Liquid Laundry Detergent Market
The global liquid
laundry detergent market size is
predicted to reach USD 33.24 billion by 2027, exhibiting a CAGR of 5.8% during
the forecast period. The rising shift from powder detergent to liquid detergent
owing to its formula to remove tough stains in one wash will spur demand for
the market, states Fortune Business Insights in a report, titled “Liquid
Laundry Detergent Market Size, Share & Industry Analysis, By Application
(Household, and Industrial & Institutional, {Laundry & Dry Cleaning
Service, Hotel & Other Lodging, Healthcare, Textile Industry, and Others}),
and Regional Forecast, 2020-2027” the market size stood at USD 21.25
billion in 2019.
What does the Market Report Offer?
The market report offers an exhaustive
study of several factors such as drivers, restraints, challenges, and
opportunities that will affect the growth of the market in the forthcoming
years. The report covers regional demographics that include qualitative and
quantitative information about the regions that are further divided into
nations that are contributing to the growth of the market between 2019 and
2026. Furthermore, the competitive landscape has been discussed in-depth that
include information of several players operating in the market. Moreover,
information on the adoption of strategies such as merger and acquisition,
collaboration, partnerships, and joint ventures by the companies that will drive
the growth of the market has been included during the projected horizon.
Market Driver:
Heavy Demand for Automatic Washing
Machines to Propel Market
The rising necessity for washing
machines in the residential sector is a key factor driving the market. The
growing demand for fully automatic washing machine owing to its
user-friendliness and low time consumption time will subsequently aid the
expansion of the market during the forecast period. The ability to both wash
and whirl in fully automatic washing machines along with being eco-friendly
will promote its use, which, in turn, will foster the growth of the market. The
evolvement from semi-automatic to fully automatic washing machine owing to its
capacity to offer efficient and stain removal operations will have a positive
impact on the market. The growing popularity of automatic machines in the
household and the residential sector will drive the market. Moreover, the
increased spending on household accessories and machines will consequently
boost the market in the foreseeable future. In addition, the introduction of
innovative products by major brands will spur opportunities for the market in
the forthcoming years. For instance, Kao Corporation a Japanese chemical and
cosmetics company announced the launch of concentrated liquid laundry detergent
"Attack ZERO.” The new concentrated liquid detergent is the first of Kao's
exclusively designed product series formulated as its key ingredient.
Regional Analysis:
Rapid Urbanization to Augment Growth in
Asia Pacific
The North America market size stood at
USD 6.94 Billion in 2019 and is expected to grow rapidly during the forecast
period. The growth in the region is attributed to the surge in the hospitality
and textile industries. The rising inclination towards a healthy lifestyle
coupled with concerns regarding home care hygiene will accelerate the healthy
growth of the market. The rising household spending will further influence
growth in the region. Asia Pacific is predicted to dominate the market during the
forecast period owing to the increasing product awareness in the emerging
nations. The rapidly evolving industries in the developing countries such as
India and China will have a tremendous impact on the market. The rapid
urbanization and high demand for washing machines will create lucrative
opportunities for the market in the foreseeable future.
Browse Summary of This Research Report
with Detailed Table of Content: https://www.fortunebusinessinsights.com/liquid-laundry-detergent-market-102962
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