LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global laundry care market to grow at a CAGR of nearly 5% during the forecast period, according to their latest market research report.
The emergence of eco-friendly and sustainable products in laundry care is one of the major trends being witnessed in the global laundry care market 2018-2022. Concerns over environmental pollution are increasing across the globe. Consumers are increasingly gaining awareness about the environmental issues caused by laundry care products, including their contribution to water pollution. Therefore, consumer goods manufacturers are adopting green initiatives by offering eco-friendly laundry care products.
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According to Technavio analysts, one of the key factors contributing to the growth of the global laundry care market is product innovation and portfolio extension:
Global laundry care market: product innovation and portfolio extension
In the global laundry care market, products with innovative cleaning technology, features, and utility are priced higher than other types of regular laundry care products. Superior quality and innovative laundry care products such as fabric softeners and liquid detergents, which reduce the effort of consumers, are in high demand worldwide. Moreover, vendors are strategizing to differentiate themselves from other competitors and develop laundry care products with unique technology, packaging, quality, and price. Consequently, such innovative features of laundry care products will propel the growth of the global laundry care market during the forecast period.
According to a senior analyst at Technavio for research on cosmetics and toiletry, “Eco-friendly products are mostly organic in nature and are made of natural substances rather than artificial additives, chemicals, artificial preservatives, and synthetics, which are toxic to human health. At present, several consumers prefer organic and eco-friendly laundry care products, such as liquid detergents, which are made of natural ingredients.”
Global laundry care market: Segmentation analysis
The global laundry care market research report provides market segmentation by product (laundry detergent, fabric softener, others), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The APAC held the largest share of the market in 2017, accounting for more than 36% share, followed by the Americas and EMEA respectively. APAC is expected to witness a further increase in its market share over the forecast period while the other two regions will see a decrease in their market shares by 2022.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market sizing
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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