The global home & laundry care market size is expected to reach USD 230.3 billion by 2028, registering a CAGR of 4.96% over the forecast period, according to a new report by Million Insights. The growing population in developing economies like Brazil, India, and China is boosting the product demand. This market has noteworthy potential growth in the coming years owing to increasing awareness regarding product benefitsamong consumers. Major market players are introducing innovative products, in terms of quality, packaging, and fragrance, for laundry and home use. Companies are also introducing innovative cleaners infused with natural ingredients to advance the effectiveness of the product and to meet the rising demand for natural ingredients-based cleaning products.
The growing awareness concerning harmful side effects of chemical-based home & laundry care products has encouraged consumers to opt for eco-friendly and sustainable products. Thus, all these factors are expected to drive market growth during the forecast period. The laundry care type segment accounted for the largest revenue share in 2020. This growth is credited to the high demand for these products. Laundry care products are mostly used to remove stains and dirt from clothes. The quick and effective results of cleanings by laundry care detergent have made it popular among consumers. The online distribution channel segment is expected to register the fastest CAGR of 6.7% from 2021 to 2028. This can be attributed to the growing popularity and usage of e-commerce platforms.
Major manufacturers are partnering with online retailers intending to reach out to new buyers. Also, increasing product sales through company-owned websites and other e-commerce platforms, such as Amazon and Walmart, are anticipated to drive the segment growth in the coming years. Asia Pacific led the global market in 2020 due to the high product demand from emerging countries, such as China, India, and Japan. The increasing population and rising disposable income levels are other major factors driving the product demand. Furthermore, there has been a significant demand for eco-friendly laundry & home cleaning products, which, in turn, will drive the regional market over the forecast period.
The report “Home And Laundry Care Market Size, Share & Trends Analysis Report By Type (Laundry Care, Dishwashing Detergents), By Distribution Channel (Online, Offline), By Region (North America, APAC), And Segment Forecasts, 2021 - 2028” is available now to Million Insights
Million Insights has segmented the global home & laundry care market on the basis of type, distribution channel, and region:
List of Key Players of Home & Laundry Care Market