According to the research report, the global laundry detergent market size was valued at USD 154.34 billion in 2021 and is expected to reach USD 242.94 Billion By 2029, to grow at a CAGR of 6.3% during the forecast period.
Rise of dual-income households thus resulting in high disposable income, busy lifestyle leading to less time for daily chores including washing, rising nuclear families, rising awareness towards technology-driven household appliances, increased awareness regarding product usage and utility, and easy and wide availability of products are some of the other prominent factors that are driving the washing machine sales. This scenario has benefitted the sales of laundry cleansers in the past, and the same is expected to continue over the forecast period.
The global washing machine industry is bound to have an optimistic impact due to the emergence of new technologies taking precedence over earlier bottlenecks and demands such as energy efficiency, environmental sustainability, and technical sophistication. The washing machine sector is expected to witness strong demand from the residential sector by developing era-appropriate innovative products that utilize AI. Such trends are expected to drive the washing machines industry over the forecast period, driving the demand for laundry cleansers.
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Competitive strategic initiatives adopted by companies are driving the overall washing machines demand. Development of novel product portfolio, concrete steps to integrate technology in their respective products, and a strong focus on emerging economies are some of the strategies adopted by participants in the laundry detergent industry.
Brand awareness is reasonably high, owing to which the entry of new players becomes difficult. Furthermore, the market base of well-established suppliers makes it difficult for new participants to form a strong customer base. The industry is moderately fragmented, thereby pressurizing new entrants to discover technological competencies to sustain competition. However, the onslaught of the COVID-19 pandemic is motivating new entrants to invest in this market, looking for novel avenues.
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Top Market Players
The key players operating in the market for laundry detergent include Henkel AG & Co. KGaA, Unilever, Lion Corporation, Kao Corporation, Church & Dwight, Procter & Gamble, Method Products, Reckitt Benckiser Group plc, and PBC.
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