As per the forecast of XploreMR, the global laundry care market is estimated to be valued at about US$ 75,580 Mn in the year 2017 and is estimated to touch a value of about US$ 126,987 Mn in the year 2027, registering a 5.3% CAGR during the period of assessment.
Growing health and hygiene awareness in the APEJ region
Practicing good hygiene is the first step towards good health. One of the most effective way to protect ourselves and others from disease is by maintaining personal hygiene. Maintaining hygiene in the clothes which one wears is an essential aspect of personal hygiene and thus changing clothes daily for cleaning is recommended and this fuels the global laundry care market over the assessment period. For example, DuPont has surveyed around 2,150 consumers in China to learn their current laundry habits.
This study had an objective to ensure that DuPont’s laundry care products continue to be appropriate to the Chinese consumers. According to DuPont, on an average the sampled population wash their clothes five days per week and have a 1.5 loads per day. Moreover, hand washing is the most preferred method than machine washing.
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Growing FMCG industry in the APEJ region
Income distribution acts as an essential guideline for FMCG companies in the emerging economies. As the disposable income increases, customers switch their purchases from basic food products to FMCG products along with products that save labour, such as laundry appliances and white goods. Additionally, APEJ region will demonstrate the strongest potential amongst all the regions globally in the FMCG sector. For instance, in APEJ region, the consumer spending on household goods such as detergents and personal care items will increase by an average of 8.5% over the next five years.
According to India Brand Equity Foundation, Indian FMCG industry is the fourth largest sector in the Indian economy with a market value of US$ 13.1 Bn. It has an established distribution channel, MNC market presence, and intense competition amongst the organized and unorganized sector.
Liquid detergent overpowers powdered detergent
The preferences and choices of the consumers vary with different demographics and external factors. The laundry care market is an important part of the FMCG sector, where a number of laundry care products are available. The manufacturers, in order to attract consumers, constantly innovate their products and this is the reason for the existence of liquid detergents.
The innovation of liquid detergent and its effect on cleaning supported by the quick and effective results have made it popular amongst the consumers. This correspondently affects the global demand for powdered detergents. The issue with the powdered detergent is the lack of standardization in measuring the amount of detergent to be used. This issue was resolved through liquid detergents and they are expected to gain traction in the market.
Innovation in packaging to enhance the safety of laundry care products
The global laundry care market deals with packaging as its major component. The companies in recent time have focused on the innovative ways and methods of packaging, owing to the issues of handling the detergents and other laundry care products by children. The laundry products contain high proportion of chemicals which are harmful for consumption.
Children are prone to the accidents related with the handling of such laundry care products. Thus companies are focussing to offer innovative and safe packaging to their customers. For instance, Procter and Gamble has initiated the product packaging process where the packaging involved child guard tub, in order to avoid issues or accidents with liquid detergents. Through strong research and development teams, the company launched child guard zipper pack for the liquid laundry care products.
Global Laundry Care Market Analysis by Region
APEJ market is the largest market in global laundry care market, which is estimated to represent US$ 20,599.8 Mn, or 27.3% share of the total market in 2017 and US$ 35,809.5 Mn, or 28.2% in 2027, registering a CAGR of 5.7% over the forecast period of 2017–2027. APEJ market is expected to gain 94 BPS owing to shifting of manufacturing industries to China along with growing penetration of washing machines in developing countries.