The liquid detergent market was valued at US$50.472 billion in 2019. Liquid detergent is a type of mixture based out of various surfactants that can be used for the cleaning of dishes and clothes. Liquid detergents aid in the process of washing as they have the ability to reduce the surface tension of water. The market for liquid detergent is projected to propel at a healthy rate, primarily on account of the burgeoning adoption of liquid detergents due to the rising demand for convenience products, rapid urbanization. Rapid urbanization, especially in the developing economies around the globe has led to an upsurge in the demand for washing machines, this, in turn, is projected to be a key factor supplementing the liquid detergent market growth during the next five years. The constantly growing demand for these products has led to the plethora of investments by the key market players in the form of product innovations, majorly due to the growing consumer expectations has also widened up the opportunities for the key players of the market to invest more and gain a competitive edge in the market.
However, the market may be restrained by the fact that the costs of liquid detergents is considerably higher than powdered products, thus hampering its demand in underdeveloped economies due to low purchasing power. Furthermore, the availability of substitute products is also projected to inhibit the market growth moderately during the next five years. Also, the less shelf life of liquid detergent is also a key factor that is dissuading its adoption to some extent, thus negatively impacting the market growth. Furthermore, the recent outbreak of novel coronavirus disease is projected to hamper the market growth as various directives by the governments of numerous countries have led to a temporary halt in the manufacturing activities across many verticals. For instance, in April 2020, the Kentucky Labor Cabinet in lieu of not implementing the proper COVID-19 guidelines stated by the Centers for Disease Control temporarily shut down Henkel’s plant in Bowling Green.
The liquid detergent market has been segmented on the basis of type, end-use, application, distribution channel, and geography. On the basis of type, the market has been segmented on the basis of organic and inorganic. By end-use, the market has been segmented into residential and commercial. On the basis of application, the segmentation of the market is done on the basis of laundry and dishwashing. Geographically, the liquid detergent market has been classified into North America, South America, Europe, Middle East and Africa, Europe, and Asia Pacific.
By product type, the conventional segment is anticipated to hold a considerable market share on account of the wide adoption of conventional detergents around the developing economies of the globe. The organic segment is projected to witness healthy growth throughout the forecast period. The prime factors supplementing the growth of this segment during the next five years include the growing proportion of health-savvy consumers, especially in the developed economies of the world. The inclination of consumers towards natural and skin-friendly products is also bolstering the market growth during the next five years.
By end-use, the residential segment is expected to hold a notable share due to the high use of liquid detergent by the residents for cleaning purposes. The commercial segment will witness a slow growth, especially during the short run as the outbreak of COVID-19 has led to the shutdown of hotels and resorts, which is considered to be the prime factor inhibiting the demand for liquid detergents for commercial applications. However, the expansion of laundry services, especially in the developed economies is anticipated to positively impact the growth of this segment during the coming years.
By application, the dishwashing segment is poised to witness a healthy growth as the rising middle-class population has led to an increased usage of dishwashers, thereby driving the demand for the liquid detergent to some extent.
By distribution channel, the online segment is projected to propel at a noteworthy CAGR throughout the forecast period. The factors bolstering the growth of this segment are the rapid growth of the e-commerce industry in both developed and developing economies of the world, rising internet and smartphone penetration.
Geographically, the Asia Pacific region is anticipated to hold a noteworthy share in the global market on account of the presence of a considerably large population base coupled with the presence of numerous big domestic market players in countries like India and China among others. Furthermore, the increasing disposable income, rapid urbanization, and population growth are also some of the prime factors supplementing the market growth APAC region during the next five years.
Prominent key market players in the liquid detergent market include P&G, Henkel, Amway Corp, and Reckitt Benckiser Group plc among others. These companies hold a noteworthy share in the market on account of their good brand image and product offerings.
Major players in the liquid detergentmarket have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last two years.
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