attributed to the increasing use of detergent by the household sector for washing clothes at home. By type, the detergent powers segment was the largest revenue-generating segment of the market. The main advantage of detergent powders is that they are easy to use and remove dust, dirt, grease, oil, and other environmental pollutants with ease and effectiveness. The growth of the market for powder detergents is being driven by the rising demand for products from China, India, and…
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