With respect to recent developments changing the landscape of the laundry detergent market, which has continued to witness tremendous innovation, value addition, and acceptance among global consumers, the future market outlook of the global industry size is projected to reach USA 98.6 billion by 2030, while growing at a CAGR of 4.8% from 2023 to 2030 respectively.

Providing a holistic evaluation of the market, Verified Market Research, VMR, a marketing research firm, said though the laundry detergent market size was valued at USD 64.7 billion in 2021, that its profound growth is propelled by various market dynamics and other scenarios which have been responsible for its growth opportunities.

The research firm discovered that factors such as product innovation and the use of a good quality ingredient are the crucial aspect of the rise in the market revenue of detergent as well as the rising demand from different industries such as hotels, textile industry, restaurants, hospitals, and others will foster the market growth and also boost its expansion.

It also discovered that some trends will act as drivers that will accelerate its growth, where E-commerce is predicted to be the key factor driving detergent product growth attributable to easy accessibility and convenience among the working class. Aside from these, it revealed that product innovation and the use of excellent quality ingredients is predicted to supply a replacement opportunity for the market.

Also, VMR indicated that the robust growth of the tourism industry is caused by the demand for construction of new hotels owing to the growth in the construction of hotel rooms is expected to provide greater opportunities for the Industrial & institutional segment growth as more demand is expected to be generated owing to more washing of linens.

Regrettably, it observed that increasing availability of fake products initially sold by established brands with the rising prices is affecting the market growth and this factor is hampering the laundry detergents market. As well, Issues regarding the safety of children’s consumption of laundry detergent products acted as a restraint to market growth.

VMR, in its market overview while listing some of the analysis of key segments in the global detergent market analysis, explained that the global laundry detergent market is segmented into product type, component, distribution channel, and geography. The firm’s report listed powder, liquid, and others based on product type.

It also envisaged that the powder detergent segment within the industry is predicted to dominate the market over the forecast period owing to an outsized section of the population being predicated in rural areas and they prefer powder-based products among all products. The use of detergent as compared to powder provides convenience and luxury to the buyer.

Meanwhile, outlining the laundry detergent market, by component, the report included components such as builders, bleach, enzymes, and others. In this also, the bleach segment is expected to grow at a stable rate over the forecast period.

Analysing the market by distribution channel, both offline retail stores and online retail stores were the major players, with a forecast that the offline retail store segment is expected to grow at a stable rate over the forecast period.

VMR stated that in terms of location or geography, North America, Europe, Asia Pacific, Latin America, and the rest of the world, including Africa are the actors.

The analysis, therefore, stated that the expanding popularity of regional brands and the intensifying competition between international and regional players are both influencing the dynamics of the laundry detergent market, with Asia Pacific expected to lead the worldwide market throughout the projected period.

It named some of the major companies leading as Key Players in the laundry detergent market to include Procter & Gamble Co., Unilever PLC, The Clorox Company, and Reckitt Benckiser Group plc. It noted that the competitive landscape of these companies are determined by key development strategies to have a greater portion of market share, and market ranking among the competitors globally

Nigeria on its part, the detergents market is expected to grow at a CAGR of around 4.5% during the forecast period 2020-2026 and this growth is attributed to the increasing urbanization, rising disposable income, rapid industrialization, government initiatives for promoting domestic production and exports in the country as well as growing demand from rural areas due to increasing awareness about personal hygiene products.

Also, factors such as technological advancements enabling cost-effective production coupled with improved access to various product categories through different retail formats are some other factors contributing towards the overall growth of this market in Nigeria over the coming years. This is according to the 6Wresearch revelation.