Detergent Market size is set to grow by USD 33.9 billion from 2024-2028, growth in hospitality sector to boost the market growth, Technavio

NEW YORK, June 18, 2024 /PRNewswire/ -- The global detergent market  size is estimated to grow by USD 33.9 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  5.95%  during the forecast period.  Growth in hospitality sector is driving market growth, with a trend towards increasing acceptance of liquid detergents. However, high price wars  poses a challenge. Key market players include Church and Dwight Co. Inc., Clariant International Ltd., Croda International Plc, Diversey Holdings Ltd., Ecolab Inc., Galaxy Surfactants Ltd., Henkel AG and Co. KGaA, Huntsman International LLC, Kao Corp., KERSIA GROUP, Lanxess AG, Lion Corp., McBride Plc, Oxiteno SA, Solvay SA, Stepan Co., Tata Chemicals Ltd., Tetra Laval SA, The Procter and Gamble Co., and Unilever PLC.

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Key Market Trends Fueling Growth

Liquid detergent's introduction to the market led to notable advantages over powder detergents and bars. These benefits include complete water dissolution, absence of residual stains, and unobstructed washing machine process flow. Consequently, consumer preference for liquid detergent has increased, contributing significantly to the detergent industry's expansion. 

The detergent market is currently experiencing significant growth with key players focusing on innovation and sustainability. Detergents with fabric softeners and bleach are popular choices among consumers. Powder and liquid detergents are the dominant types in the market. The use of biodegradable and eco-friendly ingredients is a trending development. Dishwashing detergents are also gaining traction due to their effectiveness and convenience. The market is competitive with companies adding advanced features to their products to attract customers. The future of the detergent market looks promising with continued innovation and consumer demand. 

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Market Challenges

• The global detergent market experiences intense price competition among vendors, particularly in the highly concentrated industry. Unorganized players offer lower-priced alternatives, making competitive pricing crucial. Price elasticity in the detergent market means even small price changes significantly impact demand. Consumers, especially those in lower, middle, and middle-upper income segments, prioritize affordability, leading to high brand-switching. Liquid detergents have higher manufacturing costs due to expensive raw materials and packaging, making them pricier than substitutes. Local brands' presence increases competition, forcing global players to maintain profit margins and pass on costs to consumers. This can hinder market penetration, particularly in developing regions.
• The detergent market faces several challenges. Consumers seek effective and eco-friendly products, leading to the need for advanced formulations. Detergent manufacturers must balance cost and innovation to meet these demands. Distribution channels also pose challenges, as consumers prefer convenience and quick delivery. Regulations and sustainability concerns add complexity, requiring companies to adapt and innovate. Competition is fierce, with numerous brands vying for market share. Additionally, changing consumer preferences and trends necessitate continuous product development. Overall, the detergent industry requires strategic planning and agility to address these challenges and thrive in a dynamic market.

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Segment Overview 

This detergent market report extensively covers market segmentation by

1. Type 
• 1.1 Powder
• 1.2 Liquid
2. End-user 
• 2.1 Household
• 2.2 Commercial and industrial
3. Geography 
• 3.1 North America
• 3.2 APAC
• 3.3 Europe
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Powder-  The detergent market is dominated by powder detergents, which are conveniently offered in powder form for various applications such as hard surface cleaning and laundry. Soap is included in these powders, primarily functioning as a foam depressant. Key markets like China, India, and Brazil drive growth in the powder detergent sector, making it the largest segment in the global detergent market in 2023. However, liquid detergents are projected to lead during the forecast period due to their slower growth in comparison.

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Research Analysis

The detergent market encompasses a wide range of products designed to clean and freshen laundry. These include liquid detergent, powder detergent, fabric softener, enzyme detergent, bleach additives, and stain remover. Detergent tablets and detergent pods are also popular formats. Bio-based detergent is a growing segment, as consumers seek eco-friendly alternatives. The market is driven by increasing consumer awareness about hygiene and cleanliness, as well as advancements in detergent technology. Detergent ingredients, such as surfactants and enzymes, play a crucial role in the effectiveness of these products.

Market Research Overview

The detergent market encompasses a wide range of cleaning agents designed to remove dirt and stains from various surfaces. These products are essential in both household and industrial settings, with applications including dishwashing, laundry, and surface cleaning. Detergents are available in various forms, such as powders, liquids, and tablets, catering to diverse consumer preferences. The market is driven by factors like increasing population, rising disposable income, and growing awareness about hygiene and cleanliness. Additionally, advancements in technology have led to the development of eco-friendly and biodegradable detergents, addressing the growing concern for environmental sustainability. The detergent market is a significant sector, offering numerous opportunities for innovation and growth.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• Powder
• Liquid
• End-user
• Household
• Commercial And Industrial
• Geography
• North America
• APAC
• Europe
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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