PUBLISHER: KBV Research | PRODUCT CODE: 1374112
PUBLISHER: KBV Research | PRODUCT CODE: 1374112
The Global Home And Laundry Care Market size is expected to reach $277.4 billion by 2030, rising at a market growth of 6.2% CAGR during the forecast period. In the year 2022, the market attained a volume of 24,866.3 kilo tonnes, experiencing a growth of 8.4% (2019-2022).
As more people worldwide move to urban areas, they often inhabit smaller living spaces, adopt busier lifestyles, and face unique cleaning challenges. Urban residents often prefer home and laundry care products that are efficient and effective in cleaning, as they may have limited time and resources for extensive cleaning routines. Thus, the Laundry Care segment captured $87,883.7 million revenue in the market in 2022. Urban consumers with limited storage space prefer products that serve multiple cleaning purposes, such as all-purpose cleaners or compact cleaning tools. Compact washing machines and dryers are common in urban homes. Laundry care products designed with these smaller appliances are in demand to maintain fabric quality. Urban residents often prefer home and laundry care products that are efficient and effective in cleaning, as they may have limited time and resources for extensive cleaning routines. Some of the factors impacting the market are rising awareness of health and clean-living spaces, growth in disposable incomes in many countries, and pressure to meet regulatory compliance standards.
Individuals and families have become more proactive about preventing illness and have incorporated rigorous cleaning and disinfection routines into their daily lives. This includes cleaning frequently touched surfaces and maintaining personal hygiene. Likewise, employers and employees are placing greater emphasis on maintaining a hygienic workplace. Clean and sanitized offices, factories, and other work environments are essential for employee well-being and productivity. Educational institutions, including schools and universities, recognize the role of hygiene in preventing the spread of illnesses among students and staff. Cleaning and disinfection practices have been intensified to create safer learning environments. Hygiene considerations extend to public gatherings, events, and entertainment venues. Additionally, higher disposable incomes mean consumers have more money for discretionary spending, including home and laundry care products. They can afford a wider range of cleaning and laundry solutions in quantity and quality. With more disposable income, consumers often opt for convenience-oriented products. Premium or specialized home and laundry care items that offer time-saving or enhanced cleaning features become more attractive and accessible. Consumers with greater disposable incomes are more willing to invest in higher-quality home appliances, such as advanced washing machines, dryers, and dishwashers. These appliances often require specific detergents and care products, contributing to increased demand. Owing to these factors, the market will witness an increased demand in the upcoming years.
However, Regulatory authorities often impose strict guidelines on home and laundry care product formulation. This can limit the use of certain ingredients, particularly those harmful to human health or the environment. Manufacturers may need to reformulate products to meet compliance standards. Compliance with safety regulations is paramount. Home and laundry care products must undergo rigorous testing to ensure they do not pose health risks when used as directed. Regulations evolve to address emerging concerns and new scientific findings. Staying compliant requires continuous monitoring of regulatory changes and adapting product formulations accordingly. All these factors are expected to limit the growth of the market in the upcoming years.
Distribution Channel Outlook
On the basis of distribution channel, the market are bifurcated into offline and online. The online segment acquired the maximum revenue share in the market in 2022. Online shopping offers unparalleled convenience. Consumers can easily shop from their homes, avoiding the need to travel to physical stores. They can make purchases at any time of day or night, accommodating busy schedules. Online retailers typically offer more home and laundry products than brick-and-mortar stores. Shoppers can easily find specific brands, sizes, and formulations, including niche and specialty items. Owing to these benefits, the online segment is expected to witness high growth in the future.
Based on type, the market is segmented into laundry care, household cleaners, dishwashing detergents, and polishes, room scents, & insecticides. The laundry care segment held the highest revenue share in the market in 2022. Busy schedules and limited time for household chores characterize modern lifestyles. Laundry care products offer a convenient and time-saving solution for individuals and families who prioritize efficiency in their daily routines. Heightened awareness of hygiene, bolstered by events like the COVID-19 pandemic, has led to an increased focus on clean and sanitized clothing.
By region, the market is divided into North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment garnered the highest revenue share in the market in 2022. Rapid urbanization in many Asian countries has resulted in smaller living spaces, increasing the emphasis on cleanliness and efficient cleaning routines. This has driven the demand for these products. Urbanization and modernization have brought about lifestyle changes. People in the Asia-Pacific region now have busier schedules, often leading to increased dependence on convenience-oriented home and laundry care products. Therefore, the segment will have an increased demand for these products.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include The Procter & Gamble Company, BASF SE, Unilever PLC, Bayer AG, Kenra Professional (Henkel AG & Co. KGaA), 3M Company, DuPont de Nemours, Inc., Reckitt Benckiser Group PLC, The Colgate-Palmolive Company and Kao Corporation
Market Segments covered in the Report:
By Distribution Channel (Volume, Kilo Tonnes, USD Million, 2019-2030)
By Type (Volume, Kilo Tonnes, USD Million, 2019-2030)
By Geography (Volume, Kilo Tonnes, USD Million, 2019-2030)
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