Global liquid detergent market to reach $39.8 Billion
According to a new report published by KBV research, the global liquid detergent market size is expected to reach $39.8 billion by 2025, rising at a market growth of 5% CAGR during the forecast period. The liquid detergent market is expected to witness robust growth in the near future along with a surge in urbanization and a significant increase in penetration of washing machines.
Growth in Asia-Pacific strongest
The North America market dominated the global organic liquid detergent market in 2018, would grow at a CAGR of 9.9% during the forecast period. The Asia-Pacific market is expected to grow at CAGR of 11.4% during 2019-2025. However, Europe market is expected to grow at CAGR of 9.8% during 2019-2025. The Asia-Pacific liquid detergent market is anticipated to witness strong growth in the near future, owing to increase in household income, rapid urbanization, rise in middle-class population, easy access to goods through the development of retail channels, and a surge in penetration of washing machines.
The online sales channels market witnesses promising growth in global liquid detergent market, growing at a CAGR of 7.6% during the forecast period. The online sales channels segment is expected to witness rapid growth during the forecast period owing to the increasing number of deliver-to-door grocery start-ups. However, the hypermarket and supermarket segment will continue to dominate in terms of liquid detergent market share during the forecast period.
Laundry market growth by 6.7%
The laundry market dominated the global liquid detergent market in 2018 and would grow at a CAGR of 6.7% during the forecast period. Increasing demand for liquid laundry detergent from sectors such as laundry and textile industry, hospitality, etc., is a major factor driving the growth of the global liquid detergent market. In addition, increasing disposable income of middle-class consumer and changing lifestyle is boosting the adoption of liquid laundry detergent across developing countries, which are other factors driving the growth of the liquid laundry detergent market. The dish washing market would witness a growth rate of 2.0% during the forecast period.