Laundry Care Market size is valued at approximately USD 54,829.3 Million in 2021 and is predicted to exceed a significant CAGR of 5.3 percent between 2022 and 2028. Rising Demand for laundry detergents owing to increased household expenditure. The soap and detergents industry includes products for washing, viz laundry soaps, and synthetic detergents. Low energy, water consumption, and high-performance values are essential aspects that consumers consider when purchasing automatic washing appliances. Due to the emergence of small pack sizes, rapid urbanization, existing environmental pressures, and price escalation of petrochemical feedstock, the demand for sustainable laundry and dishwashing products is developing swiftly. Extreme research in household cleaning offers more innovative cleaning solutions. Over half of consumers worldwide favor functionality over natural and multipurpose claims in household care products. The emergence of new start-ups in the market presents a profit opportunity, and as a result, many enterprises will enter this domain. Based on product type, the laundry detergent segment accounts for a higher value in laundry care market with USD 23,734.2 Mn, followed by fabric softener. Consumer acceptance of scented laundry care products and non-allergenic/green products, as well as the development of new products, is propelling the expansion of the laundry detergent industry.
Recent Market Developments:
In Jan 2022, Henkel plans to merge Laundry & Home Care and Beauty Care to create new “Consumer Brands” business unit.
In November 2021, Lonza announced acquisition of Exosomics Service Unit in Siena, Italy to expand development service offering in exosome bioprocessing.