Fabric Wash And Care Products Market Is Estimated To Witness High Growth Owing To Increasing Consumption Of Laundry Detergents
Fabric wash and care products include laundry detergents, fabric softeners, bleaches, stain removers and other cleaning agents that are used for washing and maintaining fabrics, clothes and other textiles. Laundry detergents are the most widely used product for removing dirt, oil, sweat and other impurities from fabrics during washing. Fabric softeners are applied during the rinse cycle to reduce fabric stiffness and make fabrics more supple and fluffy.
The global Fabric Wash and Care Product Market is estimated to be valued at US$ 114.0 Bn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growth of the fabric wash and care products market is mainly driven by the increasing consumption of laundry detergents across both developed and developing economies. The rising working population coupled with busy lifestyles has boosted the demand for laundry detergents as they save time and effort spent on manual washing and cleaning of clothes. Another key driver is the growing urbanization which has been changing consumer lifestyles and increasing disposable incomes, allowing people to spend more on fabric care products. Rapid growth of textile and apparel industry has also augmented the sales of various fabric wash and care products like bleaches and stain removers.
SWOT Analysis
Strength:
Fabric Wash and Care Products have a strong brand recall due to aggressive marketing by manufacturers like Wings Corporation, Lion Corporation, and Procter & Gamble Co. They have a wide distribution network allowing easy access of products. There is a wide range of products available at different price points suiting various budget requirements.
Weakness:
Rise in awareness about environmentally friendly products is a threat as many consumers prefer green products. Fabric Wash and Care Products contain numerous chemicals which can be harmful if proper instructions are not followed. Few brands lack product innovation as the market is dominated by global players.
Opportunity:
Growing working women population relying more on ready-to-use products is driving the market growth. Rapid urbanization coupled with rising disposable incomes favorably impact the sales. Ease of use and convenience offered by products attract more customers.
Threats:
Stringent regulations regarding packaging and product composition may increase the cost of compliance. Growing popularity of online shopping channels may reduce sales from brick and mortar stores. Market is prone to fluctuations in foreign exchange rates and raw material prices.
Key Takeaways
The global Fabric Wash And Care Product Market Size is expected to witness high growth, exhibiting CAGR of 6.3% over the forecast period, due to increasing working women population relying more on ready-to-use washing products. Market Size for 2023 is US$ 114.0 Bn is projected to reach US$ 177.4 Bn by 2030.
Regionally, Asia Pacific dominates the global market owning over 35% market share in 2023, led by countries like China, India. Rising disposable incomes, large population and rapid urbanization has propelled the demand in the region. North America and Europe follow Asia Pacific in terms of market share and are expected to grow at a steady pace during the forecast period.
Key players operating in the Fabric Wash and Care Product market are Wings Corporation, Lion Corporation, and Procter & Gamble Co. Wings Corporation has a strong foothold in Asian markets while Lion Corporation dominates the Japanese market. Procter & Gamble Co leads the global market with its popular brands like Tide, Ariel and Gain.
Get More Insights On This Topic: https://blogger-veritas.blogspot.com/2023/12/fabric-care-is-fastest-growing-segment.html
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